Paid - Law Dictionary Search Results
Home Dictionary Name: paid Page: 5annuity
annuity pl: -ities [Medieval Latin annuitas, from Latin annuus yearly] 1 : an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period 2 : the grant of or the right to receive an annuity [his will included annuities for several old friends] 3 : a contract (as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer) annuity cer·tain pl: annuities certain : an annuity payable over a specified period even if the annuitant dies annuity due pl: annuities due : an immediate annuity in which the payment of the benefits is made at the beginning of each payment interval rather than at the end contingent annuity : an annuity whose starting or ending date depends on the occurrence of an event (as the death of the annuitant) whose date is uncertain con·ven·tion·al annuity : an annuity under which the annuitant receives a specified...
reserve
reserve re·served re·serv·ing : to keep back or set apart: as a : to keep (a right, power, or interest) esp. by express declaration [all rights reserved] compare waive b : to defer a determination of (a question of law) [the justices reserved the question because it was not an issue in the case] n 1 : something stored or kept available for future use [an energy company with various unproven oil s] 2 : an act of reserving 3 : money kept in a separate account to meet future liabilities legal reserve : the minimum amount as determined by government standards of the deposits held by a bank or of the assets of a life insurance company required by law to be kept as reserves loss reserve 1 : a reserve allocated by a bank for the purpose of absorbing losses [a loan loss reserve] 2 : an insurance company's reserve representing the discounted value of future payments to be made on losses which may have already occurred policy reserve : an insurance company's reserve r...
Ad valorem
Ad valorem, a term used in speaking of the duties or customs paid on certain goods (see e.g. (English) Import Duties Act, 1932 (22 Geo. 5, c. 8); the duties on some Articles are paid by the number, weight, measure, tale, etc., and those on others are paid ad valorem--that is, according to their value. The term is used also of stamp duties, which, in many cases--e.g., in the case of an award, a bill of exchange, a conveyance or transfer, and a lease--are payable under the Stamp Act, 1891, according to the value of the subject-matter of the particular instruments or writings. See STAMP DUTIES.The phrase 'ad valorem' appearing in the column 'rate of duty' in the Schedule appended to the Act refers to the value of the excisable goods and, therefore, it will have to be worked out by applying the formula as laid down in s. 4(4)(d) of the Central Excise Act, State of Goa v. Calfox Laboratories, (2004) 9 SCC 83 (98): AIR 2004 SC 45. [Central Excise Act, 1944, s. 4(4)(d)]...
Benami
Benami, the word 'benami' issued to denote two classes of transactions which differ from each other in their legal character and incidents. In one sense, it signifies a transaction which is real, as for example, when A sells properties to B but the sale deed mentions X as the purchaser. Here the sale itself is genuine, but the real purchaser is B, X being his benamidar. This is the class of transactions which is usually termed as benami. But the word 'benami' is also occasionally used, perhaps not quite accurately, to refer to a sham transaction, as for example, when A purports to sell his property to B without intending that his title should cease or pass to B. The fundamental difference between these two classes of transactions is that whereas in the former there is an operative transfer resulting in the vesting of title in the transferee, in the latter there is none such, the transferor continuing to retain the title notwithstanding the execution of the transfer deed. It is only in ...
Black mail
Black mail [fr. maille, Fr., a small piece of money], a certain rent of money, coin, or other thing, anciently paid to persons upon or near the borders, who were men of influence and allied with robbers and brigands, for protection from the devastations of the latter. It was in fact a species of insurance. This was rendered illegal by 43 Eliz. C. 13. The same practice prevailed in Scotland, where it was also illegal. Also rent paid in cattle, otherwise called neat-gild; and all rents not paid in silver are called reditus nigri (black mail or rents), by way of distinction from reditus albi (blanch-firmes, or white-rents).But the term is used in modern times to signify extortion of money by threatening letters or threats to accuse of crime--an offence punishable, if the crime is punishable, by death or penal servitude for not less than seven years, or be an attempt at rape, or be an 'infamous crime,' i.e., sodomy, etc., by penal servitude for life, and in the case of a male under sixteen...
Mortuary
Mortuary, a burial place. Also, a kind of ecclesiastical heriot, being a customary gift claimed by and due to the minister in very many parishes on the death of his parishioners. Like lay heriots, they were originally only voluntary bequests to the church, being intended as a kind of expiation and amends to the clergy for personal tithes and other duties not paid by the deceased in his lifetime. It was usual in ancient times to bring the mortuary to church along with the corpse when it was brought to be buried, and thence it was sometimes called a corpse-present. In the laws of Canute it was called soul-scot or symbolum anim'. See 2 Bl. Com. 425.Mortuaries are limited in amount by the still unrepealed 23 Hen. 8, c. 6, thus: None where deceased died worthless than10 marks; 3s. 4d. where he died worth from 10 marks to 30l. 6s. 8d. where from 30l. to 40l.; and 10s. where exceeding 40l.; but the same Act forbids mortuaries for married, women or children, and prescribes that mortuaries for ...
Laudemium
Laudemium, means a sum paid to a landowner by a person succeeding to a particular form of land contract by gift, devise, exchange, or sale. The payment equaled 2% of the purchase money, and was paid to the landowner for acceptance of the successor, Black's Law Dictionary, 7th Edn., p. 889....
Mistake
Mistake, misconception, error.Money paid under a mistake of a material fact, as where a person discounts a forged bill, is recoverable (though a banker paying the forged cheque of a customer cannot charge the customer with the loss), and see Jones & Co. v. aring & Gillow Ltd., 1926 AC 670; but money paid under a mistake of law is ordinarily not recoverable, Holt v. Markham, (1923) 1 KB 504, though there is an exception in the case where an officer of a Court or a trustee in bankruptcy has received the money [Ex P. Simmonds, (1885) 16 QBD 308]. A contract is not voidable because it was caused by a mistake as to any law in force in India; but a mistake as to a law in force in India has the same effect as a mistake of fact. (The Indian Contract Act, 1872, s. 21)It is a common condition of the sale of land that any error or misdescription shall not vitiate the sale, and mayor may not be made the subject of compensation, and this condition applies whether an error complained of was discover...
Middlesex Quarter Sessions
Middlesex Quarter Sessions. The are over which the Quarter Sessions for the County of Middlesex has jurisdiction is now much smaller than formerly, owing to the extension of the County of London, which has its own sessions (London Sessions). As a result, the Middlesex Sessions are no longer presided over by a paid judge and his assistant, but by an unpaid chairman and vice-chairman, as in other counties. Middlesex Sessions are held at the Guildhall, Westminster, and are not to be confused with London Sessions, which are presided over by a paid chairman and deputy-chairman, now held at the Sessions House....
Marshalling
Marshalling, the act of arranging or of putting into proper order.The doctrine of marshalling assets and securities depends upon the principle that a person, having two funds out of which to satisfy his demands, shall not, by his election, prejudice a person who has only one such fund. If, therefore, one who has a claim upon two funds resorts to the only fund upon which another has a claim, the latter stands in his place for so much against the fund to which otherwise he could not have access: the object being that every claimant shall be satisfied as far as, by any arrangement consistent with the nature of the several claims, the property which they seek to affect can be applied in satisfaction of such claims.In the administration of the estate of deceased persons, marshalling consists of arranging the assets so as to give effect to the priority of debts, as to legal assets on the one hand, and to the order of assets on the other. now that all the assets are liable to be applied for t...
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