Payment - Law Dictionary Search Results
Home Dictionary Name: paymentPayment
Payment, is the act of paying, K.S. Bawa v. Director of Enforcement, (1990) Cr LJ 1068.The payment of money before the day appointed is in law payment at the day; for it cannot, in presumption of law, be any prejudice to him to whom the payment is made to have his money before the time; and it appears by the party's receipt of it, that it is for his own advantage to receive it then, otherwise he would not do it, 5 Rep. 117. See the notes to Cumber v. Wane, (1719) in 1 Smith's L.C.Payment is a recompense for service rendered, Bala Subrahmanya Rajaram v. B.C. Patil, AIR 1958 SC 518 (519): (1958) SCR 1504.(ii) 'Payment' implies gift of money by someone to another. A partition in a H.U.F. can be considered either as 'disposition' or 'conveyance' or 'assign-ment' or 'settlement' or 'delivery' or 'payment' or 'alienation' within the meaning of those words in s. 2 (xxiv) of Gift Tax Act, 1958; Commissioner of Gift Tax v. N.S. Getty Chettiar, AIR 1971 SC 2410: (1972) 1 SCR 736: (1971) 2 SCC 74...
Payment of Money into Court
Payment of Money into Court, i.e., the deposit of money with the official of or banker to the Court for the purpose of proceedings commenced in that Court. Payment into Court is not strictly a defence; it is rather an attempt at a compromise. No such plea was known to the Common Law; it is entirely the creature of Statute (Odgers on Pleading). By the (English) C.L.P. Act, 1852, s. 70, the defendant in all actions (except for assault and battery false imprisonment, libel, slander, malicious arrest or prosecution or seduction) might pay into Court a sum of money by way of compensation or amends, and by the Libel Act, 1843, money might be paid into Court in actions of libel, but this provision was repealed by the (English) Statute Law Revision Act, 1879.Payment into court is now regulated by (English) R.S.C. 1883, Ord. XXII, by which, where any action is brought to recover a debt or damages, any defendant may, before or at the time of delivering his defence, or by leave of the Court or a ...
Appropriation of payments
Appropriation of payments, the application to one of several debts of a sum of money paid by a debtor on a general account. The general rule as to appropriation of payments is this: The debtor may in the first instance appropriate the payment, solvitur in modum solventis; if he omit to do so, the creditor may make the appropriation, recipitur in modum recipientis; if neither debtor nor creditor make any appropriation, the law appropriates the payment upon equitable principles and prima facie to the earlier debt, Mills v. Fowkes, (1839) 5 Bing NC 461; Clayton's Case, (1816) 1 Mer 605; The Mecca, 1897, AC 286. A creditor can appropriate a general payment to a statute-barred debt, but he cannot appropriate such a payment made before judgment, after a judgment deciding that such a debt is statute barred, Smith v. Betty, 1903 (2) KB 317. See CLAYTON'S CASE....
Payment, out of
Payment, out of, the words 'payment out of' in its first meaning connotes actual payment, e.g., by taking the money out of the drawer or drawing a cheque on of bank. When used in connection with the word 'fund' in its second meaning they connote that, for the purposes of the account in which the fund finds place, the payment is debits to that fund, an operation which, of course, has no relation to the actual method of payment or the particular cash resources out of which the payment is made, R.K. Dalmia v. Delhi Administration, AIR 1962 SC 1821 (1834): (1963) 1 SCR 253....
partial payment
partial payment a payment that is less than the total amount owed on a monthly mortgage payment. Normally, lenders do not accept partial payments. The lender may make exceptions during times of difficulty. Contact your lender prior to the due date if a partial payment is needed. Source: U.S. Department of Housing and Urban Development ...
payment change date
payment change date the date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date. Source: U.S. Department of Housing and Urban Development ...
payment due date
payment due date Contract language specifying when payments are due on money borrowed. The due date is always indicated and means that the payment must be received on or before the specified date. Grace periods prior to assessing a late fee or additional interest do not eliminate the responsibility of making payments on time. Source: U.S. Department of Housing and Urban Development ...
graduated payment mortgages
graduated payment mortgages mortgages that begin with lower monthly payments that get slowly larger over a period of years, eventually reaching a fixed level and remaining there for the life of the loan. Graduated payment loans may be good if you expect your annual income to increase. Source: U.S. Department of Housing and Urban Development ...
Indefinite payment
Indefinite payment, where a debtor owes several debts to a creditor, and makes a payment, without specifying to which of the debts it is to be applied. See APPROPRIATION OF PAYMENTS....
Part-payment of purchase price
Part-payment of purchase price, it has to be decided in each case whether or not a payment was made as earnest or part payment of the price, K.C.N. Gowda & Bros. v. Molakaram Tekchand and Sons, AIR 1958 Mys 10...
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