Judicial Mortgage - Law Dictionary Search Results
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mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
sale
sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...
Trial
Trial, does not exclude a proceeding relating to the delivery of judgment, Inayat v. Rex, AIR 1950 All 369: 1950 All LJ 127: 1950 All WR 245.Trial, is not necessary that the trial must be a full-dressed or a jury trial or a trial which concludes only after taking evidence of the parties in support of their respective cases, Dipak Chandra Ruhidas v. Chanden Kumar Sarkar, AIR 2003 SC 3701.Trial, is the conclusion, by a competent tribunal, of question in issue in legal proceedings, whether civil or criminal. Strouds Judicial Dictionary (5th Edn.) Indian Bank v. Maharashtra State Co-op. Marketing Federation Ltd., (1998) 5 SCC 69.Trial, is the examination by a competent court of the facts or laws in dispute, or put in issue in a case. It is the judicial examination of issues between the parties, whether they are of law or of fact, Sajjan Singh v. Bhagilal Pandya, AIR 1958 Raj 307.Trial, is understood as referring to the stage of the proceeding in a criminal case after the charge had been fr...
power
power 1 : capability of acting or of producing an effect [parties of unequal bargaining ] 2 a : authority or capacity to act that is delegated by law or constitution often used in pl. commerce power often cap C&P : the power delegated to Congress under Article I, Section 8 of the U.S. Constitution to regulate commerce esp. among the states see also commerce clause concurrent power : a power that is held simultaneously by more than one entity ;specif : a power delegated to the federal government by the U.S. Constitution that is also held by the states enu·mer·at·ed powers [i-nü-mə-rā-təd-, -nyü-] : the powers specifically named and delegated to the federal government or prohibited to be exercised by the states under the U.S. Constitution compare reserved powers in this entry executive power : the power delegated to the executive of a government ;specif : any or all of the powers delegated to the president under Article II of the U.S...
bond
bond 1 a : a usually formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as committing a crime) with the condition that failure to perform or abstain will obligate the person or often a surety to pay a sum of money or will result in the forfeiture of money put up by the person or surety ;also : the money put up NOTE: The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled. In most cases a surety is involved, and the bond makes the surety responsible for the consequences of the obligated person's behavior. Some bonds, such as fidelity bonds, function as insurance agreements, in which the surety promises to pay for financial loss caused by the bad behavior of an obligated person or by some contingency over w...
Apportionment
Apportionment, a division of a whole into parts (usually unequal) proportioned to the rights of more claimants than one. It is either (1) Apportionment in respect of time, or (2) Apportionment in respect of estate.Apportionment in respect of Time.--At Common Law there is no apportionment in respect of time. when a successor in interest succeeds just before a rent or other periodical payment falls due, he takes, at Common Law, the whole, and the executors of his predecessor take nothing (Clun's Case, 1Rep. 127). This was remedied by 11 Geo. 2, c. 19, s. 25, which apportioned rent between the representatives of a deceased tenant for life, and the person succeeding in remainder, and by 4 & 5 Wm. 4, c. 22, passed to obviate doubts which had arisen upon the earlier Act.The (English) 'Apportionment Act, 1870' (33 & 34 Vict. c. 35) now provides (but without repealing the above Acts) that all rents, annuities, and dividends, and other periodical payments in the nature of income shall, like int...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
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