S 129 - Law Dictionary Search Results
Home Dictionary Name: s 129In relation to
In relation to, the phrase 'relation to' is, ordinarily, of wide import but, in the context of its use in the said expression in s. 129-C of Customs Act, 1962, it must be read as meaning a direct and proximate relationship to the rate of duty and to the value of goods for the purposes of assessment, Navin Chemicals Mfg. And Trading Co. Ltd. v. Collector of Customs, (1993) 4 SCC 320. [Customs Act, 1962, s. 129 (3)]The words 'relating to' has been held to be equiva-lent to or synonymous with as to 'concerning with' and 'pertaining to', Doypock Systems (P) Ltd v. Union of India, AIR 1988 SC 782 (800): (1988) 2 SCC 299. [Swadeshi Cotton Mills Co. Ltd (Aequisition and Transfer of Undertakings) Act, 1986, s. 3]...
Bank
Bank, Commercially it is a place where money is deposited for the purpose of being lent out at interest, returned by exchange, disposed of to profit, or to be drawn out again as the owner shall call for it. Special provisions are contained in the (English) Companies Act, 1929 relating to Banks. By s. 358, no company, association or partnership consisting of more than ten members shall be formed for the purpose of carrying on a banking business unless it is registered under the Act or formed in pursuance of an Act of Parliament or of letters patent. By s. 360, the liability of the members of a banking limited company remains unlimited in respect of the bank's liability for bank-notes issued by it. As to signature of balance sheets, see s. 129 and ANNUAL RETURNS, ss. 108 and 361. See also JOINT STOCK BANKS and LIMITED LABILITY, and consult Grant, Paget, or Walker on Banking, Chitty's Statutes, tit. 'Bank.'Means financial institution engaged in the accepting of deposits of money, granting...
Equity of redemption
Equity of redemption. Before 1926 the equitable estate or interest left in a person after he had mortgaged his property. Now the right to call for a reconveyance of a legal estate or of an equitable interest in property from the mortgagee on payment of principal, interest and costs. A mort-gagee, although he has become absolute owner of a legal estate in the mortgaged property, on account of the breach of the condition for repayment of the loan within the strict time, is nevertheless compelled to reconvey the legal estate to the mortgagor, who applies to redeem it, on payment of the principal, interest, and costs, Equity treating the breach of the condition as a penalty, and the retention for the mortgagee's own benefit of that which was intended simply as a pledge, as contrary to substantial justice.The right or equity of redemption is an essential attribute of a mortgage; it is inherent in the thing itself, and any provision inserted in the mortgage to defeat the right is void as a '...
Steward of manor
Steward of manor, the lord's deputy, who transacts all the legal and other business connected with the estate, and takes care of the Court-rolls. The office is usually held by the lord's solicitor. The office has been deprived of much of its importance in consequence of the abolition of copyhold tenure by the (English) Law of Property Act, 1922 (see COPYHOLDS). The scale of compensation to the steward of the manor if he was appointed before the 29th June, 1922, is provided for by the 14th Sch. of the (English) Law of Property Act, 1922, and see the (English) L.P. (Amendment) Act, 1924. See also the (English) L.P. Act, 1922, and the (English) Enfranchised Land (Stewards' Fees) Regulations, S.R. & O., 1926, No. 3, as to fees payable to stewards upon extinguishment of manorial incidents and upon the compulsory production of assurance of former copyholds to him. Upon a vacancy for three months in the office and on other occasions the Lord Chancellor may upon default of the lord of the mano...
