Merchants Accounts - Law Dictionary Search Results

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Merchants' accounts

Merchants' accounts. The period of limitation of action for the recovery of these is six years. see MERCANTILE LAW AMENDMENT ACT, 1856 (English)....

Book of account, It involves either addition or subtraction or both of these operations of arithmetic. A book which contains successive entries of items may be a good memorandum book; but until those entries are totalled or balanced, or both, as the case may be, there is no reckoning and no account. In the making of totals and striking of balances from time to time lies the chief safeguard under which books of account have been distinguished from other private records as capable of containing substantive evidence on which reliance may be placed', CBI v. V.C. Shukla, (1998) 3 SCC 410: AIR 1998 SC 1406: 1998 Cr LJ 1905 (SC).-All companies registered under the (English) Companies Act,1929, are by s. 122 obliged to keep books of account of (a) all receipts and expenses with matters relating thereto; (b) all sales and purchases; and (c) the assets and liabilities of the company: these books are to be open to inspection by the directors-heavy penalties for non-compliance are imposed. The aud...

Mercantile Law Amendment Act, 1856 (English)

Mercantile Law Amendment Act, 1856 (English) (19 & 20 Vict. c. 97). Its principal enactments are: (1) that a writ of execution shall not effect a title bona fide acquired before seizure; (2) that in an action for breach of contract to deliver goods sold, a writ for the delivery of the goods may be obtained (these two ss. are repealed by the Sale of Goods Act, 1893, and reproduced by ss. 26 and 52 of that Act); (3) that the consideration for a guarantee need not appear in writing; (4) that a guarantee to or for a firm ceases upon a change in the firm (this s. is repealed by the Partnership Act, 1890, and reproduced by s. 18 of that Act); (5) that a surety who discharges a liability is to be entitled to an assignment of all securities held by the creditor; (Ss. 6 and 7) that an acceptance of a bill of exchange must be in writing, and that 'inland bill of exchange' bears a certain definition-these two sections are repealed by the Bills of Exchange Act, 1882, and reproduced by ss. 7 and 17...

Adventure, bill of

Adventure, bill of, a writing signed by a merchant, stating that the property in goods shipped in his name belongs to another, to the adventure or chance of which the person so named is to stand, with a covenant from the merchant to account to him for the produce....

Post entry

Post entry. When goods are weighed or measured, and the merchant has got an account thereof at the Custom House, and finds his entry already made too small, he must make a post or additional entry for the surplusage in the same manner as the first was done. As a merchant is always in time prior to the clearing of the vessel to make his post, he should take care not to over-enter. However, if this be the case, and an over-entry has been made and more paid or bonded for customs than the goods really landed amount to, the land-waiter and surveyor must signify the same upon oath, and a statement be made and subscribed by the person so over-entered, that neither he, nor any other to his knowledge, had any of the said goods over-entered on board the said ship, or anywhere landed them without payment of custom; which oath must be attested by the collector or comptroller, or their deputies, who then compute the duties and set down on the back of the certificate the several sums to be paid, McC...

Official assignees

Official assignees, certain persons from the class of merchants or accountants who were appointed by the Lord Chancellor under the Bankruptcy Acts, 1849 and 1861, to act in bankruptcies; one of whom must have been an assignee of the bankrupt's estate and effects, together with the assignee or assignees chosen by the creditors. All the personal estate, the profits of the realty, and the proceeds of all such estates as were sold were received by such official assignees alone, and paid into the Bank of England to the credit of the Accountant in Bankruptcy. these officials cease to exist under the system of bank-ruptcy introduced in 1869 but the 'Official Receivers' established by the Act of 1883 greatly resemble them....

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Merchants Accounts - Law Dictionary Search Results