Redeem - Law Dictionary Search Results
Home Dictionary Name: redeem Page: 5Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Mortgage by conditional sale and sale with a condition of repurchase
Mortgage by conditional sale and sale with a condition of repurchase, there is a clear legal distinction between the two concepts, a mortgage by condition sale and a sale with a condition of repurchase. The former is a mortgage, the relationship of debtor and creditor subsists and the right to redeem remains with the debtor. The latter is an out and out sale whereby the owner transfers all his rights in the property to the purchaser reserving a personal right of repurchase, Bhoju Mandal v. Debnath Bhagat, AIR 1963 SC 1906 (1907). [Transfer of Property Act, 1882, s. 58 (c)]...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
Seven thirties
A name given to three several issues of United States Treasury notes made during the Civil War in denominations of 50 and over bearing interest at the rate of seven and three tenths thirty hundredths per cent annually Within a few years they were all redeemed or funded...
Alteration of share capital
Alteration of share capital. Under the (English) Companies Act, 1929, the share capital of a company may be altered by increase (s. 53), consolidation or division, conversion of shares into stock and reconversion or cancellation of unissued capital (s. 50), or redemption of redeemable preference shares (s. 46). The alteration must be authorized by the Articles, and the memorandum modified. A company cannot make an original issue of stock (Home & Foreign Investment and Agency Co., (1912) 1 Ch 72, and subject to confirmation by the Court a company may reduce its capital by special resolution for reducing share capital and consequential alteration of the memorandum. The words 'and reduced' need not be added to the name of the company unless the Court so orders (ss. 55-60). As a rule in all these cases the alteration must be notified to the Registrar of Joint Stock Companies (s. 5), and, in the case of reduction, registered by him (s. 58)....
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...
Land-tax
Land-tax, means a tax laid upon land and houses, which in 1689 (1 Will. & Mary, c. 3) superseded all the former methods of taxing either property or persons in respect of their property, whether by tenth or fifteenths, subsidies on land, hydages, scutages, or talliages. Although generally a charge upon a landlord, yet it is a tax neither on landlord nor tenant, but on the beneficial proprietor, as distinguished from the mere tenant at rack-rent; and if a tenant have to any extent a beneficial interest, he becomes liable to the tax pro tanto, and can only charge the residue on his landlord. Houses and buildings appropriated to public purposes are not liable to land-tax. As to its origin and inequality, see 3 Hall. Cons. Hist. 135; Miller on the Land-tax; Bourdin on Land-tax.The more agricultural counties, upon which the burden of the tax has fallen most heavily by reason of the depreciation in value of agricultural land, were greatly relieved by s. 31 of the (English) Finance Act, 1896,...
Mortgagee
Mortgagee, a 'mortgagee' for the purpose of redemption would include all persons who derive title from him and it is immaterial whether that title is derived by sale in invitum or by private treaty, whether it is by act of parties or by operation of law. A purchaser from the mortgage is also liable to be redeemed as he must be deemed to be a representative of the mortgage and to have as such purchased the property subject to the mortgage and the equity of redemption of the mortgagor, Abdul Ghaffoor v. (Mst.) Paharia, 1957 Pat 136.Mortgagee, he that takes a mortgage as security for a loan. See preceding title...
Ransom
Ransom [fr. rancon, Fr.], the price of redemption of a captive or prisoner of war, or for the pardon of some great offence. It differs from amerciament, because it excuses from corporal punishment.To obtain the release of (a captive) by paying a demanded price, Black's Law Dictionary, p. 1267.Is a sum of money paid for redeeming a captive or prisoner of war, or a prize. It is also used to signify a sum of money paid for the pardoning of some great offence, and or setting the offender who was imprisoned, Advanced Law Lexicon (3rd Edn.) p. 3932.Is a sum of money to be demanded to be paid for releasing a captive, prisoner or detenu, Suman Sood v. State of Rajasthan, (2007) 5 SCC 634....
Pound
Pound [fr. pund, Sax.; pondo, Lat.], a certain weight, consisting in troy weight of 12, in avoirdupois of 16 ounces; the sum of 20s, said to be so called because in Saxon times 240 pence weighed a pound. See Lambard, 219. A pound Scots, anglice, a shilling.A penfold, an inclosure, a prison in which beasts seized for rent (see DISTRESS) or caught on the land of another (see DAMAGE FEASANT) may be kept until they are replevied or redeemed. It is either overt, i.e., open overhead; or covert, i.e., in a close. See 1 & 2 P. & M. c. 12, whereby no distress of cattle may be driven more than three miles from where it was taken, and not more than 4d. may be taken for any one whole distress impounded; the (English) Distress for Rent Act, 1737, s. 10, empowering any person lawfully distraining for rent to impound the distress on the premises chargeable with the rent.By s. 7 of the (English) Protection of Animals Act, 1911 (1 & 2 Geo. 5, c. 27) penalties are imposed for impounding or confining any...
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