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Retention Of Title Clause
A retention of title clause (also called a reservation of title clause or a ''Romalpa'' clause in some jurisdictions) is a provision in a contract for the sale of goods that the title to the goods remains vested in the seller until the buyer fulfils certain obligations (usually payment of the purchase price). Purpose The main purpose of retention of title ("ROT" or "RoT") clauses is to ensure that where goods are supplied on credit, if the buyer subsequently goes into bankruptcy, the seller can repossess the goods. They are often seen as a natural extension of the credit economy; where suppliers are expected to sell goods on credit, there is a reasonable expectation that if they are not paid they should be able to repossess the goods. Nonetheless, in a number of jurisdictions, insolvency regimes or credit arrangement regimes prevent title retention clauses from being enforced where doing so would upset administration of the regime. Retention of title clauses are mandated in the E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Commercial Code
The Uniform Commercial Code (UCC), first published in 1952, is one of a number of Uniform Acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States. While largely successful at achieving this ambitious goal, some U.S. jurisdictions (e.g., Louisiana and Puerto Rico) have not adopted all of the articles contained in the UCC, while other U.S. jurisdictions (e.g., American Samoa) have not adopted any articles in the UCC. Also, adoption of the UCC often varies from one U.S. jurisdiction to another. Sometimes this variation is due to alternative language found in the official UCC itself. At other times, adoption of revisions to the official UCC contributes to further variation. Additionally, some jurisdictions deviate from the official UCC by tailoring the language to meet their unique needs an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
E Pfeiffer V
E, or e, is the fifth letter and the second vowel letter in the Latin alphabet, used in the modern English alphabet, the alphabets of other western European languages and others worldwide. Its name in English is ''e'' (pronounced ); plural ''ees'', ''Es'' or ''E's''. It is the most commonly used letter in many languages, including Czech, Danish, Dutch, English, French, German, Hungarian, Latin, Latvian, Norwegian, Spanish, and Swedish. History The Latin letter 'E' differs little from its source, the Greek letter epsilon, 'Ε'. This in turn comes from the Semitic letter '' hê'', which has been suggested to have started as a praying or calling human figure ('' hillul'' 'jubilation'), and was most likely based on a similar Egyptian hieroglyph that indicated a different pronunciation. In Semitic, the letter represented (and in foreign words); in Greek, ''hê'' became the letter epsilon, used to represent . The various forms of the Old Italic script and the Latin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust (law)
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the " settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Oil V
Indian or Indians may refer to: Peoples South Asia * Indian people, people of Indian nationality, or people who have an Indian ancestor ** Non-resident Indian, a citizen of India who has temporarily emigrated to another country * South Asian ethnic groups, referring to people of the Indian subcontinent, as well as the greater South Asia region prior to the 1947 partition of India * Anglo-Indians, people with mixed Indian and British ancestry, or people of British descent born or living in the Indian subcontinent * East Indians, a Christian community in India Europe * British Indians, British people of Indian origin The Americas * Indo-Canadians, Canadian people of Indian origin * Indian Americans, American people of Indian origin * Indigenous peoples of the Americas, the pre-Columbian inhabitants of the Americas and their descendants ** Plains Indians, the common name for the Native Americans who lived on the Great Plains of North America ** Native Americans in the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Concurrent Estate
In property law, a concurrent estate or co-tenancy is any of various ways in which property is owned by more than one person at a time. If more than one person owns the same property, they are commonly referred to as co-owners. Legal terminology for co-owners of real estate is either co-tenants or joint tenants, with the latter phrase signifying a right of survivorship. Most common law jurisdictions recognize tenancies in common and joint tenancies. Many jurisdictions also recognize tenancies by the entirety, which is effectively a joint tenancy between married persons. Many jurisdictions refer to a joint tenancy as a joint tenancy with right of survivorship, but they are the same, as every joint tenancy includes a right of survivorship. In contrast, a tenancy in common does not include a right of survivorship. The type of co-ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetimes, but it does affect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act 1985
The Companies Act 1985 (c. 6) is an Act of the Parliament of the United Kingdom of Great Britain and Northern Ireland, enacted in 1985, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries. It has largely been superseded by the Companies Act 2006. The Act was a consolidation of various other pieces of company legislation, and was one component of the rules governing companies in England and Wales and in Scotland. A company will also be governed by its own memorandum and articles of association. Table A, which lays out default articles of association, was not included in the body of the Act, as it had been in all previous Companies Acts. Instead, it was introduced by statutory instrument - the Companies (Tables A to F) Regulations 1985. The Act applied only to companies incorporated under it, or under earlier Companies Acts. Sole traders, partnerships, limited liability partnerships etc. were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are grant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recharacterisation
Recharacterisation in law (and sometimes in accountancy) means the treatment of a certain course of conduct in a different manner to which the participants describe it. The term is most important in the penal law of Continental legal systems. In some civil law countries, judges are empowered to "recharacterise the facts" of a case to make the charges more closely align with the evidence. In these systems, the legal charges contained in the indictment are only suggestions from the public prosecutor to the court. The judge may, if it becomes clear that the facts actually support different or additional charges, change the legal characterisation of those facts. Under English law, Lord Hanworth MR referred to the proposition: When the recharacterisation of the facts results in additional charges, or charges which carry a greater penalty, the defense council is usually given an opportunity to be heard concerning the recharacterisation and may request a suspension of the trial to st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Property Securities Register
The Personal Property Securities Register (PPSR) is an electronic register that allows security interests in personal property to be registered and searched in accordance with the New Zealand Personal Property Securities Act 1999 (the Act) and the Australian Personal Property Securities Act 2009. The New Zealand PPSR is maintained by the New Zealand Companies Office, an agency of the Ministry of Business, Innovation and Employment. The Australian Financial Security Authority (AFSA) is the Australian Government agency responsible for administering the Australian PPS Register. Electronic register The New Zealand PPSR is a wholly electronic register available to the public 24 hours a day, 365 days a year. It provides online searching, registration and maintenance of financing statements. The Australian PPS Register commenced operation on 30 January 2012. History The Act reformed the law relating to security interests in personal property and established the PPSR. The PPSR be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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