Renewal Note - Law Dictionary Search Results

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Renewal, Black's Dictionary, Sixth Edn., defines the word 'renewal' at p. 1299 thus: 'The act of renewing or reviving. A revival or rehabilitation of an expiring subject; that which is made a new or re-established. The substitution of a new right or obligation for another of the same nature. A change of something old to something new. To grant or obtain extension of.' In P. Ramanatha Aiyar's 'The Law Lexicon' (Reprint Edn. 1987), the word 're-newal' is defined at p. 1107 to mean 'a change of something old for something new'. The renewal of a 'licence' means 'a new licence granted by way of renewal'. The renewal of a negotiable bill or note is regarded simply as a prolongation of the original contract. The office of a 'renewal', as it is termed, of a life policy, is to prevent discontinuance or forfeiture. In Provash Chandra Dalui v. Biswanath Banerjee, 1989 Supp (1) SCC 487: (SCC at p. 496) in para 14, this Court drew the distinction between the meaning of the words extension and renew...

ground rent

ground rent 1 : the rent paid by a lessee for the use of land esp. for building 2 : a rent charge reserved to himself or herself or his or her heirs by the grantor of land in fee simple, on perpetual lease, or on lease for a renewable term of years NOTE: Ground rent in this sense is found chiefly in Pennsylvania and Maryland. ...

lease

lease [Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a : a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner ;also : the act of such conveyance or the term for which it is made see also sublease compare easement, license security interest at interest, tenancy NOTE: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.” build·ing lease : ground lease in this entry consumer lease : a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use finance lease : a lease in which the lessor acquires g...

Days of grace

Days of grace. Time of indulgence granted to an acceptor for the payment of his bill of exchange. It was originally a gratuitous favour (hence the name), but custom has rendered it a legal right.The number of these days varies according to the ancient custom or express law prevailing in each particular country. In the (English) United Kingdom, by the Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 14, 'where a bill' (i.e., a bill of exchange or promissory note) 'is not payable on demand, the day on which it falls due is determined as follows:-Three days, called days of grace, are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace,' with a proviso that where the last day of grace falls on Sunday, Christmas Day, or Good Friday, or a public fast or thanksgiving day, the bill is payable on the preceding business day, or on the succeeding business day if the last d...

Fine

Fine, a sum of money or mulct imposed upon an offender, also called a ransom. See PENALTY.An amicable final agreement or compromise of a fictitious or actual suit to determine the true possessor of land, Black's Law Dictionary, 7th Edn., p. 646.A sum of money paid by a tenant at his entrance into his land; or for the renewal of a lease; and see FINES IN COPYHOLDS.An assurance by matter of record, founded on a supposed previously existing right, abolished by the Fines and Recoveries Act, 1833 (3 & 4 Wm. 4, c. 74). In every fine, which was the compromise of a fictitious suit and resembled the transactio of the Romans, there was a suit supposed, in which the person who was to recover the thing was called the plaintiff, conusee, or recognisee, and the person who parted with the thing the deforceant, conusor, or recognisor. It was termed a fine for its worthiness, and the peace and quiet it brought with it'finis fructus exitus et effectus legis. There are five essential parts to the levying...

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