Privileged Debts - Law Dictionary Search Results
Home Dictionary Name: privileged debtsPrivileged debts
Privileged debts, debts which an executor may pay in preference to all others, such as funeral expenses, etc. and see PREFERENTIAL PAY-MENTS....
privilege
privilege [Latin privilegium law affecting a specific person, special right, from privus private + leg- lex law] 1 : a right, license, or exemption from duty or liability granted as a special benefit, advantage, or favor: as a : an exemption from liability where an action is deemed to be justifiable (as in the case of self-defense) or because of the requirements of a position or office ;also : the affirmative defense that an action is privileged compare excuse absolute privilege : a privilege that exempts a person from liability esp. for defamation regardless of intent or motive ;specif : a privilege that exempts high public officials (as legislators) from liability for statements made while acting in their official capacity without regard to intent or malice qualified privilege : a privilege esp. in the law of defamation that may be defeated esp. by a showing of actual malice called also conditional privilege b : an exemption from a requirement to disclose information (as fo...
Privilege
Privilege, a privilege is the opposite of a duty, and the correlative of 'no-right', Isha Valimohamad v. Haji Gulam Mohamad and Haji Dada Trust, AIR 1974 SC 2061 (2065): (1974) 2 SCC 484: (1975) 1 SCR 720. [Bombay Rents Hotels and Lodging House Rates (Control) Act, 1947 s. 51(1)(ii)]An exceptional or advantage; an exemption from some duty, or attendance, to which certain persons are entitled, from a supposition of law, that the stations they fill or the offices they are engaged in, are such as require all their care; and that, therefore, without this indulgence, it would be impracticable to execute such offices so advantageously as the public good requires.The separate privileges of either House of Parlia-ment are extensive, but they are at the same time uncertain and indefinite. Amongst those privileges are, the power of committing persons to prison; the power of publishing matters which, if not issuing from such high authority, might become the subject of proceedings in a Court of la...
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
debt
debt [Old French dette, ultimately from Latin debita, plural of debitum debt, from neuter of debitus, past participle of debere to owe] 1 : something owed: as a : a specific sum of money or a performance due another esp. by agreement (as a loan agreement) [to pay the s…of the United States "U.S. Constitution art. I"] [a for alimony] b : an obligation to pay or perform on another's claim [discharged the ] compare asset, equity NOTE: It is often up to the courts to decide what is or is not a debt under various laws. Courts disagree whether criminal restitution is a debt under the Bankruptcy Code. The historical practice of imprisoning debtors for nonpayment is no longer used. antecedent debt : debt that is incurred prior to a property transfer paying or securing the debt compare preference bad debt : a debt that cannot be collected NOTE: An income tax deduction is allowed for bad debts. consumer debt : debt that is incurred by an individual primarily for the purchase of ...
bad debt expense
bad debt expense An expense account that reflects the amount of your company's accounts that are not collectable, that is the amount of your company's accounts that are "bad debts." A "bad debt expense" account is an expense account of your company. A typical company makes an estimate as to how much it has in bad debts on a periodic (usually monthly) basis. For example, your company estimates that it has about $1,200 per year in accounts that are not collectable. Your company would make the following accounting entries each month: a debit to your "bad debt expense" account in the amount of $100, and a credit to your "allowance for bad debts" account in the amount of $100. When you actually decide that a particular debt is not collectable, you would not make an entry to the "bad debt expense" account. Instead, you would debit your company's "allowance for bad debts" account for the amount of the bad debt and credit your accounts receivable account for that amount. ...
privileged communication
privileged communication 1 : confidential communication 2 a : a defamatory communication that does not expose the party making it to the liability that would follow from it if not privileged called also absolutely privileged communication b : a defamatory statement made by one person to another who is in a confidential relation (as that of a prospective employer) or who has an interest therein that may upon proof of bad faith or actual malice be deprived of its privileged character called also conditionally privileged communication ...
nondischargeable debt
nondischargeable debt A debt that cannot be eliminated in bankruptcy. Examples include a home mortgage, debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, and debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime. Some debts, such as debts for money or property obtained by false pretenses and debts for fraud or defalcation while acting in a fiduciary capacity may be declared nondischargeable only if a creditor timely files and prevails in a nondischargeability action. Source: Administrative Office of the U.S. Courts ...
Antecedent debt
Antecedent debt, means antecedent in fact as well as in time, that is to say, that the debt must be truly independent of and not part of the transactions impeached. The debt may be a debt incurred in connection with a trade started by the father, V. Prasad v. Govindswami Mudaliar, (1982) 1 SCC 185 (203): AIR 1982 SC 84.Antecedent debt in this context means a debt antecedent in fact as well as in time, i.e., the debt must be truly independent and not part of the mortgage which is impeached. In other words, the prior debt must be independent of the debt for which the mortgage is created and the two transaction must be dissociated in fact so that they cannot be regarded as part of the same transaction, Virdhachalam Pillai v. Chaldean Syrian Bank Ltd, 1964 SC 1425: AIR (1964) 5 SCR 647....
allowance for bad debts
allowance for bad debts Your best guess at how much of your accounts receivable will not be collectable. In other words, your best guess at how much of your accounts receivable will be "bad debts." An "allowance for bad debts" account is kind of like a savings account for bad debts. Your company puts money into it on a periodic basis (usually monthly) as an expense of the company. When you decide that a particular account is not collectable, you tap the allowance for bad debts account to pay for the bad debt. Because you already made the allowance for bad debts, your profit and loss statement will not be out of whack in the particular month that you decide to "write-off" a particular account. Your company's accounting entries to "write off" a $500 account that you have decided is not collectable would look something like this: a debit to your allowance for bad debts account in the amount of $500 and a credit to your accounts receivable account for $500. ...
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