Non Performing Asset - Law Dictionary Search Results
Home Dictionary Name: non performing assetNon-performing asset
Non-performing asset, means an asset or account of a borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2 (1) (o)]...
Default
Default, omission of that which a man ought to do; neglect.When a defendant neglects to take certain steps in an action, which are required by the rules of Court, the Court may thereupon give judgment against him by default. The defendant allows judgment by default either intentionally or through mistake or neglect; intentionally, where he has no merits, or where he does so according to a previous agreement with the plaintiff; through mistake, when he delivers a pleading so defective that it is treated as a nullity; and through neglect, when perhaps he has no merits, but omits to appear, plead, etc., within the time limited by the rules of the Court for that purpose. This is an implied confession of the action. See the titles JUDGMENT, APPEARANCE, and PLEADING.It is defined as the non-performance of a duty, a failure to perform a legal duty or an omission to do something required, S. Sundaram Pillai v. V.R. Pattabiraman, (1985) 1 SCC 591: AIR 1985 SC 582: (1985) 2 SCR 643.It means non-...
administrator
administrator 1 : a person appointed by a probate court to manage the distribution of the assets in the estate of a person who has died without leaving a valid will or leaving a will that does not name an executor able or willing to perform see also administratrix letters of administration at letter compare executor, personal representative administrator ad litem : an administrator appointed to represent an estate that is a necessary party to a lawsuit administrator cum testamento annexo : administrator with the will annexed in this entry administrator de bo·nis non [-dē-bō-nis-nÄ n, -dā-bō-nis-nōn] : an administrator appointed to administer the remaining assets in the estate when the preceding administrator or executor can or will no longer perform administrator pen·den·te li·te [-pen-den-tē-lī-tē, -pen-den-tā-lē-tā] : special administrator in this entry administrator with the will annexed : an ...
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...
Uses
Uses (History). A use is the intention or purpose, express or implied, upon which property is to be held. The Common Law treated the actual possessor for all purposes as the owner of the property. It was not difficult to find him out, since the possession of his estate was conferred upon him by a formal and notorious ceremony, technically called livery of seisin, which was performed openly and in the presence of the people of the locality.It soon became evident that the simple rules of the Common Law were stumbling-blocks to the complicated wants of an enterprising people.Hence ingenuity was sharpened to hit upon a device which should set at nought the rigidity of existing law and formalities.A system was found by the monastic jurists upon a model furnished by the Civil Law, which, by a nice adaptation, evaded, without overturning, the Common Law. Two methods of transferring realty began to co-exist in this country-the ancient Common Law system, and the later invention, which is denomi...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
- << Prev.
- Next >>