Purchase - Law Dictionary Search Results
Home Dictionary Name: purchase Page: 2Option of purchase in a lease
Option of purchase in a lease. A clause giving the lessee the option of purchasing the reversion for a fixed sum within a limited number of years, or at anytime during the term, is sometimes inserted in leases. A clause giving an option of purchase at any time during a ninety-nine years' lease offends against the law of perpetuities (see that title) and cannot be specifically enforced, Woodall v. Clifton, (1905) 2 Ch 257; Worthing Corporation v. Heather, (1906) 2 Ch 532. For statement of opinion that the clause 'to be completely valid must be so expressed that the option must necessarily be exercised (if at all) within the limits of the time allowed by the rule against perpetuities,' so that probably not more than twenty one years could be allowed in a lease independent of life, see article by Mr. T. Cyprian Williams in the Solicitors' Journal for July 9, 1898; and for cases on option of purchase generally, see Woodfall, L. & T....
Options to purchase
Options to purchase a legal estate (including a lease), made or acquired after 1925, must be registered in the Land Registry under ss. 4 and 10 of the (English) Land Charges Act, 1925, as ESTATE CONTRACTS (q.v.), or they will be void against a purchaser for value (with or without notice), for money or money's worth. They do not fall behind the curtain and must be abstracted as the person entitled may register at anytime before completion of the purchase by the later claimant. A tenant for life may grant an option for purchase or to take a lease exerciseable over any period not exceeding ten years [see (English) Settled Land Act, 1925, s. 51]. Attention should be given to the (English) Law of Property Act, 1925, s. 149(3), which prohibits the granting of a ease as a rent or upon payment of a fine after 1925 to take effect more than twenty-one years from the date of the instrument purporting to create in except in regard to terms or interests under a settlement or under equitable powers ...
Purchase, Words of
Purchase, Words of, those by which, taken abso-lutely without reference to or connection with any other words, an estate first attaches, or its considered as commencing in point of title, in the person described by them. 'It is a rule in law, known as the rule in Shelley's case, when the ancestor by any gift or conveyance takes an estate of freehold, and in the same gift or conveyance an estate is limited either mediately or immediately to his heirs in fee or in tail, that always in such cases 'the heirs' are words of limitation of the estate and not words of purchase' (1 Rep. 104 a; Van Grutten v. Foxwell, 1897, AC 658). The rule has been abolished in regard to all conveyances executed after 1925. In a limitation to an ancestor for life, then to his heir or any class of heirs or issue, the words heirs or issue are now words of purchase and not of limitation (Law of Property Act, 1925, s. 131). See HEIR, and SHELLEY'S CASE. At the same time, a grant to A. and his heirs may still be use...
Vendor's lien for unpaid purchase money
Vendor's lien for unpaid purchase money. Where a vendor of land conveys, without more, although the consideration is expressed to be paid both in the body of the deed and by a receipt endorsed on the back of it, still if the money or part of it was not in fact paid, a lien arises as between the vendor and the purchaser, and persons claiming as volunteers, for so much of the purchase money as remains unpaid. The mere giving of security will not prevent the lien arising, unless it appears that the security was to be substituted for the lien. Similarly a purchaser will have a lien for prematurely paid purchase money, see Mackreth v. Symmons, (1808) 15 Ves 329; 1 W &TLC.If the lien arose before 1926 and was not transferred after 1925, a purchaser for value of the legal estate in the land from the original purchaser will take it subject to the lien if he had notice of it, and in all cases where a pre-1926 lien has been transferred or a lien has arisen since 1925, it must be registered under...
Sale of goods and purchase of goods
Sale of goods and purchase of goods, in order to constitute a sale there must be an agreement for sale of goods for a price and the passing of property therein pursuant to such an agreement, in order to constitute a sale it is necessary that there should be an agreement between the parties for the purpose of transferring title to goods which of course presupposes capacity to contract, that it must be supported by money consideration, and that as a result of the transaction property must actually pass in the goods. Unless all these elements are present, there can be no sale'.On the other hand to constitute a 'purchase of goods' within this Entry, there must be an agree-ment for purchase of goods and the passing of property therein pursuant to such an agreement, State of Madras v. Gannou Dunreeley & Co., AIR 1958 SC 560 followed; Andhra Sugars Ltd. v. State of Andhra Pradesh, AIR 1968 SC 599 (602). [Constitution of India, Sch. 7, List 2, Entry 54]...
bona fide purchaser
bona fide purchaser : a purchaser who purchases in good faith without notice of any defect in title and for a valuable consideration called also bona fide purchaser for value NOTE: There are particular requirements for a bona fide purchaser of a security set out in Uniform Commercial Code section 8-302. Under this section a bona fide purchaser is one who buys a security in good faith and without notice of any adverse claims and who takes delivery of a certificated security either as a bearer security or as a registered security issued to him or her or endorsed to him or her or by a blank endorsement or to whom the transfer of an uncertificated security is registered on the books of the issuer, or as otherwise provided in section 8-313. ...
purchase money
purchase money : the consideration paid or to be paid by the purchaser of property adj : involving or being a debt secured by the property purchased with the money borrowed see also purchase money mortgage at mortgage ...
Hire purchase
A contract more fully called contract of hire with an option of purchase in which a person hires goods for a specified period and at a fixed rent with the added condition that if he shall retain the goods for the full period and pay all the installments of rent as they become due the contract shall determine and the title vest absolutely in him and that if he chooses he may at any time during the term surrender the goods and be quit of any liability for future installments upon the contract In the United States such a contract is generally treated as a conditional sale and the term hire purchase is also sometimes applied to a contract in which the hirer is not free to avoid future liability by surrender of the goods In England however if the hirer does not have this right the contract is a sale...
Purchase
Purchase (fr. perquisitio, or conqu'stus, Lat., according to the feudists], in its popular sense, an acquisition of land, obtained by way of bargain and sale, for money or some other valuable consideration; in its legal acceptation, an acquisition of land in any lawful manner, other than by descent, or the mere act of law, and including escheat, occupancy, prescription, forfeiture, and alienation. See 2 Br. and Had. Com. 408 et seq. It is possession to which a man cometh not by title of descent; see Co. Litt. 18 b.Means any transfer of property in goods to the person making the purchase for cash or deferred payment or other valuable consideration, but does not include a transfer by way of mortgage, hypothecation, charge or pledge. [The West Bengal Value Added Tax Act, 2003, s. 2(34)]...
Sale or purchase of goods shall be deemed....inter-State trade or commerce
Sale or purchase of goods shall be deemed....inter-State trade or commerce, According to s. 3 of the Act, a sale or purchase of goods shall be deemed to take place in the course of inter-State trade or commerce. A sale of goods can be held to have taken place in the course of inter-State trade, if it can be shown that the sale has occasioned the movement of goods from one State to another. A sale in the course of inter-State trade has three essentials: (i) there must be sale, (ii) the goods must actually be moved from one State to another and (iii) the sale the movement of the goods must be part of the same transaction. The word 'occasions' is used as a verb and means to cause or to be the immediate cause of, Kelvinator of India Ltd. v. State of Haryana, AIR 1973 SC 2526: (1973) 2 SCC 551: (1974) 1 SCR 463....
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