Principal And Surety - Law Dictionary Search Results
Home Dictionary Name: principal and surety Page 1 of about 30 results ( seconds)Principal and surety
Principal and surety. See GUARANTY....
Contribution
Contribution, to any fund shall not include any sums in repayment of loan. [Income-tax Act, 1961 (43 of 1961), s. 80C(8)(ii)]Means the sum of money payable to the corporation by the principal employer in respect of an employee and includes any amount payable by or on behalf of the employee in accordance with the provisions of this Act. [Employees' State Insurance Act, 1948 (34 of 1948), s. 2(4)]The word 'contribution' used in the proviso must also be given its due meaning. It cannot be understood as donations. If that be so, a voluntary contribution cannot amount to a compulsive donation. If the donor, in order to gain an advantage or benefit, if he apprehends that but the contribution some adverse consequence would follow, makes a donation certainly it ceases to be voluntary, Municipal Corpn. of Delhi v. Children Book Trust, AIR 1992 SC 1456 (1472): (1992) 3 SCC 390. [Delhi Municipal Corporation Act, 1957, (66 of 1957), s. 115(4)(a), Proviso]The performance by each of two or more pers...
Discussion
Discussion. By the Roman Law sureties were not primarily liable to pay the debt for which they became bound as sureties: but were liable only after the creditor had sought payment from the principal debtor, and he had failed to pay. This was called the benefit or right of discussion. Under those systems of jurisprudence which adopt the Roman Law, and under the present law of France, the rule is similar; and the obligation contracted by the surety with the creditor is, that the latter shall not proceed against him until he has first discussed the principal debtor, if he is solvent. This right the surety enjoys, as the beneficium ordinis vel excussionis. And again, if other persons are joined with him in the obligation as sureties, he is not in the first instance to be proceeded against for the whole debt, but only for his share of it, if his co-sureties and co-obligees are solvent. This is commonly known as the benefit of division, or beneficium divisionis. Story's Confl. of Laws, 456...
bail
bail [Anglo-French, act of handing over, delivery of a prisoner into someone's custody in exchange for security, from bailler to hand over, entrust, from Old French, from Latin bajulare to carry (a burden)] 1 : the temporary release of a prisoner in exchange for security given for the prisoner's appearance at a later hearing [while free on ] 2 : the security given for a prisoner's release ;also : the amount or terms of the security [excessive shall not be required "U.S. Constitution amend. VIII"] [posted cash ] [motion to reduce ] 3 : one who provides bail and is liable for the released prisoner's appearance [ may arrest or authorize arrest of principal "Code of Alabama"] jump bail : to flee the jurisdiction while released on bail make bail : to be released on bail vt 1 : to release on bail 2 : to obtain the release of by giving bail often used with out 3 : to place (personal property) under a bailment [identity of the article claimed to have been ed "Peet v. Roth Hotel...
Surety
Surety, hostage, bondsman; one that gives security for another; one that is bound for another. A surety who discharges the liability of the principal debtor is entitled to an assignment of all the securities held by the creditor, and is entitled to contribution from his co-sureties, see Steel v. Dixon, (1881) 17 CD 825.Means the person by whom any security is provided, Wilson v. First Country Trust Ltd., (2001) LR 407 (QB) Consumer Credit Act, 1974 (C 39), s. 189(1).Surety, The person who gives the guarantee is called the surety. (Contract Act, 1872 (9 of 1872), s. 126)A person who is primarily liable for payment of another's debt or the performance of another's obligation, Black's Law Dictionary, 7th Edn., p. 1455....
surety
surety pl: -ties [Anglo-French seurté, literally, guarantee, security, from Old French, from Latin securitat- securitas, from securus secure] 1 : a formal engagement (as a pledge) given for the fulfillment of an undertaking 2 : one (as an accommodation party) who promises to answer for the debt or default of another NOTE: At common law a surety is distinguished from a guarantor by being immediately liable as opposed to becoming liable only upon default of the principal. Under the Uniform Commercial Code, however, a surety includes a guarantor, and the two terms are generally interchangeable. ...
benefit
benefit 1 : something that provides an advantage or gain ;specif : an enhancement of property value, enjoyment of facilities, or increase in general prosperity arising from a public improvement general benefit : a benefit to the community at large resulting from a public improvement special benefit : a benefit from a public improvement that directly enhances the value of particular property and is not shared by the community at large NOTE: In proceedings for a partial taking for the purpose of a public improvement, the condemning authority may use a special benefit to the remaining land as a set-off against the landowner's damages for the taking. 2 in the civil law of Louisiana : a right esp. that serves to limit a person's liability benefit of dis·cus·sion : the right of a surety being sued to compel the suing creditor to sue the principal first benefit of di·vi·sion : the right of a surety being sued to compel the suing creditor to also sue the cosureti...
Ordinis beneficium
Ordinis beneficium, means 'the benefit of order' means the privilege of a surety by which the creditor must exhaust the principal debtor's property before having recourse against the surety, Black's Law Dictionary, 7th Edn., p. 1126....
Beneficium ordinis, or excussionis, or discussionis
Beneficium ordinis, or excussionis, or discussionis, a privilege by which a creditor was bound to sue the principal debtor first, and could only sue the sureties for that which he could not recover from the principal, Sand. Just....
Surety and guarantor
Surety and guarantor, are both answerable for debt, default, or miscarriage of another but liability of guarantor is, strictly speaking, secondary, and collateral, while that of surety is original, primary and direct. In case of suretyship there is but one contract; and surety is bound by the same agreement which binds his principal, while in case of guaranty there are two contracts and guarantor is bound by independent undertaking, Amulya Lal Choudhury v. Tripura Industrial Development Corporation, AIR 2007 Gau 113....
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