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Lloyd's. in the second half of the seventeenth century a number of merchants, ship-owners, and insurance brokers were accustomed to meet in Lloyd's Coffee House in the City of London. From these meetings arose the present association of underwriters, which is famous throughout the world as a centre of marine insurance. Shipping intelligence of all kinds is collected by Lloyd's agents all over the world and forwarded to London. Signal stations have been established under the provisions of (English) Lloyd's Signal Station Act, 1888 (51 & 52 Vict. c. 29). Derelict ships have to be reported to Lloyd's (Derelict Vessels (Report) Act,1896 (59 & 60 Vict. c. 12)). 'Lloyd's List' thus forms a record of shipping news of great importance to the commercial community. Lloyd's Act, 1871 (34 & 35 Vict. c. xxi.), incorporates and regulates Lloyd's. Besides marine insurance, almost any risk can be covered there, and by the Assurance Companies Act,1909 (9 Edw. 7, c. 49), ss. 28 and 33, members of Lloyd'...
Lloyd's Register
Lloyd's Register, the abbreviated title of 'Lloyd's Register of British and Foreign Shipping,' published annually by Lloyd's Registry. The register contains an alphabetical list of all British ships, and such foreign ships as are classed in the Register, classified according to type, materials, state of repair, etc., the classification being indicated by letters and numerals. Ships intended for classification are built under the inspection of Lloyd's surveyors or in accordance with rules published by the Registry....
Lloyd's bonds
Lloyd's bonds. Instruments under the seal of a railway company, admitting the indebtedness of the company to a specified amount to the obligee, with a covenant to pay him such amount with interest on a future day. So called from the name of the counsel who originally settled such a bond. All such 'loan notes' issued otherwise than under the authority of some statute are invalid, and by the (English) Railway Regulation Act, 1844 (7 & 8 Vict. c. 85), s. 17, the railway company issuing them forfeits to the Crown a sum equal to the sum for which any note purports to be a security....
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...
Dearle v. Hall
Dearle v. Hall. The rule which takes its name from this case, reported 1823, 3 Russ. 1, originated with the bankruptcy rule conferring the priority of assignments of choses in action according to the date of notice to the debtor by the assignment, Ryall v. Rowles, 1 Ves Sess 348. Before 1926 the rule was that the priority of equitable assignments of debts and other choses in action was determined by priority in date of notice to the trustees or other owners of the legal interest in the property assigned, see Ward v. Duncombe, 1893 AC 369. The rule did not extend to equitable interests in land except to proceeds of land held on trust for sale, see Lloyd's Bank v. Pearson, (1901) 1 Ch 685, and QUI PRIOR EST TEMPORE POTIOR EST JURE. S. 137 of the Law of Property Act, 1925, has extended the rule to dealings with equitable interests in land, capital money (see s. 205(1)(xxvi.) of the Act), and securities representing capital money effected after 1925. To effect priority among competing assi...
Primogeniture
Primogeniture, seniority, eldership, state of being first-born.The right of primogeniture obtaining in the United Kingdom was that right whereby the eldest son succeeded to all the real estate of an intestate parent. An analogous right of succession is frequently given by will, and even more frequently given and preserved by marriage or other settlement. The right was not acknowledged by the Romans; sons and daughters all shared equally the property of their parents; and in continental coun-tries exists in a modified form only, if at all. See Eyre Lloyd's 'Rights of Primogeniture and Succession.' In England the customs of gavelkind and Borough-English were almost the only exceptions to this Norman rule of inheritance.The right, which was a corner-stone of the social structure in England, has been swept away by the land legislation of 1925. See DESCENT. Hereditary dignities and titles of honour are not affected. [Cf. Law of Property Act, 1925, s. 201 (2)]Means first born and denotes the...
A1
A1. An expression signifying a first-class vessel excellently built, Shipping term. See LLOYD'S REGISTER....
Compensation
Compensation, according to dictionary it means, 'compensating or being compensated; thing given as recompense;'. In legal sense it may constitute actual loss or expected loss and may extend to physical mental or even emotional suffering, insult or injury or loss, Ghaziabad Development Authority v. Balbir Singh, (2004) 5 SCC 65 (75): AIR 2004 SC 2141.--Making things equivalent, satisfying or making amends, a reward for the apprehension of criminals; also that equivalent in money which is paid to the owners and occupiers of lands taken or injuriously affected for public purposes and under Act of Parliament, e.g., the (English) Lands Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 18), but where the land is acquired compulsorily by a Government Department or any local or Public Authority the compensation is regulated by the (English) Acquisition of Land (Assessment of Compensation) Act, 1919 (9 & 10 Geo. 5, c. 57) and Rules of 1919, and see Housing Act, 1936, ss. 40 and 42 and Schedules, ...
Cheque
Cheque, defined. [Act (1 of 1879), s. 3; [Negotiable Instruments Act, 1881 (26 of 1881), s. 6:A 'cheque' is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form.Explanation 1.--For the purposes of this section, the expression--(a) 'a cheque in the electronic form' means a cheque which contains the exact mirror image of a paper cheque, and is generated, written and signed in a secure system ensuring the minimum safety standards with the use of digital signature (with or without biometrics signature) and asymmetric crypto system;(b) 'a truncated cheque' means a cheque which is truncated during the course of a clearing cycle, either by the clearing house or by the bank whether paying or receiving payment, immediately on generation of an electronic image for transmission, substituting the further physical movement of the cheque in writing.Means a...
Preferential payments
Preferential payments, in bankruptcy, administra-tion of estates of persons dying insolvent, and winding up of a company:-One year's rates and taxes, four months' salaries of clerks up to fifty pounds, and two months' wages of labourers or workmen, up to twenty-five pounds (labourers in husbandry paid partly in a lump sum at the end of the year of hiring to have the whole or proportionate part of that sum). Also sums due under the Workmen's Compensation Acts, the National Insurance Acts (Health and Unemployment and Contributory Pensions). These debts rank equally between them unless the assets are insufficient, in which case they are to abate in equal proportions. By the (English) Bankruptcy Act, 1914 (see s. 34), the preference was extended to apprentices. See the (English) Bankruptcy Act, 1914, s. 33, and the (English) Companies Act, 1929, s. 264, by which these debts are directed to be paid in priority to all others; and by s. 264 (4) (b) of the Companies Act, 1929, these debts are ...
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