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Tenure

Tenure, cannot be equated with 'terms and con-ditions of services' or payment of gravity or pension. Tenure when followed by words of office, means term of office, Punjab University v. Khalsa College, Amritsar, AIR 1971 P&H 479: 1971 Cur LJ 334.Means a right, term, or mode of holding lands or tenements in subordination to a superior; in fendal times, real property was held predominantly as part of a tenure system, Black's Law Dictionary, 7th Edn., p. 1481.Tenure, the mode of holding property. The only tenures in land now existing with a few unimpor-tant exceptions are (1) free and common socage in fee-simple, including enfranchised copyhold, which is subject to paramount incidents; and (2) a term of years absolute (see LAND). The idea of tenure or holding is said to derive from feudalism, which separated the dominium directum (the dominion of the soil), which it placed mediately, or immediately, in the Crown, from the dominium utile (the possessory title), the right to use the profits ...

discount

discount : a reduction made from the gross amount or value of something: as a : a reduction made from a regular or list price or a proportionate deduction from a debt account usually made for prompt payment or for payment in cash b : a reduction made for interest in advancing money upon or purchasing a note not yet due c : a reduction in the price of a bond see also discount bond at bond d : the sale of securities that are issued below and redeemed at face value compare premium [dis-kant, dis-kant] vt 1 a : to make a deduction from usually for cash or prompt payment b : to sell or offer at a lowered price 2 : to lend money on after deducting a discount [banks negotiable instruments] 3 : to take into account (a future event or prospect) in making present calculations vi : to give or make discounts [dis-kant] adj 1 a : selling goods or services at a discount [a broker] b : offered or sold at a discount [ securities] 2 : reflecting a discount [the price] ...

trust

trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...

Consummation

Consummation, of tenancy by the curtesy is when a husband, upon his wife's death, becomes entitled to hold her lands in fee simple or fee tail, of which she was seised during the marriage, for his own life, provided he has had issue by her, capable of inheriting. His estate becomes initiate upon birth of a child.Consummation, (1) the completion of a thing; (2) the completion of a marriage between wedded persons by cohabitation.Consummation, defined in Black's Law Dictionary, 6th Edn., 'the completion of a thing; the completion of a marriage by cohabitation between spouses', Babu S/o Raveendran v. Babu S/o Bahuleyan, (2003) 7 SCC 37.Consumption, means every fact which it is necessary to establish to support a right or obtain a judgment, Sadanandan Bhadran v. Madhavan Sunil Kumar, (1998) 6 SCC 514.The word consumption in its primary sense means the act of consuming and in ordinary parlance means the use of an article in a way which destroys, wastes or uses up that article. But in some le...

Consumption and use

Consummation, of tenancy by the curtesy is when a husband, upon his wife's death, becomes entitled to hold her lands in fee simple or fee tail, of which she was seised during the marriage, for his own life, provided he has had issue by her, capable of inheriting. His estate becomes initiate upon birth of a child.Consummation, (1) the completion of a thing; (2) the completion of a marriage between wedded persons by cohabitation.Consummation, defined in Black's Law Dictionary, 6th Edn., 'the completion of a thing; the completion of a marriage by cohabitation between spouses', Babu S/o Raveendran v. Babu S/o Bahuleyan, (2003) 7 SCC 37.Consumption, means every fact which it is necessary to establish to support a right or obtain a judgment, Sadanandan Bhadran v. Madhavan Sunil Kumar, (1998) 6 SCC 514.The word consumption in its primary sense means the act of consuming and in ordinary parlance means the use of an article in a way which destroys, wastes or uses up that article. But in some le...

Copyhold

Copyhold. Tenure in copyhold has been abolished under the (English) L.P. Acts, 1922 and 1925, and the Amending Acts of 1924 and 1926, but the greater part of the former title on this subject has been retained verbatim in view of the importance of the subject in examining titles. In the previous edition of this work, copyhold was described as a base tenure founded upon immemorial custom and usage; its origin is undiscoverable, but it is said to be the ancient villeinage modified and changed by the commutation of base services into specified rents, either in money or money's worth.A copyhold estate is a parcel of the demesnes of a manor held at the lord's will, and according to the custom of such manor. The tenant may have the same quantities of interest in this tenure as he may enjoy in freeholds, as an estate in fee-simple or (by particular custom) fee-tail, or for life, and he may have only a chattel interest of an estate for years in it. By the custom of some manors, the estate devol...

Sanjaiti contract

Sanjaiti contract, means Sanjaiti or Sanjait contract is one under which the goods are removed from one shop and are deposited in another, not under any sale but under an arrangement that the recipient will be at liberty to sell the goods or return the same if not sold. The commercial practice of Sanjait supply of goods does not bring about sale upon delivery, nor do goods pass to the acceptor extinguishing title of dispatcher. It is a special commercial mode, and though some of the factors alike to sale are present, it does not bring about that result. The relations between the traders is that of factor and factor with obligation of one to hold goods of another in deposit till they are appropriated by sale or to return goods not so appropriated on its already fixed value, Shah Amrutlal Shantilal v. Madhyavarti Sahakari Hatamag Venkar Sangh Ltd., 1977 Mah LJ 842: 1977 Bom 431....

Wages

Wages, if the remuneration is to be paid daily or weekly, it can be called wages. But when it is monthly remuneration payable on the last day of the month or after that date, and when the remuneration considering the general standards of payments is fairly high, then it has to be understood as salary, K.V.V. Sharma (in re), (1952) 2 Mad LJ 917.Includes any bonus or other additional remunera-tion etc., and any sum 'payable to such person by reason of the termination of his employment, A.R. Sarin v. B.C. Patil, AIR 1951 Bom 423.Means remuneration payable to an employee under an award or settlement, Purshottam v. Potdar, AIR 1966 SC 856.Means remuneration which an employer is liable to pay, if the term of the contract of employment are fulfilled. In other words, they are payments made by an employer for services rendered, G.M. Joshi v. First Civil Judge, AIR 1958 Bom 262.Wages, ought to include gratuity as well, Tirjugi Sitaram v. Badlu Prasad Bheru Prasad, AIR 1962 MP 361.The compensatio...

Valor beneficiorum

Valor beneficiorum, the value of every ecclesiastical benefice and preferment, according to which the first-fruits and tenths are collected and paid. It is commonly called the King's books, by which the clergy are at present rated, 2 Steph. Com....

Usual Covenants

Usual Covenants, covenants usually inserted in deeds having a similar scope to that in respect of which a question arises. The phrase occurs most frequently in connection with agreements for leases stipulating that the lease when granted shall contain 'all usual covenants.' What these are is a question of fact, but it may perhaps be laid down that at the present day covenants by the lessee to pay rent, to pay taxes, and to repair, and a qualified covenant by the lessor for quiet enjoyment (see that title), are usual, but that no others are, and in particular that the covenant not to assign or underlet without the leave of the lessor is not: see Hampshire v. Wickens, (1878) 7 Ch D 555; Re Lander, (1892) 3 Ch 41.A proviso for re-entry on breach of covenants generally is not 'usual,' but a proviso for re-entry on breach of the covenant to pay rent is: see per James, LJ, in Hodgkinson v. Crowe, (1875) LR 10 Ch 622; Re Anderton, (1890) 45 Ch D 476.Usual terms, a phrase in the Common Law pra...

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