Third Party - Law Dictionary Search Results
Home Dictionary Name: third party Page: 2third party origination
third party origination a process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market. Source: U.S. Department of Housing and Urban Development ...
third-party practice
third-party practice : impleader ...
third-party beneficiary
third-party beneficiary see beneficiary ...
party
party pl: parties 1 a : one (as a person, group, or entity) constituting alone or with others one of the sides of a proceeding, transaction, or agreement [the parties to a contract] [a person who signed the instrument as a to the instrument "Uniform Commercial Code"] accommodated party : a party to an instrument for whose benefit an accommodation party signs and incurs liability on the instrument : a party for whose benefit an accommodation is made accommodation party : a party who signs and thereby incurs liability on an instrument that is issued for value and given for the benefit of an accommodated party secured party : a party holding a security interest in another's property third party : a person other than the principals [insurance against injury to a third party] b : one (as an individual, firm, or corporation) that constitutes the plaintiff or defendant in an action ;also : one so involved in the prosecution or defense of a judicial or quasi-judicial proceeding as t...
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
jus tertii
jus tertii [Latin] : a right of a third party (as to property in another's possession) ;also : the right to assert the rights of another in a lawsuit NOTE: In property actions the claims of a third party on the property cannot usually be asserted as a defense by a litigant. A litigant may, however, have third-party standing to assert another's constitutional rights (as when an organization asserts the rights of its members) if there is a substantial relationship between the litigant and the third party, if it is impossible for the third party to assert its own rights, and if there is the risk that the third party's rights will be diluted without the litigant's assertion. ...
beneficiary
beneficiary pl: -ries : a person or entity (as a charity or estate) that receives a benefit from something: as a : the person or entity named or otherwise entitled to receive the principal or income or both from a trust compare settlor, trustee contingent beneficiary : a beneficiary that may receive proceeds from a trust depending on the occurrence of a specified event (as the death of another beneficiary) income beneficiary : a beneficiary that according to the provisions of a trust is to receive income but not the principal of the trust NOTE: A trust may provide for income to be paid to someone (as a spouse) for his or her lifetime and then for payment of the principal to another person. A trustee is sometimes allowed to distribute some of the principal of the trust to an income beneficiary when necessary for the support of the beneficiary if support of the beneficiary was the purpose of the trust. b : the person or entity named by the insured of a life insurance policy to r...
agency
agency pl: -cies 1 : the person or thing through which power is exerted or an end is achieved [death by criminal "W. R. LaFave and A. W. Scott, Jr."] 2 a : a consensual fiduciary relationship in which one party acts on behalf of and under the control of another in dealing with third parties ;also : the power of one in such a relationship to act on behalf of another NOTE: A principal is bound by and liable for acts of his or her agent that are within the scope of the agency. ac·tu·al agency : the agency that exists when an agent is in fact employed by a principal see also express agency and implied agency in this entry agency by estoppel : an agency that is not created as an actual agency by a principal and an agent but that is imposed by law when a principal acts in such a way as to lead a third party to reasonably believe that another is the principal's agent and the third party is injured by relying on and acting in accordance with that belief NOTE: A principal has...
Indemnity
Indemnity, a contract, express or implied, to keep a person harmless from loss which that person may incur by reason of some act, omission or event. It differs from a guarantee which requires a writing under s. 4 of the Statute of Frauds in that the latter guarantee contemplates the primary liability of a third person. as pointed out by Anson on Contracts, a form of indemnity may be illustrated by 'If you will supply goods to A. I will see you paid.' A guarantee, if 'A. does not pay you, I will.' There is, as a rule, a right of subrogation to all the remedies available to the person indemnified under an indemnity available to a person indemnifying-a guarantor has the right of subrogation as well as a right of recourse against the person guaranteed unless otherwise agreed. A great number of indem-nities are implied at Common Law or statute, and the contract extends to all the loss suffered and is not limited in amount as a contract to pay a sum of money is limited. As to implied indemni...
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