Pari Passu - Law Dictionary Search Results
Home Dictionary Name: pari passuPari passu
Pari passu [Lat.], means 'with equal steps, equally, without preference' (Jowitts's Dictionary, Vol. II, 1959 Edn., p. 1294), International Coach Builders Ltd. v. Karnataka State Financial Corporation, (2003) 10 SCC 482 (493).With equal step, equally, without preference.The lexical meaning of the Latin word pari passu is -- at an equal rate or pace, with simultaneous progress, proportionately etc. This term is generally used in the context of creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each other, N.D. Jayal v. Union of India, (2004) 9 SCC 362 (389).Mean 'By an equal progress; equably, ratably; without preference, Narmada Bachao Andolan v. Union of India, (2005) 4 SCC 32....
Assets
Assets [fr. assetz, Nor.-Fr., i.e., satis, Lat.; assez, Fr., sufficient; in Old English it was commonly written asseth], the property of a deceased person, which is chargeable with, and applicable to the payment of, his debts and legacies; the property of any person, with reference to bankruptcy, available for division amongst his creditors; the whole property of a person, without any such reference. For purposes of the administration of the estate of a deceased person assets were, before 1925, divided into two classes, legal and equitable. Legal assets comprised all property to which the personal representative became entitled virtute officii and for which he would have been answerable in an action at common law brought against him by a creditor; they were administered in accordance with certain rules of priority. Equitable assets, on the other hand were those which would only be made available for the payment of debts through the operation of a decree or order of a Court of Equity; t...
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