Unclaimed - Law Dictionary Search Results
Home Dictionary Name: unclaimedUnclaimed property
Unclaimed property. This devolves on the Crown at Common Law. Unclaimed property may be dealt with under the heads of (1) Government Stock, (2) Chancery Funds, (3) Stock in Public Companies, (4) Bankers' Balances, (5) Deposits with Bankers for Safe Custody, and (6) Found Property.(1) Government Stock.-The National Debt Act, 1870 (33 & 34 Vict. c. 71), ss. 51 et seq., as extended by 20 & 21 Geo. 5, c. 28, s. 49 provides that stock on which no dividend has been claimed for ten years must be transferred to the National Debt Commissioners. Lists of names in which the stock stood, with residence, description and amount of stock and date of transfer, are to be kept at the Bank of England [or Ireland, but see 13 Geo. 5, c. 2, s. 6 (d)] and at the National Debt Office, open to inspection, and also kept in duplicate at the National Debt Office. The stock may be re-transferred to persons showing title after, in the case of stock exceeding 20l., three months' public notice by advertisement. A sec...
Unclaimed
Unclaimed, on a registered cover made by postman does not amount to 'refusal', Bai Bachiben Velabhai v. State of Gujarat, (1995) 1 Guj LR 761....
bona vacantia
bona vacantia [Latin, ownerless goods] : goods that are unclaimed and without an apparent owner [it was trash, in the nature of bona vacantia, which the defendants had abandoned "United States v. Calise, 217 F. Supp. 705 (1962)"] ...
holder
holder 1 : a person that holds: as a : owner [the of a patent] often used in combination [a stockholder] b : one that holds or occupies the property of another by agreement and esp. under a lease 2 a : a person who under the Uniform Commercial Code is in possession of a negotiable instrument that names and is made payable to the possessor or that is payable to bearer b : a person under the U.C.C. in possession of goods named in a document of title if the goods are deliverable to bearer or to the order of the possessor 3 in the civil law of Louisiana : an individual (as a trustee or debtor) or legal or commercial entity that under the Civil Code's provisions for disposition of unclaimed property is in possession of property belonging to another ...
Maverick
In the southwestern part of the united States a bullock or heifer that has not been branded and is unclaimed or wild said to be from Maverick the name of a cattle owner in Texas who neglected to brand his cattle...
Banker
Banker, one who receives money to be drawn out again as the owner has occasion for it, the customer being lender, and the banker borrower, with the superadded obligation of honouring the customer's cheques up to the amount of the money received and still in the banker's hands.A customer's money may become irrecoverable if six years have elapsed without payment by the banker of principal or interest after demand. The relation of banker and customer is merely that of debtor and creditor, with a superadded obligation on the banker to honour the customer's cheques, so that the Limitations Act, 1623, (21 Jac. 1, c. 16), runs against the customer. See UNCLAIMED PROPERTY.A cheque is not an assignment to the payee of the customer's balance, so that if a customer having a balance of 99l. give a cheque for 100l., the banker is legally justified in dishonouring it by refusing payment altogether, Schroeder v. Central Bank of London, (1876) 34 LT 735. If a customer overdraws his account, this amoun...
Bona vacantia
Bona vacantia, things found without any apparent owner which belong to the first occupant or finder, unless they be whale or sturgeon, wreck, treasure trove, waifs or estrays (see those titles), which belong to the Crown by virtue of its prerogative. So personal property held on trusts which have failed, or held in trust for a corporation which has been dissolved, belongs to the Crown as bona vacantia; see Re Higginson, (1898) 1 QB 325, and cases there cited. By the (English) Companies Act, 1929, s. 296, the property of a dissolved company including property held on trust for it shall, subject to the provisions of the Act, become bona vacantia. Before the Act was passed freehold and leasehold property reverted to the grantor. Hastings Corporation v. Letton, (1908) 1 KB 378, s. 296 is not retrospective, Re Katherine Ltd., (1932) 1 Ch 70, and (1933) 2 Ch 29. As to the rights of the Crown, the Duchy of Lancaster or the Duke of Cornwall to bona vacantia, see (English) Administration of Est...
Dormant funds
Dormant funds, funds in Court which have not been dealt with for fifteen years. See R.S.C. Ord. XXII., r. 11, as to service on the Official Solicitor; (English) Supreme Court Funds Rules, 1927, r. 96. As to triennial publication of list of funds, see UNCLAIMED PROPERTY....
Droits of admiralty
Droits of admiralty, the perquisites attached to the office of Admiral of England (or Lord High Admiral). Prince George of Denmark, the husband of Queen Anne and Lord High Admiral, resigned the rights to these droits to the Crown for a salary, as Lord High Admiral, of 7,000l. a year. When the office was vacant, they belonged to the Crown. Of these perquisites, the most valuable is the right to the property of an enemy seized on the breaking out of hostilities. In the arrangement of the Civil List during the recent reigns, it was settled that whatever droits of Admiralty accrued were to be paid into the Exchequer for the use of the public. The Lord High Admiral's right to the tenth part of the property captured on the seas has been relinquished in favour of the captors. Droits of Admiralty also included all unclaimed wreck, flotsam, jetsam, ligan and derelict, which are now dealt with by the (English) Receiver of Wreck for the District, Merchant Shipping Act, 1894 (57 & 58 Vict. c. 60),...
Mercantile Marine Fund
Mercantile Marine Fund, a fund consisting, under ss. 676-679 of the (English) Merchant Shipping Act, 1894, of the fees paid on survey and measurement of ships, money arising from unclaimed property of deceased seamen, fees received by receivers of wreck, light dues, etc., etc., and applicable to the payment of salaries of mercantile marine officers, etc., under the Act. The 'General Lighthouse Fund' is substituted for the Mercantile Marine Fund by the (English) Merchant Shipping (Mercantile Marine Fund) Act, 1898 (61 & 62 Vict. c. 44)....
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