Redeemableness - Law Dictionary Search Results
Home Dictionary Name: redeemableness Page: 4Dismortgage
Dismortgage, to redeem from mortgage....
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 ...
Jus retractus
Jus retractus, means the right of retraction. (1) The right of certain relatives of one who has sold immovable property to repurchase it. (2) A debtor's right, upon sale of the debt by the creditor, to have a third person redeem it within a year for the price paid by the purchaser, Black's Law Dictionary, 7th Edn., p. 868....
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...
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 & Mary, c. 3) superseded all the former methods of taxing either property or persons in respect of their property, whether by tenth or fifteenths, subsidies on land, hydages, scutages,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,...
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)]...
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...
Quit rent
Quit rent (quietus redditus), a rent payable to the lord by a freeholder or ancient copyholder of a manor, so called because thereby the tenant goes quit and free of all other services, 2 Bl. Com. 42. As no manor has been created since the statute Quia Emptores (see MANOR; QUIA EMPTORES), every quit rent must have become first payable at a date prior to that statute.A quit rent may be 'redeemed' by the owner of the land subject thereto, under s. 45 of the Con-veyancing Act, 1881, reproduced by the Law of Property Act, 1925, s. 191. Also to the remedies for non-payment, see s. 121 and ibid.Means a payment to a feudal lord by a freeholder or copyholder, so called because upon payment the tenant goes 'quit and free' (discharged) of all other services, Black's Law Dictionary, 7th Edn., p. 1262....
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....
Regress, Lettrs of
Regress, Lettrs of. They were granted by the superior of lands mortgaged to the wadsettor or mortgagor. Their object was this: by the wadset or mortgage, the mortgagor was completely divested, and when he redeemed, he appeared to claim an entry from the superior as a stranger, and the superior was no more bound to receive the mortgagor than he would have been forced to receive any third party; to remedy this, letters of regress were granted by the superior under which he became bound to re-admit the wadsettor at any time when he should demand entry, Bell's Scots Law Dict....
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