Term Fee - Law Dictionary Search Results
Home Dictionary Name: term feeFixed fee
Fixed fee, the term 'licence fee' or the term 'fixed fee' in the context of the Uttar Pradesh Excise Act, the Ordinance with its preamble and the Excise (Amendment) Rules, connotes the idea of payment of a sum by a person to the grantor of a licence as consideration for conferring upon such person by the grant of shop-licence, the exclusive privilege or right to carry on certain activities in respect of country liquor, or foreign liquor or intoxicating drug, within any local area of Uttar Pradesh State, the carrying of which activities would have been otherwise the exclusive privilege or right of the grantor (Government), State of Uttar Pradesh v. Sheopat Rai, 1994 Supp (1) SCC 8: AIR 1994 SC 813. [U.P. Excise Act (40 of 1910) s. 24A (as inserted by U.P. Excise (Amendment) Ordinance, 1972)]...
Term fee
Term fee, a certain sum, which a solicitor is entitled to charge to his client, and the client to recover, if successful, from the unsuccessful party who has to pay cost to him; it is payable for every term commencing on the day the sittings in London and Middlesex of the High Court of Justice commence, and terminating on the day preceding the next such sittings, in which a proceeding in the cause or matter by or affecting the party, other than the issuing and serving the writ of summons, shall take place. See App. N. to R.S.C. ad fin. See TERMS....
Merger
Merger [fr. mergo, Lat., to sink], an annihilation, by act of law, of a particular in an expectant estate consequent upon their union in the same person without an intervening estate in another person--thus accelerating into possession the expectant which swallows up the particular estate. It is the drowning of one estate in another, and differs from suspension, which is but a partial extinguishment for a time; while extinguishment, properly so termed, is the destruction of a collateral thing in the subject itself out of which it is derived. 'In order that there may be a merger, the two estates which are supposed to coalesce must be vested in the same person at the same time and in the same right' [Re Radcliffe, (1892) 1 Ch 231, per Lindley, LJ]. An estate tail, however is an exception to the rule; for a man may have in his own right both an estate tail and a reversion in fee; and the estate tail, though a less estate, will not merge in the fee, 2 Bl. Com. 177.The doctrine of merger pr...
Licence fee and fixed fee
Licence fee and fixed fee, the term 'licence fee' in the context of the U.P. Excise Law connotes the idea of it being the consideration in money receivable by the Government from a private person by grant of a licence (contract), for parting in such person's favour, its exclusive privilege or right of carrying on certain activities in respect of country liquor or drugs under 'auction system' in public auctions, and the term 'fixed fee' is a fee determined by the Excise Commissioner, in lieu of 'licence fee', State of U.P. v. Sheopat Rai, AIR 1994 SC 813. (1994) Supp 1 SCC 8. [U.P. Excise Act, 1910 s. 24A; U.P. Excise Rules, 1910, R. 2(1)]...
Attendant term
Attendant term. Terms for years in real property are created for many purposes, e.g., to furnish money for the payment of debts, to secure rent charges or jointures, to raise portions for younger children, daughters, etc. Now, although the purpose for which the term was originally created has been satisfied or has failed, yet, not being surrendered, it continued to exit, the legal interest remaining in the trustees, to whom it was at its creation limited, or, if deceased, in their personal representatives; but the person entitled to the inheritance then became, according to equitable principle, entitled to the beneficial interest in such term, and the term or was held to be such person's trustee. This beneficial interest was subordinate to and merely attendant upon the higher estate possessed by the owner of the inheritance, and yet completely consolidated with it, following the inheritance in all the various modifications and changes to which it might be subjected by act of law or arr...
Portion
Portion, property settled or provided in favour of children or their issue. In settlements by deed or will of personal property, portions were and are usually effected by direct trusts in favour of the children or issue, either immediately or after the death of the parent or parents. In regard to realty the usual plan was to settle a long term of years from or out of the real estate upon trust to sell or mortgage the term in order to provide the portions when they became payable. See SATISFIED TERM; ATTENDANT TERM. This term preceded the settlement of the estate in fee or in tail according to the intention of the settlor. This method is still available although the term is not a legal estate and will not affect a purchaser even with notice who takes his title from estate owners who are entitled to sell the estate unaffected by the term, but the trustees entitled to the term may require to have the term secured by a legal mortgage. See Law of Property Act, s. 3 (1) and Settled Land Act,...
Law of Property Act, 1925 (English)
Law of Property Act, 1925 (English) 915 Geo. 5,c. 20), with amending Acts, 1926, 1929 and 1932 (cited together as the Law of Property Acts, 1925 to 1932), has consolidated and effected changes in the land laws with the object of simplifying the transfer and conveyance of land. An important change was the abolition of all legal estates or tenures in land, except an estate in fee simple in possession, and a term of years absolute in or in certain incorporeal hereditaments arising out of annexed to or charged upon the legal estate in land. Any number of these legal estates can exist in respect of the same piece of land or incorporeal hereditament; for instance, land may be held in fee simple, leased and mortgaged at the same time. all other estate and interests inland are reduced to equitable interests. All mortgages of the same legal estate under the statutory conditions are legal estates. None being for the whole fee simple or the term, but each for a term taken out of the fee or origin...
Rent
Rent [fr. reditus Lat.], a certain profit issuing yearly out of lands and tenements corporeal; it may be regarded as of a two fold nature--first, as some-thing issuing out of the land, as a compensation for the possession during the term; and secondly, as an acknowledgment made by the tenant to the lord of his fealty or tenure. It must always be a profit, yet there is no necessity that it should be, as it usually is, a sum of money; for spurs, capons, horses, corn, and other matters, may be, and occasionally are, rendered by way of rent; it may also consist in services or manual operations, as to plough so many acres of ground and the like; which services, in the eye of the law, are profits. The profit must be certain, or that which may be reduced to a certainty by either party; it must issue yearly, though it may be reserved every second, third, or fourth year; it must issue out of the thing granted, and not be part of the land or the thing itself.Consideration paid, usu. periodically...
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...
Fee-simple
Fee-simple, a freehold estate of inheritance, absolute and unqualified. It stands at the head of estates as the highest in dignity and the most ample in extent; since every other kind of estate is derivable there out, and mergeable therein, for omne majus continet in se minus. It may be enjoyed not only in land, but also in advowsons, commons, estovers, and other hereditaments as well as in personalty, as an annuity or dignity, and also in an upper chamber, though the lower buildings and soil belong to another.Littleton, in his Tenures (1. i., c. 1, s. 1), gives a description of this estate, which appears to have been adopted by every subsequent writer. His language is this:-A person who holds 'in fee-simple is he which hath lands or tenements to hold to him and his heirs for ever. And it is called in Latin feodum simplex, for feodum is the same that inheritance is, and simplex is as much as to say lawful or pure. And so feodum simplex signifies a lawful or pure inheritance. For if a m...
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