Limited - Law Dictionary Search Results
Home Dictionary Name: limitedLimitation of actions and prosecutions
Limitation of actions and prosecutions. By various statutes, of which the first was 21 Jac. 1, c. 16, the (English) Limitation Act, 1623, and the principal succeeding ones, the Real Property Limitation Act, 1833 (3 & 4 Will. 4, c. 42), the (English) Civil Procedure Act (3 & 4 Will. 4, c. 27) [see Read v. Price, (1909) 2 KB 724], and 37 & 38 Vict. c. 57, the (English) Real Property Limitation Act, 1874, certain periods are fixed within which, upon the principle Interest reipublic' ut sit finis litium, particular actions must be brought or proceedings taken.In the case of simple contract the remedy on the contract is barred, leaving the creditor free to enforce his claims by other means which may be still available, such as enforcing a lien, subsequent acknowledgment by the debtor or appropriation of payments, but not by way of set-off (9 Geo. 4, c. 14, s. 3). In regard to land, the right to it is destroyed after the statutory period and neither re-entry nor acknowledgment after the laps...
Period of limitation
Period of limitation, connotes the period of years, months or days prescribed by law impassing limitation. It does not refer to a period after expiry of which no proceedings can be instituted, District Collector, Kottayam v. Cheriyan Marriamna, (1969) Ker LT 748.Means the period of limitation prescribed for any suit, appeal or application by the Schedule, and 'prescribed period' means the period of limitation computed in accordance with the provisions of this Act. [Limitation Act, 1963 (36 of 1963), s. 2 (j)]The 'period of limitation' is defined in s. 2(j) of the Limitation Act, 1963, and 'means the period of limitation prescribed for any suit, appeal or application by the Schedule, and 'prescribed period' means the period of limitation computed in accordance with the provisions of this Act'. Whenever, therefore, under s. 12 a prescribed period of limitation has to be computed certain days are permitted to be excluded in order that a person who desires to appeal is not put to any incon...
Conditional limitation
Conditional limitation partakes of the nature both of a condition and a remainder. At the Common Law whenever either the whole fee or a particular estate, as an estate for life or in tail, was first limited, no condition or other quality could be annexed to this prior estate, which would have the double effect of defeating the estate, and passing the lands to a stranger, for as a remainder it was void, being an abridgment or defeasance of the estate first granted, and as a condition it was void, as no one but the donor or his heirs could take advantage of a condition broken; and the entry of the donor or his heirs unavoidably defeated the livery upon which the remainder depended. On these principles it was impossible by the old law to limit by deed, if not by will, an estate to a stranger upon any event which might abridge or determine an estate previously limited. But the expediency of such limitations, assisted by the revolution effected by the Statute of Uses, at length established ...
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...
Executory limitation
Executory limitation. A limitation of a future interest by deed or will; if by will, it is also called an executory devise. The (English) Conveyancing Act, 1882 (45 & 46 Vict. c. 39), s. 10, restricted executory limitations of land contained in an instrument coming into operation after 1st January, 1883, by the enactment:'Where there is a person entitled to land for an estate in fee, or for a term of years absolute or determinable on life, or for term of life, with an executory limitation over on default or failure of all or any of his issue whether within or at any specified period of time or not, that executory limitation shall be or become void and incapable of taking effect, if and as soon as there is living any issue who has attained the age of 21 years, of the class on default or failure whereof the limitation over was to take effect.' See Re Booth, (1900) 1 Ch 768; Re Shrubb, 1910 WN 143.These provisions were re-enacted by s. 134 of the (English) Land Charges Act, 1925, and exte...
limitation
limitation 1 a : restriction [a on the rights of ownership] b : a statement or stipulation in a deed or will placing limits on the disposition of an estate or interest esp. in regard to duration or heirs see also word of limitation 2 : a certain period limited by statute after which actions or prosecutions cannot be brought in the courts see also statute of limitations ...
Limited owner
Limited owner. A tenant for life, in tail or by the courtesy, or other person not having a fee-simple in his absolute disposition. The legal estates of limited owners were reduced to equitable interests after 1925 by the (English) Law of Property Act, 1925, ss. 1 and 4. See SETTLED LAND.Limited owner commonly means a person with restricted rights as opposed to full owner with absolute rights. In relation to property absolute, complete or full ownership comprises various constituents such as the right to possess, actual or constructive, power to enjoy, that is to determine manner of use extending even to destroying, right to alienate, transfer or dispose of etc. Any restriction or limitation on exercise of these rights may result in limited or qualified ownership, Kalawatibai v. Soiryabai, AIR 1991 SC 1581 (1589): (1991) 3 SCC 410....
limited public forum
limited public forum : a public forum created by the government voluntarily for expressive activity that may be restricted as to subject matter or class of speaker called also limited forum limited open forum compare open forum, public forum NOTE: The restriction of a limited public forum must be able to withstand strict judicial scrutiny of its effect on First Amendment rights. ...
executory limitation
executory limitation : a limitation that creates an executory interest [a fee simple subject to an executory limitation] see also executory interest at interest ...
limited partnership rollup transaction
limited partnership rollup transaction : the combining or reorganizing of one or more limited partnerships into an entity (as a master limited partnership or real estate investment trust) that can be publicly traded ;specif : such a transaction in which some or all of the investors suffer adverse changes including the receipt of new securities without an option to receive or retain securities having the same terms as those originally purchased called also partnership rollup rollup ...
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