Receipt Notice - Law Dictionary Search Results
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...
Assent of personal representatives
Assent of personal representatives, At Common Law the personal estate passing by the will of a deceased person, including chattels real vested in the executor, virtute officii. The property passed to the legatee as soon as the executors assented to the bequest. The transfer was made not by the mere force of the assent but by virtue of the will, Attenborough v. Solomon, 1912 AC 76, and the assent might be given to one executor. No formalities were required. The assent might be implied, for instance, in the case of lease holds, by letting the person entitled into possession or the receipt of rent and profits, but the assent was required to be definite and unambiguous. When given it related back to the date of death and as a rule it could not be withdrawn [but see Whittaker v. Kershaw (1890), 45 CD 320]. This is still the law in regard to pure personalty, excluding chattels real. Before the (English) Land Transfer Act, 1897 (60 & 61 Vict. c. 65) real estate passed to the heir-at-law of th...
Debenture
Debenture [fr. debeo, Lat., to owe] may be defined generally as a charge in writing [not necessarily sealed, see British India, etc., Co. v. Commissioners of Inland Revenue, (1881) 7 QBD 165] of certain pro-perty with the repayment at a time fixed of money lent by person therein named at a given interest, but the term is a very elastic one. The word 'debenture' is of ancient origin and appears to have been in use five centuries ago (Palmer's Company Precedents, Pt. III., p. 1); and a document which, though it mentions to security and is only a promise to pay, is properly described as a debentures, and as a marketable security will require to be stamped as such, Spenyer v. Inland Revenue Commissioners, (1907)1 KB 246. By the (English) Companies Act, 1929, s. 380, a debenture is defined as including debenture stock, bonds or other securities of a company whether constituting a charge on the assets of the company or not. The charge created by debentures as a rule is fixed on the company's...
Deposit account
Deposit account, an account of sums lodged with a bank and acknowledged to be so lodged by a 'deposit receipt' given by the banker to the depositor, not to be drawn upon by cheques, and usually not to be withdrawn except after a fixed notice, but bearing interest either at some fixed rate, or very often at 1 per cent. less than the Bank of England rate, and therefore at a rate varying from time to time. The depositor is only a creditor of the bank for the amount of deposit and interest (if any). See BANK.As to the power of an incorporated building society to receive money on deposit, see (English) Building Societies Act, 1874 (37 & 38 Vict. c. 42), s. 15; Building Societies Act, 1894 (57 & 58 Vict. c. 47), ss. 14 and 15....
Lease
Lease [either from locatio, Lat., the letting of property, or laisser, Fr., to let, or leapum, or leasum, Sax., to enter lawfully], sometimes also called demise (demissio), is a grant of property for life, or years, or from year to year or at will, by one who has greater interest in the property. The person granting is called the lessor, who is possessed of the reversion (as to a reversion being essential to a lease, see 1 Platt on Lease, pp. 9 et seq.); he to whom the property is granted, the lessee. The consideration is usually the payment of a rent or other annual recompense. The ancient operative words were 'demise, lease, and to farm let,' or 'demise and lease.'The (English) Law of Property Act,1925, makes a distinction between leases for years which become legal estates if they consist of terms of years absolute and leases for life which have been converted into merely equitable interests if created under a settlement, but by s. 149 of the Act leases for life at a rent or in cons...
National insurance
National insurance. The (English) National Insur-ance Act, 1911 (1 & 2 Geo. 5, c. 55), introduced by Mr. Lloyd George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The Act consisted of three parts, the first dealing with National Health Insurance, the second with Unemployment Insurance, and the third contained miscellaneous provisions. This Act remained the basis of National Health Insurance, although the subject of very extensive amendment, until the National Health Insurance Act, 1924, consolidated the law. The law has been consolidated again by the (English) National Health Insurance Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 32), amends and repeals the whole of the Acts passed in 1920, 1922, 1924 and 1928. The arrangement is as follows:-Part I. Insured Persons and Contributions.Part II. Benefits.Part III. Approved Soc...
Sheriff, Shire-reeve, or Shiriff
Sheriff, Shire-reeve, or Shiriff [fr. scire, Sax., fr. scyran, to divide, and gerefa, a guardian (vicecomes)], the chief officer of the Crown in every county.The judges, together with the other great officers and privy councillors, meet in the Exchequer on the morrow (November 12th) of St. Martin, yearly; and then and there the judges propose three persons from each county, to be reported, if approved of, to the King, who afterwards appoints one of them to be sheriff, and such appointment generally takes place about the end of the following Hilary Term. If a sheriff die in office, the appointment of another is the mere act of the Crown.The Sheriffs Act, 1887, repeals and, so far as they were not obsolete, re-enacts the very numerous enactments as to sheriffs from 3 Edw. 1, c. 9, to s. 16 of the (English) Judicature Act, 1881, inclusive. By s. 3 of this Act a sheriff is annually appointed, having (s. 4) sufficient land within the county to answer the King and his people; by s. 23 every ...
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