Partners - Law Dictionary Search Results
Quota
obtains quota. Therefore, quota ensures to the benefit of the business. Quota cannot be an asset of the partnership. Assets are divisible among partners. Quota could not be divided. Quota is a matter of privilege and the
Presetment of Bill of Exchange, Cheque, or Pro-missory Note
day and before the bill is overdue.' Presentment must be made to each of many drawees, not being partners or having authorized one to accept for all. 'Where authorized by agreement or usage, a presentment through the
Partnership firm of Hindu undivided family
Partnership firm of Hindu undivided family, a firm in a partnership and a Hindu undivided family are recognised as
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Participes plures sunt quasi unum corpus, in eo quod unum jus habent, et oportet quod corpus sit intergum et quod in nulla parte sit defectus
unum jus habent, et oportet quod corpus sit intergum et quod in nulla parte sit defectus [Lat.], several partners are as one body, inasmuch as they have one right, and it is necessary that the body be
Owner
substance at the time of accident and includes,-- (i) in the case, of a firm, any of its partners; (ii) in the case of an association, any of its members; and (iii) in the case of a
Novation
one. The cases on novation between a customer and a firm will be found discussed in Lindley on Partnership. Slight evidence is sufficient to show that a creditor who continue his dealings with in coming partners accepts
Limited liability
the whole amount of his estate, and every partner is so liable upon all the contracts of the partnership. So extensive a liability being apt to prevent persons from engaging in business as partners, the statutes authorizing
Lien
Limitations, from which possessory liens are exempt. Instances of equitable liens are vendor's lien (q.v.); partner's lien on partnership assets; trustee's lien for costs, charges and expenses; and other instances, where equity allows a lien. As to
Liability of such persons
as not to have the suit tried over again or to raise issues between himself and his other partners, Gambhir Mal Pandiya v. J.K. Jute Mills Co. Ltd., AIR 1963 SC 243 (250): (1963) 2 SCR 190.
Joint fiat
Joint fiat, a fiat which was issued against two or more trading partners. Abolished. See FIAT.
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