Money Lender - Law Dictionary Search Results
Home Dictionary Name: money lenderMoney lender
Money lender, a few disconnected and isolated transactions would not make a person engaged regularly in Money lending business, Ka Icildawallang v. U. Lokendra Sojour, AIR 1987 SC 2047. [Assam Money-lenders Act, (4 of 1934), s. 2(1)]--The (English) Money-lenders Act, 1900 (63 & 64 Vict. c. 51), by s. 6 defines the expression 'money-lender' therein as includingevery person whose business is that of money-lending, or who advertises or announces himself or holds himself out in any way as carrying on that business.but not including a pawnbroker (see that title), a Friendly, Building, or Loan Society (see those titles) or a corporation empowered by statute to lend money, orany person bona fide carrying on the business of banking or insurance or bona fide carrying on any business not having for its primary object the leading of money, in the course of which and for the purposes whereof he lends money; or any body corporate for the time being exempted from registration under this Act by order...
Banker
Banker, one who receives money to be drawn out again as the owner has occasion for it, the customer being lender, and the banker borrower, with the superadded obligation of honouring the customer's cheques up to the amount of the money received and still in the banker's hands.A customer's money may become irrecoverable if six years have elapsed without payment by the banker of principal or interest after demand. The relation of banker and customer is merely that of debtor and creditor, with a superadded obligation on the banker to honour the customer's cheques, so that the Limitations Act, 1623, (21 Jac. 1, c. 16), runs against the customer. See UNCLAIMED PROPERTY.A cheque is not an assignment to the payee of the customer's balance, so that if a customer having a balance of 99l. give a cheque for 100l., the banker is legally justified in dishonouring it by refusing payment altogether, Schroeder v. Central Bank of London, (1876) 34 LT 735. If a customer overdraws his account, this amoun...
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
Loan
Loan [hl'n, Sax.], anything lent or given to another on condition of return or repayment. As to loan of money, see MONEY LENDERS ACT.The distinction between a loan and a deposit is that in the case of a loan it is ordinarily the duty of the debtor to seek out the creditor and to pay the money according to the agreement. In the case of a deposit it is the duty of the depositor to go to the depositee and to make a demand for it, Gurcharan Das v. Ram Rakha Mal, AIR 1937 Lah 81.The word 'loan' used in s. 4 has the same meaning as it has in s. 2(f) and includes a transaction on a bond bearing interest executed in respect of past liability, Jiwanlal Achariya v. Rameshwarlal Agarwalla, AIR 1967 SC 1118: (1967) 1 SCR 190. [Bihar Money Lenders (Regulation of Transactions) Act, 1939 (7 of 1939), ss. 2(f) and 4]...
Usury
Usury, any reward taken for the use of money. Usura est commodum certum quod propter usum rei (vel 'ris) mutuat' recipitur; sed, secundario sperare de aliqua retributione, ad voluntatem ejus qui mutuatus est, hoc non est vitiosum. 5 Rep. 70.-(Usury is a certain benefit which is received for the use of a thing (or of money) lent; but, secondly, to hope for a certain return at the option of the party who borrowed, this is not vicious.) The term is usually applied to the taking of exorbitant interest, or of interest of a greater amount than is allowed by law. Eleven statutes, from 37 Hen. 8, c. 9, to 13 & 14 Vict. c. 56, fixing the legal rates of interest, were all repealed in 1854 by 17 & 18 Vict. c. 90, together with 'all 'the then' existing laws against usury,' but the interest which pawnbrokers (see that title) may take is still restricted bylaw, and the 109th Canon, including usury amongst other offences for which an offender may be presented, has not only not been expressly repealed...
Loan societies
Loan societies, institutions established by the purpose of advancing money on loan to the industrial classes, and receiving back payment for the same by instalments, with interest. They are exempt from the provisions of the Money Lenders Act, 1900.By the (English) Loan Societies Act, 1840 (3 & 4 Vict. c. 110 (continued by 21 & 22 Vict. c. 19, and made perpetual by 26 & 27 Vict. c. 56), forms of proceeding of a similar nature to those prescribed in the Acts regulating savings banks and friendly societies are requisite to enable loan societies to avail themselves of this Act, and see 51 & 52 Vict. c. 41, and 59 & 60 Vict. c.25, s. 2, as to certification of Rules by the Registrar of Friendly Societies.These societies are entitled to issue debentures for money deposited with them (otherwise than by way of gift), and these as well as all other notes and instruments given in pursuance of the Act are exempted from stamp duty. They are also placed on the same footing with savings banks, in the...
Kicker
Kicker, means (1) An extra charge or penalty, esp. a charge added to a loan in addition to interest. (2) An equity participation that a lender seeks as a condition for lending money, so that the lender may participate in rentals, profits, or extra interest, Black's Law Dictionary, 7th Edn., p. 874....
Account stated
Account stated, An account stated is the admission of a balance due from one party to another, and that balance being due there is a debt; the statement of the account and the admission of the balance implies a promise in law to pay it; see Irving v. Veitch, (1837) 3 M&W 106. The account must have been stated before action brought. An account stated, however, creates only a prima facie liability, which may be rebutted by disputing the debts charged in the account, as, for instance, by proving mistake (among other ordinary defences); Camillo Tank Steamship Co. v. Alexandria Engineering Works, (1921) 38 TLR 134. For statutory power to re-open an account stated, see MONEY LENDERS ACT. By the Infants Relief Act, 1874 (37 & 38 Vict. c. 62), s. 1, an account stated with an infant is void.The expression 'account stated' has more than one meaning. It sometimes means a claim to payment made by one party and admitted by the other to be correct. There is, however, a second kind of account stated ...
Arrears of interest
Arrears of interest, means interest due up to the date of decree, I.C. Manick Chand v. Elias Saleh, AIR 1969 SC 671 (673). [Mysore Money Lenders Act, (13 of 1939), s. 17]...
Kalendarium
Kalendarium, means (1) A book of accounts in which a money-lender recorded the names of debtors and the principal and interest due (2) A written register of births, recorded daily. Black's Law Dictionary, 7th Edn., p. 873....
- << Prev.
- Next >>