S 51 - Law Dictionary Search Results
Home Dictionary Name: s 51Lis pendens
Lis pendens (a pending suit). The pendency of another action between the same a parties for the same cause of action might, under the former practice, have been pleaded in abatement, though not in bar; but the pendency of an action in an inferior or foreign court could not be so pleaded. Such matter may now be setup by way of defence, or the action may be stayed by the court, under the (English) Judicature Act, 1925, s. 41, replacing Judicature Act, 1873, s. 24 (5).The actual pendency of a suit in equity was regarded as notice of the suit to all the world, though after a complete decision the public attention may be supposed to be drawn off to other matters, and therefore a person was allowed to be ignorant of a final decree of the court made in a cause in which he was not concerned, see Price v. Price, (1887) 35 Ch D 297. But by the (English) Judgments Act, 1839 (2 & 3 Vict. c. 11), s. 7, it was enacted that no lis pendens shall bind a purchaser or mortgagee without express notice the...
Tail
Tail [fr. tailler, Fr., to prune]. An estate-tail was formerly a freehold of inheritance and is now an equitable interest which may be created after 1925 in respect of personalty as well as realty by way of trust and which (if not barred or disposed of by will after 1925) will devolve inequity on the person who would have taken realty as heir of the body or as tenant by the curtesy if the Law of Property Act, 1925, had not been passed [s. 130 (4) (ibid.)]The limitation of an estate so that it can be inherited only by the fee owner's issue or class of issue, Black's Law dictionary 7th Edn., p. 1466.An estate-tail in land now constitutes a settlement. [(English) Settled Land Act, 1925, s. 1]With this and other statutory modifications under the (English) Law of Property Act, 1925, the rules relating to this form of estate are still applicable (a) in the investigation of all titles to land in existence on the 31st December, 1925; (b) in the construction of equitable interests into which th...
Financial Institution
Financial Institution, means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in s. 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf. [Income Tax Act, 1961 (43 of 1961), s. 80E(3)(b)]Means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956;(ii) such other institution as the Central Government may, having regard to its business activity and the area of its operation in India by notification, specify. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (h)]Financial institution means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956 (1 of 1956);(ii) any institution specified by the Central Govern-ment under sub-clause (ii) of clause (h) of s. 2 of the Recovery of Debts Due to Banks and Fina...
Conversion, equitable
Conversion, equitable. It is an established principle that money directed to be employed in the purchase of realty, and realty directed to be sold and turned into money, are considered inequity as that species of property into which they are directed to be converted; and this, in whatever manner the direction is given; whether by will, or contract, marriage articles, settlement, or otherwise; and whether the money is actually deposited, or only covenanted to be paid, or whether the land is actually conveyed, or only agreed to be conveyed, Fletcher v. Ashburner, (1779) 1 Bro CC 497; 1 W&TLC. This principle is governed by the doctrine of equity, that that which ought to be done shall be deemed as actually done.The property thus equitably transmuted by anticipation will possess all the qualities, incidents, and peculiarities of that kind of property into which it is destined to be changed. See 3 & 4 Wm. 4, c. 74, s. 71.But the beneficiary, or all the beneficiaries together, provided they ...
Gavelkind
Gavelkind. A mode or rule of descent by custom abolished by the Administration of Estates Act, 1925, s. 45(1)(a), in the case of all deaths after 1925 except in regard to entailed estates, and descent from a person of unsound mind, as provided by s. 51 (ibid.), and see (English) L.P. Act, 1922, 12th Sched. (1)(d), and Re Price, 1928 Ch 579. The word is derived from the Saxon word 'gafol,' or, as it is otherwise written, 'gavel,' which signifies 'rent' or a 'customary performance of husbandry works'; accordingly the land which yielded this kind of service, in contradistinction to knight-service land, was called 'GAVELKIND' that is 'land of the kind that yields rent.' Lambarde (Perambulations of Kent, Edn. 1656, p. 585) first advanced and promulgated this supposition, which does not seem to be sufficiently comprehensive since 'gavelkind' does not necessarily denote land subject to rent, in opposition to the opinion of Lord Coke, who traced the word to 'gave all kinde' 'for the custom giv...
