Liabilities - Law Dictionary Search Results
Indemnity
Indemnity, a contract, express or implied, to keep a person harmless from loss which that person may incur by reason of some act, omission or event. It differs from a guarantee which requires a writing under s. 4 of the Statute of Frauds in that the latter guarantee contemplates the primary liability of a third person. as pointed out by Anson on Contracts, a form of indemnity may be illustrated by 'If you will supply goods to A. I will see you paid.' A guarantee, if 'A. does not pay you, I will.' There is, as a rule, a right of subrogation to all the remedies available to the person indemnified under an indemnity available to a person indemnifying-a guarantor has the right of subrogation as well as a right of recourse against the person guaranteed unless otherwise agreed. A great number of indem-nities are implied at Common Law or statute, and the contract extends to all the loss suffered and is not limited in amount as a contract to pay a sum of money is limited. As to implied indemni...
Directors
Directors, persons appointed or elected according to law, authorized to manage and direct the affairs of a corporation or company. The whole of the directors collectively form the board of directors. Their powers, if the company be incorporated by Act of Parliament, are derived from its special Acts and ss. 90-100 of the (English) Companies Clauses Act, 1845; if the company be incorporated under the (English) Companies Act, 1929, see ss. 139 et seq., ibid. The company is bound by all acts of the directors within the scope of their authority. They may receive a salary, but may make no personal profit from the company [see, however, Re Dover Coalfield Ltd., (1908) 1 Ch 65], nor can a pension be granted to a retiring managing director, Normandy v. Ind, Coope & Co., (1908) 1 Ch 84; but they were under no personal liability except for fraud, as to the criminal liability for which see Larceny Act, 1861 (24 & 25 Vict. c. 96), ss. 81 et seq., and DECEIT. Public companies registered after Octob...
Debt owed
Debt owed, a debt owed within the meaning of s. 2(m) of the Wealth-tax Act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money, Commissioner of Wealth Tax v. Her Highness Vijyaba Dowger Maharani Saheb of Bhavnagar Palace, (1979) 2 SCC 213: AIR 1979 SC 982: (1979) 3 SCR 545.The deduction claimed in respect of each assessment year was in truth and substance a liability under the Indian Income-tax Act, 1922 or the Income-tax Act, 1961, as the case may be, and not a new liability created by the Finance Act, and, therefore, it constituted a 'debt owed' by the assessee on the respective valuation dates within the meaning of s. 2(m) of the Act and that the deduction claimed should be allowed while computing the net wealth of the assessee, Ahmed Ibrahim Sahigra Dhoraji v. Commissioner of Wealth Tax, (1981) 3 SCC 77: AIR 1981 SC 1562: (1981) 3 SCR 402.A 'debt owed' within the meaning of, s. 2(m) of the Wealth-tax Act can be defined as a liability to pay ...
Bankruptcy debt
Bankruptcy debt, in relation to a bankrupt, means (1) any debt or liability to which he is subject at the commencement of the bankruptcy or (b) any debt or liability to which he may become subject after the commencement of the bankruptcy (including after his discharge from bankruptcy) by reason of any obligation incurred before commencement of the bankruptcy, R (Steele) v. Birmingham City Council, (2006) 1 WLR 2380 (CA).Bankruptcy debt, in relation to a bankrupt, means (1) any debt or liability to which he is subject at the commencement of the bankruptcy (b) any debt or liability to which he may become subject after the commencement of the bankruptcy by reason of any obligation incurred before the commencement of the bankruptcy, Glenister v. Rowe, (1999) 3 WLR 716 (CA)....
privilege
privilege [Latin privilegium law affecting a specific person, special right, from privus private + leg- lex law] 1 : a right, license, or exemption from duty or liability granted as a special benefit, advantage, or favor: as a : an exemption from liability where an action is deemed to be justifiable (as in the case of self-defense) or because of the requirements of a position or office ;also : the affirmative defense that an action is privileged compare excuse absolute privilege : a privilege that exempts a person from liability esp. for defamation regardless of intent or motive ;specif : a privilege that exempts high public officials (as legislators) from liability for statements made while acting in their official capacity without regard to intent or malice qualified privilege : a privilege esp. in the law of defamation that may be defeated esp. by a showing of actual malice called also conditional privilege b : an exemption from a requirement to disclose information (as fo...
