Liability - Law Dictionary Search Results
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liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
Limited liability
Limited liability. At Common Law every person is liable, upon his contracts, up to the whole amount of his estate, and every partner is so liable upon all the contracts of the partnership. So extensive a liability being apt to prevent persons from engaging in business as partners, the statutes authorizing the construction of railways, etc., have always limited the liability of each shareholder to the amount of the shares held by him. Similar limitations, extending in some cases to double the amount of shares held, have also long been found (though not universally) in the charters of incorporated banks and insurance companies.Companies Acts.--Under the Companies Acts, limited liability means that the members are not liable beyond the unpaid-up part (if any) of the nominal amount of the shares in respect of which they are registered in the books of the company. When a share has been fully paid up, no further liability exists. As to shares which have not been fully paid up, see CONTRIBUTO...
Contingent liability
Contingent liability, as a liability which, by reason of something done by the person bound, will necessarily arise or come into being if one or more of certain events occur or do not occur, Glenister v. Rowe (CA), (1999) 3 WLR 716.Contingent liability, must arise out of an existing or underlying liability, no such liability can exist simply by reason of a claim for costs made in a writ, summons, application or notice of appeal to the judge or to the Court of Appeal, Glenister v. Rowe (CA), (2000) Ch LR 76....
bodily injury liability
bodily injury liability Insurance coverage that applies when you are legally liable for injuring other people in an auto accident. Bodily injury liability provides payments to those injured individuals and pays your legal defense costs as well. Such coverage can be combined with property damage liability, as it often is, and be called "liability insurance." ...
comprehensive general liability insurance
comprehensive general liability insurance : liability insurance for a business that usually covers losses from products liability, premises liability, and some liabilities that the insured assumes under a contract (as a lease) ...
Discharge from liability
Discharge from liability, the words are apt to ex-press an intention of total extinction of the liability and should, specially in view of the international character of the legislation, be construed in that sense. Once the liability is extinguished under this clause, there is no scope of any acknowledgement of liability thereafter, East and West Steamship Co. v. S.K. Ramajingam, AIR 1960 SC 1058 (1065). [Carriage of Goods by Sea Act, 1925, Sch. .. Art. III, para 6, Cl. 3]...
Demand liabilities
Demand liabilities, means liabilities which must be met on demand, and 'time liabilities' means liabilities which are not demand liabilities. [Bank-ing Regulation Act, 1949 (10 of 1949), s. 5 (f)]...
Total liabilities
Total liabilities, means the liabilities under he Consolidated Fund of India and the public account of India. [Fiscal Responsibility and Budget Management Act, 2003 (39 of 2003), s. 2(f)]Means the liabilities under the consolidated fund of the State of Gujarat and the public account of the State. [Gujarat Fiscal Responsibility Act, 2005, s. 2(i)]Means the explicit liabilities under consolidated fund of the State and the Public Account of the State including General Provident Fund. [Rajasthan Agricultural Produce Markets Act, 2005, s. 2(p)]...
property damage liability
property damage liability Insurance that protects you, and pays on your behalf, for automobile-related damage that you cause to another persons' property. If offered jointly with bodily injury liability, as it often is, it may be called "liability insurance." ...
Any cheque and other liability
Any cheque and other liability, In s. 138 of the Negotiable Instruments Act, 1881 phrases 'Any cheque' and 'other liability' are the two key expressions which stand as clarifying the legislative intent so as to bring the factual context within the ambit of the provisions of the statute. Any contra-interpretation would defeat the intent of the legislature. The expressions leave no manner of doubt that for whatever reason it may be, the liability under this provision cannot be avoided in the event the same stands returned by the banker unpaid, ICDS Ltd. v. Beena Shabeer, (2002) 6 SCC 426 (430): 2002 SCC (Cri) 1342....
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