Official solicitor
Official solicitor. The duties of this officer at the present time are nowhere very clearly defined: see (English) Judicature Act, 1925, s. 129, replacing (English) Official Solicitor Act, 1919 (9 & 10 Geo. 5, c. 30). A petition or summons respecting any dealing with a dormant fund, i.e., a fund in Court which has not been dealt with for fifteen years, must be served on the Official Solicitor: (English) R.S.C. Ord. XXII., Rule 11; and he has placed upon him by the (English) Court of Chancery Act, 1860 (20 & 23 Vict. c. 149), s. 2, the duty of visiting prisoners committed for contempt, and he may be assigned as solicitor to pauper litigants, and acts as guardian ad litem to persons under a disability. Subject to an order to the contrary, under Ord. LXIII., Rule 13, his costs are taxed as between party and party, Eady v. Elsdon, (1901) 2 KB 460....
Tacking
Tacking. Before 1926 the law was that, 'if a third mortgagee buys in the first mortgage, though it be pendente lite, pending a bill brought by the second mortgagee to redeem the first, yet the third mortgagee having obtained the first mortgage and got the law on his side, and equal equity, he shall thereby squeeze out the second mortgagee', Brace v. Duchess of Marlborough, (1728) 2 P Wms 491, per Jekyll, M.R. This process was called 'tacking.' But the third mortgagee could not tack unless he made his original advance without notice of the mesne incumbrance: see Marsh v. Lee, (1669) 2 Vent 337; 1 Ch Cas 162; 1 W&TLC. The tacking mortgagee gained this right by virtue of his legal title under the first mortgage, and by the operation of the rule that where the equities (as those under the second and third mortgage) are equal the law shall prevail. 'Tacking' must not be confounded with 'consolida-tion' of mortgages. See that title.By the Vendor and Purchaser Act, 1874, s. 7, tacking was abo...
Assurances
Assurances. The legal evidences of the transfer of property are called the common assurances of the kingdom, whereby every man's estate is assured to him, and all controversies, doubts, and difficulties are either prevented or removed, 2 Bl. Com. 294. The term, which is usually confined to transfers of land, is defined in the Mortmain and Charitable Uses Act, 1888, which regulates assurances of land to charitable uses, as including 'a gift, conveyance, appointment, lease, transfer, settlement, mortgage charge, incumbrance devise, bequest, and every other assurance by deed, will, or other instrument.' For other definitions see (English) Law of Property Act, 1922, s. 129(9) and (English) Law of Property Act, 1925, ss. 133 and 205(1)(ii)....
Notwithstanding anything contained in sub-s. (3) (Essential Commodities Act, 1955)
Notwithstanding anything contained in sub-s. (3) (Essential Commodities Act, 1955), the amount payable to the person required to sell his stock of sugar would be with reference to the price fixed under the sub-section and not the agreed price or the market price in the absence of any controlled price under sub-section (3A) of the Essential Commodities Act, 1955; Panipat Co-operative Sugar Mills v. Union of India, AIR 1973 SC 537: (1973) 1 SCC 129: (1973) 2 SCR 860....
Compound and common compound
Compound and common compound, it is axiomatic to say that the term 'compound' is different from the term 'common compound'. The former is the individual compound of a building, latter is the common compound for all the buildings situated therein, Municipal Board v. Imperial Tobacco of India Ltd., (1999) 1 SCC 566: AIR 1999 SC 264 (272). [Uttar Pradesh Municipalities Act, 1916 (2 of 1916), s. 129(a) Exp. (q)]...
Married women's property
Married women's property, At Common Law, a woman, by marrying, transferred the ownership of all her property, real and personal, present and future, to her husband absolutely, so that he might sell, pay his debts out of, give away, or dispose by will of it as he pleased, with these exceptions and modifications:-1) Her freehold estate became his to manage and take the profits of during the joint lives only. After his death, leaving her surviving, it passed to her absolutely; after her death, leaving him surviving, provided that it was an estate in possession and issue who could in her it had been born during the marriage, it passed to him as 'tenant by the curtesy (q.v.) of England,' during his life, and after his death to her heir-at-law.(2) Her leasehold estate, her personal estate in expectancy, and the debts owing to her and other 'choses in action,' became his absolutely if he did some act to appropriate or reduce them into possession during the marriage, or if he survived her. If ...
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