Coparceners or parceners
Coparceners or parceners. The name given to persons who until 1926 inherited an inheritable estate by virtue of descents from the ancestor which conferred on them all an equal title to it. It arose by act of law only, i.e., by descent, which, in relation to this subject was of two kinds:-(1) Descent by the common law, which took place where an ancestor died intestate, leaving two or more females as his co-heiresses; these, according to the canon of real property inheritance, all took together as coparceners or parceners, the law of primogeniture not obtaining among women in equal relationship to their ancestor: they were, however, deemed to be one heir; and (2) descent by particular custom, as in the case of gavelkind lands, which descended to all the males in equal degree, as the sons, brothers, or uncles of the deceased intestate ancestor; in default of sons, they descended to all the daughters equally.Coparceners had a unity though not an entirety, or necessarily an equality, of int...
Settled land
Settled land. For the purposes of the (English) Settled Land Acts, 1882-1890, 'settled land' meant land, and any estate and interest therein, which was the subject of a settlement; and 'settlement' meant any instrument, or any number of instruments, under which any land, or any estate or interest in land, 'stands for the time being limited to or in trust for any persons by way of succession' (Settled Land Act, 1882, s. 2) (see infra for the statutory definitions in the Settled Land Act, 1925, which has repealed the S.L. Acts, 1882-1890). Where the settlement consists of more instruments than one it is commonly called a 'compound settlement,' though this term is not defined in the Acts themselves; as to compound settlements, see Re Du Cane & Nettlefold, (1898) 2 Ch 96; Re Munday & Roper, (1899) 1Ch 275; Re Lord Wimborne & Browne (1904) 1 Ch 537; Wolstenholme & Cherry, Conveyancing, etc., Acts.Prior to 1856 settled estates could not be sold or leased except under the authority of some po...
Registration of title of land
Registration of title of land. The (English) Land Registration Act, 1925 (15 Geo. 5, c. 21), repeals and re-enacts the (English) Land Transfer Acts, 1875 (38 & 39 Vict. c. 87) and 1897 (60 & 61 Vict. c. 65), with amendments in keeping with innovations which were introduced by the property laws of 1925. Its object is to simplify the indicia of land ownership and transfer by mere inscription and transcription in a register. The advantages which are claimed for the system are (a) purchasers for value of an absolute or good leasehold title are absolved from any inquiry into the title other than it is shown to be on the register; (b) certain equitable claims which would be binding on the land under the general law and cannot be removed or over-reached without onerous formalities do not affect such purchasers; (c) the method of conveyance or charge is simple; (d) subject to the statutory provisions, registration guarantees the title to purchasers for value and mortgagees. It should be observ...
Damages
Damages, constitute the sum of money claimed or adjudged to be paid in compensation for loss or injury sustained, the value estimated in money, of something lost or withheld, Divisional Controller K.S.R.T.C. v. Mahadeva Shetty, (2003) 7 SCC 197 (202).The expression 'damages' is neither vague nor over-wide. It has more than one signification but the precise import in a given context is not difficult to discern. A plurality of variants stemming out of a core concept is seen in such words as actual damages, civil damages, compensatory damages, consequential damages, contingent damages, continuing damages, double damages, excessive damages, exemplary damages, general damages, irreparable damages, pecuniary damages, prospective damages, special damages, speculative damages, substantial damages, unliquidated damages. But the essentials are (a) detriment to one by the wrongdoing of another, (b) reparation awarded to the injured through legal remedies, and (c) its quantum being determined by t...
Lloyd's
Lloyd's. in the second half of the seventeenth century a number of merchants, ship-owners, and insurance brokers were accustomed to meet in Lloyd's Coffee House in the City of London. From these meetings arose the present association of underwriters, which is famous throughout the world as a centre of marine insurance. Shipping intelligence of all kinds is collected by Lloyd's agents all over the world and forwarded to London. Signal stations have been established under the provisions of (English) Lloyd's Signal Station Act, 1888 (51 & 52 Vict. c. 29). Derelict ships have to be reported to Lloyd's (Derelict Vessels (Report) Act,1896 (59 & 60 Vict. c. 12)). 'Lloyd's List' thus forms a record of shipping news of great importance to the commercial community. Lloyd's Act, 1871 (34 & 35 Vict. c. xxi.), incorporates and regulates Lloyd's. Besides marine insurance, almost any risk can be covered there, and by the Assurance Companies Act,1909 (9 Edw. 7, c. 49), ss. 28 and 33, members of Lloyd'...
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