Mutual Debts - Law Dictionary Search Results
Home Dictionary Name: mutual debts Page 1 of about 14 results (0.004 seconds)Mutual debts
Mutual debts, money due on both sides between two persons.-See SET-OFF; and as to mutual credits, debts, or other mutual dealings between a debtor afterwards becoming bankrupt and a person proving a debt against him, see s.31 of the Bankruptcy Act, 1914, and Eberle's Hotel Co. v. Jonas, (1887) 18 QB 459....
Set-off
Set-off, any counter-balance or cross-claim.A defendant's counter demand against the plaintiff, arising out of transaction independent of plaintiff's claim, Black's Law Dictionary, 7th Edn., p. 1376.The subject of a set-off under the former practice was a cross debt or claim, on which a separate action might be sustained, due to the party defendant from the party plaintiff. It was a defence crated by 2 Geo.2, c. 22, and had no existence at Common Law, and could only be pleaded in respect of mutual debts of a definite character, and did not apply to a claim founded in damages, or in the nature o a penalty, and the debt must have been due in the same right and between the same parties, and not a mere equitable demand. The defendant could not avail himself of a set-off, unless it were specially pleaded, and particulars thereof delivered with the plea.It is now provided by (English) R.S.C. 1883, Ord. XIX., r. 3, that a defendant in an action may set off or set up, by way of counter-claim a...
Mutual dealing
Mutual dealing, Mutual Credit or mutual dealings under s. 46, Provincial Insolvency Act, means reciprocal demands which must be naturally terminated in a debt. In a case where there are reciprocal demands available by one party against the other in the same capacity, it is a clear case of mutual dealings, in which a set-off is a matter of course, H. Naik v. Panchanan Das, ILR 1952 Cut 307; see also Aiyar's Judicial Dictionary, 11th Edn., 1992, p. 782....
pledge
pledge 1 : a delivery of esp. personal property as security for a debt or other obligation ;broadly : the perfection of a security interest in collateral through possession of the collateral by a creditor or other promisee 2 a : property and esp. personal property that is used as security esp. upon delivery ;broadly : a security interest in collateral compare chattel mortgage at mortgage b : a contract under which the delivery of property (as personal property) as security takes place 3 a : the state of being held as security or guaranty [property held in ] b : something given as security for the performance of an act 4 : a binding promise to do or forbear vt pledged pledg·ing 1 : to deliver or otherwise put forward as security for a debt or other obligation [pledged his car as collateral for the loan] 2 : to bind by a pledge [we mutually to each other our lives, our fortunes and our sacred honor "Declaration of Independence"] 3 : to assure or promise the performance...
Confusion
Confusion, a mode of extinguishing a debt, in the French law, by the concurrence in the same person of two qualities which mutually destroy one another. This may occur in several ways, as where the creditor becomes the heir of the debtor, or the debtor the heir of the creditor, or either accedes to the title of the other by any other mode of transfer, Pothier on Oblig. By Evans, n. 505-609....
mutuality
mutuality : the quality or state of being mutual: as a : the quality of a contract under which both parties are bound by obligations b : the state of debts for purposes of set-off under bankruptcy law in which the debts are owed between the same parties standing in the same capacity ...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
Instalment
Instalment, a portion of a debt. When a debt is divided into two or more parts, payable at different times, each part is called an instalment, and the debt is said to be payable by instalments. A provision making the balance of instalments payable on default in payment of one instalment is not a penalty, and there is no objection to it in point of law, Wallingford v. Mutual Society, (1880) 5 App Cas 685. Where, in a county Court, judgment has been obtained for not more than 20l., exclusive of costs, the Court may order payment by instal-ments, (English) County Courts Act, 1934, s. 96, replacing (English) County Courts Act, 1888, s. 105, as amended by s. 18(1) of the (English) County Courts Act, 1919.As to delivery by instalments of goods sold, see s. 31 of the Sale of Goods Act, 1893, by which, 'unless otherwise agreed, the buyer is not bound to accept delivery by instalments'; and see HIRE PUR-CHASE.An instalment due according to the terms of an allotment of shares in a limited compan...
Contract
Contract, an agreement between competent parties, to do or to abstain from doing some act. For numerous other definitions, see Chalmers's Sale of Goods Act, App. II., where it is said that the 'disposition of the best modern writers appears to be to define ' contract ' as an agreement enforce-able at law,' but contended that this definition seems rather too narrow.Every contract is founded upon the mutual agree-ment of the parties; the other essentials are legality, capacity (depending on age, mental ability, sex and status) a mutual identity of consent (consensus ad idem), and form. When an agreement is stated either verbally or in writing it is usually called an express contract; when the agreement is matter of inference and deduction, it is called n implied contract. (See IMPLIED CONTRACT.)Contract, which provides that the price includes the cost of the goods, the freight and the insurance premium for the transit, Halsbury's Laws of England, Vol. 3(1), para 253, p. 210.Contracts may...
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