Partnership
Partnership, the relation which subsists between persons carrying on a business with a view to profit--so defined by s. 1, sub-s. 1, of the (English) Partnership Act, 1890 (53 & 54 Vict. c. 39), a codifying Act of fifty s.s, 'to declare and amend the law of partnership,' which, in effect, transfers the law of the subject from the region of reported cases to that of the statute; Bovill's Act' (see that title) of 1865 (28 & 29 Vict. c. 86), and a small part of the (English) Mercantile Law Amendment Act of 1856, being the only previous statutory enactments on the subject.Rules, which, however, subject to any agreement express or implied between the partners, are laid down by s. 24 for determining the interest of partners in the partnership property and their rights and duties in relation to the partnership. They provide, amongst other things, for equal shares in profits and equal contributions to losses; for indemnification of every partner by the firm in respect of payments properly made...
Ship
Ship, the carriage of goods by Sea Act, 1925 (26 of 1925). [XXVI of 1925, Sch. Art. 1, Cl. (d)]Ship, means any vessel used for the carriage of goods by sea.A type of vessel used or intended to be used in navigation, Black's Law Dictionary, 7th Edn., p. 1382.In the Merchant Shipping Act, 1894 (57 & 58 Vict. c. 60), by s. 742, 'includes every description of vessel used in navigation not propelled by oars.' [This definition has been adopted by the Workmen's Compensation Act, 1925 (15 & 16 Geo. 5, c. 34), s. 48(1)]'Foreign-going ship,' by the same s., 'includes every ship employed in trading, or going between some place or places in the United Kingdom, and some place or places situate beyond the following limits: that is to say, the coasts of the United Kingdom, the Channel Islands and the Isle of Man, and the continent of Europe, between the river Elbe and Brest inclusive'; and'Home-trade ship' includes 'every ship employed in trading or going' within the above limits; and'Home-trade pass...
Sale price
Sale price, 'Sale Price' means the amount payable to a dealer as consideration for the sale of any goods, less any sum allowed as cash discount according to the practice normally prevailing in the trade, but inclusive of any sum charged for anything done by the dealer in respect of the goods at the time of or before the delivery thereof other than the cost of freight or delivery of the cost of installation in case where such cost is separately charged and the expression 'purchase price' shall be construed accordingly, Shree Gopal Industries Ltd. v. State of Rajasthan, AIR 1971 SC 2054: (1971) 2 SCC 532.(ii) Under s. 4 of the Madhya Pradesh General Sales Tax Act, 1958 the liability to pay tax is that of the dealer. The purchaser has no liability to pay tax. There is no provision in the Act from which it can be gathered that the Act imposes any liability on the purchaser to pay the tax imposed on the dealer. If the dealer passes on his tax burden to his purchasers he can only do it by au...
Breach of trust
Breach of trust, a violation of duty by a trustee, executor, or other person in a fiduciary position.In some cases a breach of trust may be a comparatively venial offence, arising from the trustee having honestly misconstrued the deed or will creating the trust either as to the persons entitled, or as to his powers of investment of or dealing with the trust property, or having otherwise erred in the discharge of his strict duty; in other cases he may have been guilty of negligence or carelessness involving at least some degree of moral blame; or, in other cases again, he may have committed some gross fraud. But in all these cases alike the trustee is personally responsible at the suit of the beneficiaries for any loss which may have resulted, and the rules of equity on the subject were extremely strict and were enforced with great severity by the Court of Chancery. In later times, however, the Court was not quite so astute in fixing honest trustees with liability for breach of trust as...
Instrument
Instrument [instrumentum, Lat., fr. instruo, to prepare or provide], a formal legal writing-e.g., a record, charter, deed or transfer, or agreement. By s. 205(1)(viii.) of the (English) Law of Property Act, 1925, 'Instrument' (for the purposes of the Act) 'does not include a Statute, unless the Statute cre-ates a Settlement.' See also Settled Land Act, 1925,s. 117; see also TRUST INSTRUMENT; VESTING INSTRUMENT. A telegram and an envelope with a falsified postmark have been held to be 'instruments' within the meaning of the Forgery Act, 1861, s. 38, now replaced by s. 7, (English) Forgery Act, 1913 [R. v. Riley, (1896) 1 QB 309; R. v. House, 28 TLR 186]; also an engine.Includes every document by which any right or liability is, or purports to be, created, transferred, modified, limited, extended, suspended, extinguished or recorded. [Notaries Act, 1952 (53 of 1952), s. 2 (b)]Includes every document by which any right or liability is, or purports to be created, transferred, limited, exte...
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