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Arrestment
Arrestment, in Scots law, is the process by which a creditor detains the goods or effects of his debtor in the hands of third parties till the debt due to him shall be paid. It is divided into several kinds: # ''Arrestment in security'', used when proceedings are commencing, or in other circumstances where a claim may become, but is not yet, enforceable # ''Arrestment in execution'', following on the decree A decree is a legal proclamation, usually issued by a head of state (such as the president of a republic or a monarch), according to certain procedures (usually established in a constitution). It has the force of law. The particular term used for ... of a court, or on a registered document, under a clause or statutory power of registration, according to the custom of Scotland. # ''Arrestment of a ship'', for a maritime claim; if the debtor fears a ship will leave harbour, he can apply for a warrant to dismantle the ship. By the process of arrestment the property covered is m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scots Law
Scots law () is the legal system of Scotland. It is a hybrid or mixed legal system containing civil law and common law elements, that traces its roots to a number of different historical sources. Together with English law and Northern Ireland law, it is one of the three legal systems of the United Kingdom.Stair, General Legal Concepts (Reissue), para. 4 (Online) Retrieved 2011-11-29 Early Scots law before the 12th century consisted of the different legal traditions of the various cultural groups who inhabited the country at the time, the Gaels in most of the country, with the Britons and Anglo-Saxons in some districts south of the Forth and with the Norse in the islands and north of the River Oykel. The introduction of feudalism from the 12th century and the expansion of the Kingdom of Scotland established the modern roots of Scots law, which was gradually influenced by other, especially Anglo-Norman and continental legal traditions. Although there was some indirect Roman la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creditor
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower. The first party is called the creditor, which is the lender of property, service, or money. Creditors can be broadly divided into two categories: secured and unsecured. *A secured creditor has a security or charge over some or all of the debtor's assets, to provide reassurance (thus to ''secure'' him) of ultimate repayment of the debt owed to him. This could be by way of, for example, a mortgage, where the property represents the security. *An unsecured creditor does not have a charge over the debtor's assets. The term creditor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods
In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods which are transferable, and services, which are not transferable. A good is an "economic good" if it is useful to people but scarce in relation to its demand so that human effort is required to obtain it.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. In contrast, free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them. Private goods are things owned by people, such as televisions, living room furniture, wallets, cellular telephones, almost anything owned or used on a daily basis that is not food-related. A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a microwave oven or a bicycle that is sold to a consumer is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Property
property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables—any property that can be moved from one location to another. Personal property can be understood in comparison to real estate, immovable property or real property (such as land and buildings). Movable property on land (larger livestock, for example) was not automatically sold with the land, it was "personal" to the owner and moved with the owner. The word ''cattle'' is the Old Norman variant of Old French ''chatel'', chattel (derived from Latin ''capitalis'', “of the head”), which was once synonymous with general movable personal property. Classifications Personal property may be classified in a variety of ways. Intangible Intangible personal property or "intangibles" refers to personal property that cannot actually be moved, touched or felt, but instead repre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debtor
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt. Except in certain bankruptcy situations, debtors can choose to pay debts in any priority they choose. But if one fails to pay a debt, they have broken a contract or agreement between them and a creditor. Generally, most oral and written agreements for the repayment of consumer debt - debts for personal, family or household purposes secured primarily by a person's residence - are enforceable. For the most part, debts that are business-related must be made in writi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Third-party Beneficiary
A third-party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract. This right, known as a ''ius quaesitum tertio'', arises when the third party ('' tertius'' or ''alteri'') is the intended beneficiary of the contract, as opposed to a mere incidental beneficiary (''penitus extraneus''). It vests when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor (''promittens'', or performing party) or the promisee (''stipulans'', or anchor party) of the contract, depending on the circumstances under which the relationship was created. A contract made in favor of a third party is known as a "third-party beneficiary contract." Under traditional common law, the ''ius quaesitum tertio'' principle was not recognized, instead relying on the doctrine of privity of contract, which restricts rights, obligations, and liabiliti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decree
A decree is a legal proclamation, usually issued by a head of state (such as the president of a republic or a monarch), according to certain procedures (usually established in a constitution). It has the force of law. The particular term used for this concept may vary from country to country. The ''executive orders'' made by the President of the United States, for example, are decrees (although a decree is not exactly an order). Decree by jurisdiction Belgium In Belgium, a decree is a law of a community or regional parliament, e.g. the Flemish Parliament. France The word ''décret'', literally "decree", is an old legal usage in France and is used to refer to executive orders issued by the French President or Prime Minister. Any such order must not violate the French Constitution or Civil Code, and a party has the right to request an order be annulled in the French Council of State. Orders must be ratified by Parliament before they can be modified into legislative Acts. Special ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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