S 94 - Law Dictionary Search Results
Home Dictionary Name: s 94Equity 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 '...
Further advance, or charge
Further advance, or charge, a second or subsequent loan of money to a mortgagor by a mortgagee, either upon the same security as the original loan was advanced upon, or an additional security, Equity considers the arrears of interest on a mortgagee security converted into principal, by agreement between the parties, as a further advance.Although the tacking of a third or subsequent mortgage has been abolished by the Law of Property Act, 1925, s. 94, that s. has expressly preserved the right to tack a further advance by a prior mortgage so that the advance may rank in priority to subsequent mortgages, even if the further advance was made with notice of a subsequent mortgage or charge in cases where the mortgage imposes an obligation to make further advances. Where the mortgage is to secure a current account or any other further advances, notice of an intervening charge will postpone the further advance to that charge but (by way of exception) in this case notice will not be imputed to t...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
Notice
Notice, the making something known to a person of which he was or might be ignorant. Notice is either (1) statutory; (2) actual, which brings the knowledge of a fact directly home to the party; or (3) constructive or implied, which is no more than evidence of facts which raise such a strong presumption of notice that equity will not allow the presumption to be rebutted. [S. 154, I.P.C. and Art. 61(2)(a) const. 56 Indian Evidence Act]Constructive notice may be subdivided into: (a) where the facts of which actual evidence is supplied give rise to a further enquiry which a man exercising ordinary caution would make equity has added constructive notice of the facts, which that inquiry would have elicited; and (b) where there has been a designed abstinence from inquiry for the very purpose of avoiding notice. See CONSTRUCTIVE NOTICE.A purchaser with notice may protect himself by purchasing the title of another bona fide purchaser for a valuable consideration without notice; for, otherwise, ...
Yorkshire Registry Act, 1884
Yorkshire Registry Act, 1884 (English) (47 & 48 Vict. c. 54), consolidating and amending the Acts relating to the registration of deeds, wills, and other assurances (see the wide meaning of the term in s. 3 of the Act of 1884) in the North (8 Geo. 2, c. 6), East (6 Anne, c. 2), and West (2 & 3 Anne, c. 4, and 6 Anne, c. 20) Ridings of the County of York, for the purpose of giving them priority according to the date of registration irrespectively of notice aliunde (s. 14) (see NOTICE); and Battison v. Hobson, (1896) 2 Ch 403; Gresham Assurance Society v. Crowther, (1915) 1 Ch 214.By the (English) Law of Property Act, 1925, s. 11:(1) It shall not be necessary to register a memorial of any instrument made after the commencement of this Act in any local deeds registry unless the instrument operates to transfer or create a legal estate or to create a charge thereon by way of legal mortgage; nor shall registration of a memorial of any instrument not required to be registered affect any prior...
Private company
Private company. A 'private company' is defined by s. 26 of the (English) Companies Act, 1929, as follows:-Company privately formed by members who subscribe the whole of the capital among them-selves.26. --(1), For the purposes of this Act the expression 'private company' means a company which by its articles-(a) restricts the right to transfer its shares; and(b) limits the number of its members to 50, not including persons who are in the employment of the company and persons who, having been formerly in the employment of the company, were, while in that employment and have continued after the determination of such employment to be, members of the company; and(c) prohibits any invitation to the public to subscribe for any shares or debentures of the company.(2) Where two or more persons hold one or more shares in a company jointly they shall, for the purposes of this section, be treated as a single member.S. 27, ibid., provides that if a company alters its articles so that the provisio...
Certificate
Certificate, a testimony given in writing to declare or verify the truth of anything. Certificates are frequently referred to or required by Statute. A certificate is the usual evidence of the title to shares in a company. See (English) Companies Act, 1929, ss. 67 and 68; for Certificate of Incorporation, see ss. 15 and 329, ibid.; and commencement of business, s. 94, ibid., and s. 82, ibid., as to registration of charges. Also ALIENS and Share Certificate; and see Land Certificate.A document in which a fact is formally attested, Black's Law Dictionary, 7th Edn.Trial by certificate, which has long been obsolete, took place in those cases in which the evidence of the person certifying was, by custom or otherwise, the only proper criterion of the point in dispute; see 3 Bl. Com. 333.As to when certificates and examined copies are admissible in evidence, consult Taylor on Evidence, and the (English) Documentary Evidence Act, 1845 (8 & 9 Vict. c. 113) (UK).As to the Master's Certificate in...
Lodger
Lodger, a tenant, with the right of exclusive possession, of a part of a house called lodgings, the landlord, by himself or an agent, retaining general dominion over the house itself.Lodgings may be let in the same manner as lands and tenements; in general, however, they are let either by agreement in writing or verbally. An executory verbal agreement may be void by the (English) Law of Property Act, 1925, s. 40; and see Edgev Strafford, (1831) 1 C. & J. 391, as being a contract in relation to land, and a written agreement is often desirable to avoid dispute.Lodgers in rooms which have been let as a separate dwelling to them, unfurnished, may be tenants of a dwelling-house for the purpose of the (English) Rent Restrictions Acts, 1920, 1935, and if that dwelling or the house of which the rooms form parties not decontrolled, their tenancy is within those Acts (see INCREASEOF RENT). As to rent-books generally, in small houses, see (English) Housing Act, 1936, s. 4, and Part IV of that Act...
Boats
Boats. By s. 94 of the (English) Public Health Acts Amendment Act, 1907, local authorities may license pleasure boats; see also (English) Public Health Act, 1936, s. 267. See Chitty's Statutes; and FISHING BOATS.As to the provision of boats on ships, with a view to the prevention of accidents and the saving of life at sea, see Order of the (English) Board of Trade, Merchant Shipping (Life-saving Appliances) Rules, May 8, 1914.-S. R. and O. 1914, No. 1006, and (English) Merchant Shipping (Safety and Local Line Conventions) Act, 1932 (22 Geo. 5, c. 9)....
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...
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