Security Deposit - Law Dictionary Search Results
Home Dictionary Name: security deposit Page: 2Rescission
Rescission, annulment or destruction. A general term for the repudiation and annulment of any contract or transaction: see (English) Sale of Goods Act, 1893. A contract for the sale of real estate very commonly contains a power for the vendor to rescind the contract if the purchaser makes or insists upon any objection or requisition which the vendor is unable or unwilling to comply with; but see ss. 42 and 45 of the Law of Property Act, 1925, precluding the vendor from rescinding in certain cases, and this facility will not assist the vendor in case of a serious defect in title or substantial mis-representation, see Re Hardick Co. v. Lipski, (1901) 2 Ch 666. Where a purchaser rescinds under a power in the contract he has a lien for his deposit, Whitbread & Co. v. Watt, (1902) 1 Ch 835, but before 1926 the purchaser in the absence of mis-representation was precluded from recovering his deposit if he chose to rescind upon an objection which he was precluded by statute from taking under a...
Deposit (Involuntary)
Deposit (Involuntary), where a chattel is sent, without request or arrangement, by one person to another who does not hold himself out as willing to receive it, the person to whom it is sent is under no liability to the sender for its safe custody or protection, but must not use it or otherwise convert it to his own use, Halsbury's Laws of England (2), para 1810, p. 37.Means a sum of money paid on terms: (1) under which it will be repaid, with or with out interest or a premium and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, and (2) which are not referable of the provision of property or services or the giving of security; and references in the Act to money deposited and to the making of a deposit are to be construed accordingly, (Banking Act, 1987) Halsbury's Laws of England 3(1), para 24, p. 20....
Collateral
Collateral, indirect, sideways, that which hangs by the side; applied in several ways, thus:--collateral assurance, that which is made over and above the deed itself; collateral consanguinity or kindred, which descend from the same stock or ancestor as the lineal relation, but do not descend one from the other, as the issue of two sons; collateral issue, where a criminal convict pleads any matter allowed by law, in bar of execution, as pregnancy, pardon, an act of grace, or diversity of person, viz., that he or she is not the same that was attained, etc., the issue upon which when taken is tried by a jury instanter; collateral security, where a deed is made of other property, besides that already mortgaged, for the better safety of the mortgagee (see Re Athill, (1880) 16 Ch D 211) or a bill of exchange given, or pledge deposited to secure a pre-existing debt; and collateral contract, where a contract by word of mouth co-exists [see e.g., Morgan v. Griffiths, (1871) LR 6 Ex 70; De Lassa...
Earnest money
Earnest money, The earnest money is a part of the purchase price when the transaction gets through and the same is forfeited when the transaction falls through by reason of the default or failure on the part of the vendee, H.U.D.A. v. Kewal Krishan Goel, (1996) 4 SCC 249: AIR 1996 SC 1981.The earnest money is part of the purchase price when the transaction goes forward and it is forfeited when the transaction falls through, by reason of the fault or failure of the purchase. Earnest money or deposit serves two purposes of being part-payment of the purchase money and security for the performances of the contract by the party concerned, who paid it. (AIR 1926 PC 1), Videocon Properties Ltd. v. Bhalchandra Laboratories, (2004) 3 SCC 711: AIR 2004 SC 1787 (1793). [Transfer of Property Act, 1882, s. 55(6)(b)]A deposit paid (usu in escrow) by a prospective buyer (esp. of real estate) to show a good faith intention to complete the transactions and ordinarily forfeited if the buyer default, Bla...
In pari delicto potior est conditio possidentis
In pari delicto potior est conditio possidentis.-(In equal fault, the condition of the possessor is the more favourable.) Where both parties are equally in the wrong, the defendant holds the stronger ground. The law will take notice of an illegal transaction to defeat a suit, not to maintain one. Thus, in Taylor v. Chester, (1869) LR 4 QB 309, the plaintiff failed to recover the half of a 50l. note deposited with the defendant as a security for a debt contracted for wine and suppers supplied to the plaintiff by the defendant for consumption in a brothel kept by her, inasmuch as the plaintiff could not recover without showing the true character of the deposit. And see IN 'QUALI JURE MELIOR EST CONDITIO POSSIDENTIS....
hypothecate
hypothecate -cat·ed -cat·ing [Medieval Latin hypothecare to pledge, from Late Latin hypotheca pledge, from Greek hypothēkē, from hypotithenai to put under, deposit as pledge] : to pledge as security without delivery of title or possession compare pawn hy·poth·e·ca·tion [-pÄ -thə-kā-shən] n ...
mark
mark 1 : a character usually in the form of a cross or X that is made as a substitute for a signature by a person who cannot or is unwilling to write 2 : a character, device, label, brand, seal, or other sign put on an article or used in connection with a service esp. to show the maker or owner, to certify quality, or for identification: a : trademark b : service mark vt 1 : to fix or trace out the bounds or limits of [a landowner ing his boundary] 2 : to affix a significant identifying mark (as a trademark) to mark to the market 1 : to adjust (cash deposited with a lender of securities) to the prevailing market price 2 : to value (an option or futures contract) in accordance with the market value prevailing on the last business day of the year for tax purposes ...
negotiable
negotiable : capable of being negotiated ;esp : transferable from one party to another by delivery with or without endorsement so that title passes to the transferee [ securities] [a certificate of deposit] see also negotiable instrument ne·go·tia·bil·i·ty [ni-gō-shə-bi-lə-tē] n ...
undertaking
undertaking 1 : a promise or pledge esp. required by law 2 : something (as cash or a written promise) deposited or given as security esp. in a court NOTE: Undertakings are often required of one party during property actions (as for attachment) in order to compensate the other party should the court's action (as in attaching the property) be found unjustified later. ...
margin call
A demand by a broker that a customer deposit enough to bring his margin up to the minimum requirement caused by the decline in market prices of a security or commodity purchased on margin5...
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