Necessary Deposit - Law Dictionary Search Results
Home Dictionary Name: necessary deposit Page: 2contract
contract [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw] 1 : an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty ;also : a document embodying such an agreement see also accept, bargain, breach, cause, consent, consideration, duty, meeting of the minds, obligation, offer, performance, promise, rescind, social contract, subcontract Uniform Commercial Code in the Important Laws section NOTE: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to c...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Conditions of sale
Conditions of sale. The terms set forth in writing upon which an estate of interest is to be sold by auction, tender, or private treaty. Together with the particulars (q.v.) the conditions constitute the offer for sale. Conditions of sale will be construed so as to collect the meaning of the parties without incumbering them with the technical meaning of words; for, as Lord Hardwicke declared, 'there is no magic in words.' But the conditions should be accurate, for they cannot be contradicted by parol at the sale; 'the babble of the auction room,' as Lord Eldon termed it, being inadmissible as evidence, and this although the purchaser by the written agreement bind himself to abide by the conditions and declarations made at the sale. If the conditions require alteration, they should be so altered in writing before the sale. See AUCTION; CONTR-ACT OF SALE. In sales of land, conditions of sale usually refer to the following matters:-Bidding at the auction, payment of deposit, date of compl...
De bene esse
De bene esse. To take or do anything de bene esse is to accept or allow it as well done for the present; but when it comes to be more fully examined or tried, to stand or fall according to the merit of the thing in its own nature (Jac. Law Dict.). in modern times the term is chiefly used in reference to an examination, out of Court and before trial, of witnesses who are old, dangerously ill, or about to leave the country, on the terms that if the witnesses continue ill or absent, their evidence be read at the trial, but if they recover or return, the evidence be taken in the usual manner. Now by R. S. C. 1883, Ord. XXXVII., r. 5, the Court may, in any cause or matter where it shall appear necessary for the purposes of justice [see Bidder v. Bridges, (1884) 26 Ch D 1], make any order for the examination upon oath before the Court or any officer of the Court, or any other person, and at any place, of any witness or person, and may empower any party to any such cause or matter to give suc...
Donatio mortis causa
Donatio mortis causa, a gift of personal property in prospect of death; a death-bed disposition; an inchoate gift of personalty consummated by the giver's death.It is derived from the Civil Law; Justinian's Inst. Lib. 2, tit. 7, shows its nature. To render this kind of gift valid, it (1) must be made by the giver, when ill, in anticipation of his death; (2) must be intended to take effect only upon his death by his existing illness, for his recovery from that illness, or his subsequent personal revocation of the gift, as by resuming its possession, will defeat it; and (3) a traditio or delivery, either actual or symbolical, of the subject of the gift, or of the instrument which represents it, must be made to the donee, either for his own use, or upon trust for another person, or for a particular purpose. The gift of a cheque upon the donor's banker is not good as a donatio mortis causa, because it is a gift which can only be made effectual by obtaining payment of it in the donor's life...
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...
Mandate
Mandate [fr. mandatum, Lat.], a judicial command, charge, commission.Also, a bailment of goods, without reward, to be carried from place to place, or to have some act performed about them. The person employing is called in the Civil Law mandans or mandator, and the person employed mandatarius or mandatory. The distinction between a mandate and a deposit is that in the latter the principal object of the parties is the custody of the thing; and the service and labour are merely accessorial. In the former, the labour and service are the principal objects of the parties, and the thing is merely accessorial. Three things are necessary to create a mandate: (1) that there should exist something which should be the subject of the contract, or some act or business to be done; (2) that it should be done gratuitously; (3) that the parties should voluntarily intend to enter into the contract. A mandatary incurs three obligations: (1) to do the act which is the object of the mandate, and with which...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial