Long Term - Law Dictionary Search Results
Home Dictionary Name: long termlong term
same as long run as the long term consequences...
long-term capital gain
long-term capital gain see gain ...
long-term care
long-term care ...
Term loan
Term loan, means loan advanced for commercial loans, State Bank of Patiala v. Harbans Singh, (1994) 3 SCC 495.The expression 'term loan' is well understood in banking parlance. The expression implies the grant of loan for a fixed term. It has no relevance with the purpose for which loan is granted. Where the terms for repayment is long, the loan is called 'long term loan' and where the term exceeds one year but not five to seven years, it is commonly known as 'medium term loan, Canara Bank v. P.N.R. Upadhyaya, AIR 1998 SC 3000: (1998) 6 SCC 526....
Renewal of lease
Renewal of lease, a re-grant of an expiring lease for a further term. Where a lease contains a covenant by the lessor for renewal, this convenant is commonly subject to the condition that the covenants in the lease shall have been performed by the lessee, and this condition is strongly enforced by the Court, Finch v. Underwood, (1876) 2 Ch D 310.Leases may be surrendered in order to be renewed, without a surrender of under-leases, by virtue of the (English) Landlord and Tenant Act, 1730 (4 Geo. 2, c. 28), s. 6, before which Act a surrender of each under-lease was necessary.As to covenants for perpetual renewal, see Wynn v. Conway Corporation, (1914) 2 Ch 705, and cases there referred to.By the (English) Law of Property Act, 1922, s. 145, and 15th Sch., perpetually renewable leases have, from the 1st January, 1926, been converted into terms of 2,000 years from the date of the commen-cement of the existing term. The conversion is without prejudice to the covenants and conditions of the l...
asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
Usual Covenants
Usual Covenants, covenants usually inserted in deeds having a similar scope to that in respect of which a question arises. The phrase occurs most frequently in connection with agreements for leases stipulating that the lease when granted shall contain 'all usual covenants.' What these are is a question of fact, but it may perhaps be laid down that at the present day covenants by the lessee to pay rent, to pay taxes, and to repair, and a qualified covenant by the lessor for quiet enjoyment (see that title), are usual, but that no others are, and in particular that the covenant not to assign or underlet without the leave of the lessor is not: see Hampshire v. Wickens, (1878) 7 Ch D 555; Re Lander, (1892) 3 Ch 41.A proviso for re-entry on breach of covenants generally is not 'usual,' but a proviso for re-entry on breach of the covenant to pay rent is: see per James, LJ, in Hodgkinson v. Crowe, (1875) LR 10 Ch 622; Re Anderton, (1890) 45 Ch D 476.Usual terms, a phrase in the Common Law pra...
Portion
Portion, property settled or provided in favour of children or their issue. In settlements by deed or will of personal property, portions were and are usually effected by direct trusts in favour of the children or issue, either immediately or after the death of the parent or parents. In regard to realty the usual plan was to settle a long term of years from or out of the real estate upon trust to sell or mortgage the term in order to provide the portions when they became payable. See SATISFIED TERM; ATTENDANT TERM. This term preceded the settlement of the estate in fee or in tail according to the intention of the settlor. This method is still available although the term is not a legal estate and will not affect a purchaser even with notice who takes his title from estate owners who are entitled to sell the estate unaffected by the term, but the trustees entitled to the term may require to have the term secured by a legal mortgage. See Law of Property Act, s. 3 (1) and Settled Land Act,...
lease
lease [Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a : a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner ;also : the act of such conveyance or the term for which it is made see also sublease compare easement, license security interest at interest, tenancy NOTE: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.” build·ing lease : ground lease in this entry consumer lease : a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use finance lease : a lease in which the lessor acquires g...
Copyhold
Copyhold. Tenure in copyhold has been abolished under the (English) L.P. Acts, 1922 and 1925, and the Amending Acts of 1924 and 1926, but the greater part of the former title on this subject has been retained verbatim in view of the importance of the subject in examining titles. In the previous edition of this work, copyhold was described as a base tenure founded upon immemorial custom and usage; its origin is undiscoverable, but it is said to be the ancient villeinage modified and changed by the commutation of base services into specified rents, either in money or money's worth.A copyhold estate is a parcel of the demesnes of a manor held at the lord's will, and according to the custom of such manor. The tenant may have the same quantities of interest in this tenure as he may enjoy in freeholds, as an estate in fee-simple or (by particular custom) fee-tail, or for life, and he may have only a chattel interest of an estate for years in it. By the custom of some manors, the estate devol...
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