Time Note - Law Dictionary Search Results
Home Dictionary Name: time note Page: 2trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Promissory Note
Promissory Note, defined in the Bills of Exchange Act, 1882, s. 83, as 'an unconditional promise in writing, made by one person to another, signed, by the maker, engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person or to bearer.' The note can require payment at a particular place, Josolyne v. Roberts, (1908) 2 KB 349. The person who makes the note is called the 'maker,' and the person to whom it is payable is called the 'payee': when it is negotiated by the indorsement of the payee, he is called the 'indorser,' and the person to whom the note is transferred is called the 'indorsee,' The Bills of Exchange Act, 1882, codifies the law relating to promissory notes, and by s. 89 of that Act all the provisions of the Act (with few exceptions) which relate to bills of exchange relate also to promissory notes. See BILL OF EXCHANGE.Means a promissory note as defined by the Negotiable Instrument Act, 1881. [Indian S...
deposit
deposit 1 : to place for safekeeping or as security [may the property with the court] ;esp : to put in a bank account 2 in the civil law of Louisiana : to place (movable property) under a deposit [the depository can not make use of the thing ed "Louisiana Civil Code"] de·pos·i·tor [di-pÄ -zə-tər] n n 1 : the state of being deposited (as in an account) [holding the property on ] compare escrow, trust 2 : something placed for safekeeping: as a : money deposited in a bank esp. to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and creating a debtor-creditor relationship special deposit : a deposit that is made for a specific purpose, that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after a...
prescription
prescription [partly from Middle French prescription establishment of a claim, from Late Latin praescription- praescriptio, from Latin, act of writing at the beginning, order, from praescribere to write at the beginning, dictate, order; partly from Latin praescription- praescriptio order] 1 : acquisition of an interest (as an easement) in real property that is usually less than a fee by long-term, continuous, open, and hostile use and possession as determined by the law of a jurisdiction [gained title by ] see also easement by prescription at easement compare adverse possession at possession 2 in the civil law of Louisiana a : the running of a period of time set by law after which a right is unenforceable in Louisiana courts but may be enforced in another state forum [an interruption of ] [by the of ten years] ;also : the bar to an action that results from prescription see also peremptory exception compare peremption b : the creation of a right by the running of a period of time...
Time
Time. before 1751 the legal year in England began on the 25th March, therein differing from the common usage in the whole kingdom, and the legal method in Scotland. In 1751 the Gregorian, or present, calendar was substituted for the Julian Calendar by 24 Geo. 2, c. 23.1. A measure of duration 2. A point in or period of duration at or during which something is alleged to have occurred 3. Slang. A convicted criminal's period of incarceration, Black's Law Dictionary, 7th Edn.Time in Acts of Parliament (see, e.g., the definition of night in the Larceny Act) and legal instruments means, in Great Britain, Greenwich mean time, and in Ireland, Dublin mean time, by virtue of the Statute (Definition of Times) Act, 1880 (43 & 44 Vict. c. 9). See, however, Gordon v. Cann, (1899) 68 LJQB 434. The effect of the Summer Time Act, 1922, continued annually, should be noted. The time for Great Britain, Northern Ireland, the Channel Islands, and the Isle of Man is one hour in advance of Greenwich time dur...
Loan societies
Loan societies, institutions established by the purpose of advancing money on loan to the industrial classes, and receiving back payment for the same by instalments, with interest. They are exempt from the provisions of the Money Lenders Act, 1900.By the (English) Loan Societies Act, 1840 (3 & 4 Vict. c. 110 (continued by 21 & 22 Vict. c. 19, and made perpetual by 26 & 27 Vict. c. 56), forms of proceeding of a similar nature to those prescribed in the Acts regulating savings banks and friendly societies are requisite to enable loan societies to avail themselves of this Act, and see 51 & 52 Vict. c. 41, and 59 & 60 Vict. c.25, s. 2, as to certification of Rules by the Registrar of Friendly Societies.These societies are entitled to issue debentures for money deposited with them (otherwise than by way of gift), and these as well as all other notes and instruments given in pursuance of the Act are exempted from stamp duty. They are also placed on the same footing with savings banks, in the...
Offence
Offence, crime; act of wickedness. It is used as a genus, comprehending every crime and misde-meanour, or as a species, signifying a crime not indictable, but punishable summarily, or by the forfeiture of a penalty.There are certain acts which are heinous sins and odious in the public eye and are punishable in the Ecclesiastical Courts, but not being punishable at Common Law, and the proceedings in the Ecclesiastical Courts being held to be prosalute anim' and not to entail any temporal injury, they cannot be classed with ordinary Common Law and statutory offences; and it is no slander to impute them unless special damage follows.Other offences are divided into three classes, viz.:-(1) Treasons; (2) Felonies; and (3) Misdemeanours. See several titles.Consult Russell on Crimes; Archbolds' or Roscoe's Criminal Evidence.It means any act or omission made punishable by any law for the time being in force and includes any act in respect of which a complaint may be made under s. 20 of the Cat...
Marginal note
Marginal note, an abstract of a reported case, a summary of the facts, or brief statement of the principle decided, which is prefixed to the report of the case, usually in the earlier reports placed in the margin, and corresponding to the head-notes of later times and the present day 'marginal notes are often conveniently appended to documents of any kind.The marginal notes which appear in the statute-books as printed by the King's Printers have not the authority of the legislature, and cannot alter the interpretation of the text. See Claydon v. Green, (1868) LR 3 CP 5, per Willes, J.; Sutton v. Sutton, (1882) 22 Ch D 5, per Jessel, M.R. In the Revised Statutes they have been revised throughout to make them in accordance with the text; and in Chitty's Statutes of Practical Utility they have been much added to, abridged, or altered.In some private Acts of Parliament the marginal notes may form part of the Act, Re Working, etc., Act, 1911 (1914) 1 Ch 300, per Phillimore, LJ....
damage
damage [Old French, from dam injury, harm, from Latin damnum financial loss, fine] 1 : loss or harm resulting from injury to person, property, or reputation 2 pl : the money awarded to a party in a civil suit as reparation for the loss or injury for which another is liable see also additur, cover, mitigate, remittitur compare declaratory judgment at judgment, injunction specific performance at performance NOTE: The trier of fact determines the amount of damages to be awarded to the prevailing party. More than one type of damages may be awarded for a single injury. actual damages : damages deemed to compensate the injured party for losses sustained as a direct result of the injury suffered called also compensatory damages consequential damages : special damages in this entry direct damages : damages for a loss that is an immediate, natural, and foreseeable result of the wrongful act compare special damages in this entry ex·em·pla·ry damages [ig-zem-plə-r...
Holder in due course
Holder in due course is 'a holder who has taken a bill of exchange [cheque or note], complete and regular on the face of it,' under the following conditions, namely:-(a) That he became the holder of it before it was overdue, and without notice that it had been previously dishonoured, if such was the fact.(b) That he took the bill [cheque or note] in good faith and for value, and that at the time it was negotiated to him he had no notice of any defect in the title of the person who negotiated it, Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 29.A person who in good faith has given value for a negotiable instrument that is complete and regular on its face, is not overdue, and, to the possessor's knowledge has not been dishonoured, Black's Law Dictionary, 7th Edn.In R. E. Jones Ltd. v. Warning and Gillow Ltd., 1926 AC 670, it was held that the original payee of a cheque is not a holder in due course within the meaning of the Bill of Exchange Act, 1882.Means any person who for cons...
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