Personal Liability - Law Dictionary Search Results
Home Dictionary Name: personal liabilitypersonal liability
personal liability see liability ...
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
Limited liability
Limited liability. At Common Law every person is liable, upon his contracts, up to 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 the construction of railways, etc., have always limited the liability of each shareholder to the amount of the shares held by him. Similar limitations, extending in some cases to double the amount of shares held, have also long been found (though not universally) in the charters of incorporated banks and insurance companies.Companies Acts.--Under the Companies Acts, limited liability means that the members are not liable beyond the unpaid-up part (if any) of the nominal amount of the shares in respect of which they are registered in the books of the company. When a share has been fully paid up, no further liability exists. As to shares which have not been fully paid up, see CONTRIBUTO...
Directors
Directors, persons appointed or elected according to law, authorized to manage and direct the affairs of a corporation or company. The whole of the directors collectively form the board of directors. Their powers, if the company be incorporated by Act of Parliament, are derived from its special Acts and ss. 90-100 of the (English) Companies Clauses Act, 1845; if the company be incorporated under the (English) Companies Act, 1929, see ss. 139 et seq., ibid. The company is bound by all acts of the directors within the scope of their authority. They may receive a salary, but may make no personal profit from the company [see, however, Re Dover Coalfield Ltd., (1908) 1 Ch 65], nor can a pension be granted to a retiring managing director, Normandy v. Ind, Coope & Co., (1908) 1 Ch 84; but they were under no personal liability except for fraud, as to the criminal liability for which see Larceny Act, 1861 (24 & 25 Vict. c. 96), ss. 81 et seq., and DECEIT. Public companies registered after Octob...
Breach of trust
Breach of trust, a violation of duty by a trustee, executor, or other person in a fiduciary position.In some cases a breach of trust may be a comparatively venial offence, arising from the trustee having honestly misconstrued the deed or will creating the trust either as to the persons entitled, or as to his powers of investment of or dealing with the trust property, or having otherwise erred in the discharge of his strict duty; in other cases he may have been guilty of negligence or carelessness involving at least some degree of moral blame; or, in other cases again, he may have committed some gross fraud. But in all these cases alike the trustee is personally responsible at the suit of the beneficiaries for any loss which may have resulted, and the rules of equity on the subject were extremely strict and were enforced with great severity by the Court of Chancery. In later times, however, the Court was not quite so astute in fixing honest trustees with liability for breach of trust as...
Liability of such persons
Liability of such persons, the proper meaning of the words 'the liability of such person' in Order 21, Rule 50(2) is that primarily the question to try would be whether the person against whom the decree is sought to be executed was a partner of the firm, when the cause of action accrued, but he may question the decree on the ground of collusion, fraud or the like but so 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....
Pecuniary liability
Pecuniary liability, The words 'pecuniary liability' in s. 2(6) of Displaced Persons (Debts Adjustment) Act, 1951, will cover any liability which is of a monetary nature and includes a mortgage debt, Rajkumari Kaushalya Devi v. Bawa Pritam Singh, AIR 1960 SC 1030 (1031): (1960) 3 SCR 570. [Displaced Persons Debt (Adjustment) Act, 1957, s. 2(6)(c)]...
Liability
Liability, anything for which a person is liable, Webster American Dictionary, p. 843.In U.K., a government servant is not personally liable on contracts which he executes in his official capacity unless he has intention to make himself personally liable, Commentary on the Constitution of India, Durga Das Basu, Vol. L, p. 112.The term 'liability' is of large and comprehensive signification, and when construed in its usual and ordinary sense, it expresses the state of being under obligation in law or in justice, First National Bank Ltd. v. Seth Sant Lal, AIR 1959 Punj 328 (330). (Companies Act, 1913, Sch. I, Table A, regn 28)...
Contingent liability
Contingent liability, as a liability which, by reason of something done by the person bound, will necessarily arise or come into being if one or more of certain events occur or do not occur, Glenister v. Rowe (CA), (1999) 3 WLR 716.Contingent liability, must arise out of an existing or underlying liability, no such liability can exist simply by reason of a claim for costs made in a writ, summons, application or notice of appeal to the judge or to the Court of Appeal, Glenister v. Rowe (CA), (2000) Ch LR 76....
Executor de son tort.
Executor de son tort. See (English) A.E. Act, 1925, ss. 28, 29, and s. 55(1)(xi.). If a stranger take upon himself to act as executor or administrator (see 14 Halsbury's L. of E., 2nd Edn., para. 282), without any just authority (as by intermeddling with the goods of the deceased, and any other transactions), he is called in Law an executor of his own wrong, de son tort, and is liable to the extent of the assets which have come to him and to all the trouble of an executorship without any of the profits or advantages; but the doing of acts of necessity or humanity, as locking up the goods or burying the corpse of the deceased, will not amount to such an intermeddling as will charge a man as executor of his own wrong. Such an one cannot bring an action himself in right of the deceased; but actions may be brought against him, 1 Wms. Exors.; and see Peters v. Leeder, (1878) 47 LJ QB 573; A.-G. v. New York Breweries Co., 1899 AC 62. As to his liability in respect of a term of years of which...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial