...Ad Valorem Taxes-is a tax based on the value of real estate or personal property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). Assessment-the evaluation or estimation of the nature, quality, or ability of someone or something. Assignment of Rents Clause- is a provision in a deed of trust or mortgage. Bearer- a person who presents a check or other order to pay money. Bona Fide Purchaser for Value- referred to more completely as a bona fide purchaser for value without notice – is a term used in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that property. Broker Lien- a right to property or payment that a broker has if the buyer does not pay the money owed to the broker for a sale: Collateral- something pledged as security for repayment of a loan, to be forfeited in the event of a default. Contractor- a person or company that undertakes a contract to provide materials or labor to perform a service or do a job. Default Clause- a failure to act, esp. a failure to meet a financial obligation or to appear in a court of law at a time specified Deficiency Judgment- is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. Disinterested Intelligent Housekeepers- Due on Demand Clause- is...
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...Classically, maritime law was a species of commercial law, and in many countries it is still treated as such. Thus, this paper produce topics of a Maritime Liens In Singapore. This paper is designed to give an introductory survey of a Maritime lien in tha law of Singapore. Only an outline of the basic principle is attempted and, where necessary, the problem areas highlighted. No In-depth study is made that would be beyond the intended scope. Table of Contents Abstract 1 Table of Contents 2 Introduction 3 Defination of Maritime Lien 3 Priority of Claims 5 Conclusion 6 References 7 Introduction The Maritime lien is an unique creature in maritime law. While its historical origin is shrouded in some obscurity, its juridical nature is fairly well settled. In essence, it is an encumbrance or change over a ship or other like cargo and freight, which accrues from the moment the under lying claims giving rise to it attaches, travels secretively with the res (except one brought about the judicial) and is carried into effect by an action in rem. A party entitled to a maritime lien is not only to utilise the action in rem to give effect to it, but is also accorded higher priority vis-à-vis other maritime claimant and so enjoys he better chance of having its claim satisfied when proceed of sale of the vessel are insufficient to meet all the claims against the res. A maritime lien remains indestructible despite any change...
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...Maritime Liens and the Conflict of Law - General Shipping and Regulatory Maritime Law Index 1. Purpose and plan of the essay page 3 2. Introduction 2.1 Origins of maritime liens page 3 2.2 Maritime liens page 3 3. Conflict of law page 5 4. The United Kingdom page 6 5. The United States page 8 6. Conclusion page 10 1. The purpose and plan of this essay I will start this essay with a first review of the background of maritime liens and their definition. After this, I will examine why there exist conflicts of law in maritime law. My purpose of this essay is to compare two states that are very different in their domestic maritime law in respect of maritime liens and the differences in recognizing foreign maritime liens. I have chosen to compare the domestic law in the United Kingdom with the United States because I feel that they are managing conflicts of law very differently from one another and I want to get a deeper knowledge in these states law. The American court recognizes foreign maritime liens while the United Kingdom do not; they apply the lex fori (i.e. their own law). This had caused a huge uncertainty in the right of the international ship suppliers. Because the states is so in-cohesive in this area of law I thought it would be interesting to compare these and see how they handle conflicts of law. I will bring out the weaknesses in the different systems and also the positive things. Finally, after this comparison I will...
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...MARITIME LIENS IN THE CONFLICT OF LAWS (final version published in J.A.R. Nafziger & Symeon C. Symeonides, eds., Law and Justice in a Multistate World: Essays in Honor of Arthur T. von Mehren, Transnational Publishers Inc., Ardsley, N. Y. 2002 at pp. 439-457) Prof. William Tetley, Q.C.* INDEX I. II. Preface - Homage to Arthur T. von Mehren Introduction - Maritime Liens 1) 2) III. Civilian origins of maritime liens Characteristics of maritime liens Maritime Liens as Sources of Conflicts of Law 1) 2) 3) The differing scope of "maritime liens" Other maritime claims Different ranking of maritime liens and claims IV. V. VI. VII. The United Kingdom - The Lex Fori The United States - The Proper Law Canada Some Other Jurisdictions 1) 2) 3) 4) 5) China Israel Greece Sweden The Netherlands VIII. The Rome Convention 1980 IX. * Conclusion Professor of Law, McGill University; Distinguished Visiting Professor of Maritime and Commercial Law, Tulane University; counsel to Langlois Gaudreau O'Connor of Montreal. The author acknowledges with thanks the assistance of Robert C. Wilkins, B.A., B.C.L., in the preparation and correction of the text. -2- MARITIME LIENS IN THE CONFLICT OF LAWS Prof. William Tetley, Q.C.* I. Preface - Homage to Arthur T. von Mehren I am honoured to contribute to Prof. Arthur von Mehren's festschrift. On occasion, I have leaned upon and even borrowed (with great benefit and I hope with complete citation), his writings and, for example, have...
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...Dimensions of Business Week 3 - Discussion 2 - Environmental Liability and Due Process In 1979, Paul and John Reardon purchased 16 acres of land located next to a manufacturing plant in Massachusetts. In 1983, a state environmental agency, responding to a citizen's report, tested soil samples from both properties and discovered extremely high levels of polychlorinated biphenyls (PCBs) on the plant site and on the Reardons' property where it bordered the site. Shortly thereafter, the Environmental Protection Agency (EPA) cleaned up the contaminated areas. In 1985, the EPA notified the Reardons that they might be liable for clean-up costs. An EPA investigation of the property in 1987 revealed that some soil was still contaminated. This time, the Reardons cleaned up the property themselves. In March 1989, the EPA placed a lien for an unspecified amount on all of the Reardons' property to secure payment for any clean-up costs for which the Reardons might be liable. The EPA told the Reardons that they could settle the claims against them for $336,709 but noted that this amount did not limit the Reardon’s potential liability. The Reardons filed a motion for an injunction, arguing that filing a lien against their property without any prior notice or hearing violated their due process rights under the Fifth Amendment, which states that no person can be deprived of life, liberty, or property without due process of law. Superfund (the Comprehensive Environmental Response, Compensation, and...
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...for a policy of insurance issued or to be issued, (D) for a secondary obligation incurred or to be incurred, (E) for energy provided or to be provided, (F) for the use or hire of a vessel under a charter or other contract, (G) arising out of the use of a credit or charge card or information contained on or for use with the card, or (H) as winnings in a lottery or other game of chance operated or sponsored by a State, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of a State or (ii) any credit device account. The term includes health-care-insurance receivables. The term does not include (i) rights to payment evidenced by chattel paper or an instrument, (ii) commercial tort claims, (iii) deposit accounts, (iv) investment property, (v) letter-of-credit rights or letters of credit, or (vi) rights to payment for money or funds advanced or sold, other than rights arising out of (A) the use of a credit or charge card or information contained on or for use with the card or (B) a credit device account. Account debtor: a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. Accounting: a record (A) authenticated by a secured party; (B) indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than...
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...1.1. Origin of the Report: According to the course structure of the Bachelor of Business Administration (BBA) Program, every student of BBA have to conduct internship program in any organization to acquire the practical knowledge after completing vast theoretical courses. The main objective of this program is to provide practical knowledge to the concern student. At the end of the program the concern student suggests to prepare a report depends on the assigned topic by his/her supervisor. I took the opportunity to complete my internship in a well known private bank, which is “Southeast Bank Limited.” This program helps me to enlarge my analytical skills and scholastic aptitudes. During my internship period I got the opportunity to work in credit and I have interested to prepare my internship report on the credit department and also my supervisor Mr. Md. ShahanShah Molla allow me to prepare the report on my interested topic. 1.2. Objective of the Report: The study has been undertaken with the following objectives: To analysis the pros and cons of the conventional ideas about credit operation of a Bank. To have better orientation on credit management activities specially credit policy and practices, credit appraisal, credit-processing steps, credit management, financing in various sector and recovery, loan classification method of SEBL. To identify and suggest scopes of improvement in credit management of SEBL. To get an overall idea about the performance...
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...University Of Finance And Administration Faculty Of Economic Studies Business Management And Corporate Finance Field of Study: Trade Management Case Study: Accounts Receivable Management Jan Budaev summer semester 2016 Introduction Receivables can be defined as a company's right to payment of an amount of money from the debtors, which clearly belong among the assets. The assets can be divided into current and long term by the expected maturity at the time of their creation. Receivables are often created from trading - for the delivery of our products, goods or services on the basis of the document, that is usually called invoice, which is issued among the traders. Receivables affect the financial performance of the company, because the creation of receivables generates revenue for the company. Therefore, it is very important to monitor the development of receivables in volume, structure and time. Unpaid receivables are also related to the costs of their recovery. Outstanding receivables adversely affect the liquidity of the company. All the risk factors could be eliminated with the proper tools and methods in the Accounts Receivable Management. The main objective is to outline the main purpose of Accounts Receivable Management, describing the phases of Receivables Management, determination of credit terms. and options for managing receivables. Phases and Practical...
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...Internship report on Credit Appraisal of NCC Bank Ltd. PREPARED FOR Ms Halima Begum SeniorLecturer Department of Business Administration Leading University, Sylhet PREPARED BY: Fathema Jannath ID: 1201010750 Department of Business Administration Leading University, Sylhet Date: July 11, 2013 Credit Appraisal Of NCC Bank Ltd. LETTER OF TRANSMITTAL Date: 11th July, 2013 To The Supervisor Department of Business Administration Leading University Sylhet Subject: Submission of Internship Report Dear Madam, I am grateful to you for the submission of the report on “Credit Appraisal of NCC Bank”, Elephant Road Foreign Exchange Branch in the completion of the requirement for internship. This is an excellent opportunity for me to acquaint more closely with the organization. The association and coordination of all respective officers & staffs with me are full of exciting, re-discovering and entertainment. During the period of doing this report I have discovered and gained new & practical feelings, observations and learning. I have my utmost effort to reflect experience, skill and knowledge, which I acquired at the time of working at NCC Bank. All of my efforts will be successful if the thesis paper can serve its purpose. I have tried my best to explain everything related with the Credit Appraisal in this paper. Yours faithfully Fathema Jannath ID: 1201010750 Department of Business Administration Leading University Sylhet ...
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...Chapter-1 Introduction of the report 1.1 Origin of the report Reporting means the written presentation of the evidence and findings of a research. After completion of the internship program report submission is essential. The report is based on a topic that can satisfy both organization and my academic institution. Internship is the last part of my BBA course. Being a BBA student internship and report submission is essential for me. Without completion of internship and submission of report I cannot be able to complete my BBA course. This report is submitted to my internship supervisor, Shishir K. Rouph, Visiting Faculty, University Of Development Alternative, after completion of the three months internship program in the BASIC Bank Limited ( Bangshal Branch). I have assigned a topic “Credit Operating Procedure of BASIC Bank Ltd.” and the BASIC Bank authority gave me the opportunity to work at the Bangshal Branch for three months on the topic. 1.2 Rationale of the Study In the later 19th century, finance was a part of the Economics. But due to the globalization and more expansion of international trade, Finance plays the major role for the economic development. The development of a modern economy would not have been possible without the use of money. Bank is an important and essential financial institution for the necessity of the use of money and the protection of money. Due to the globalization and technological innovation, banking business has become...
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...Chapter 15 Current Liabilities Management ( Learning Goals 1. Review the key components of credit terms, accounts payable, and the procedures for analyzing them. 2. Understand the effects of stretching accounts payable on their cost and on the use of accruals. 3. Describe interest rates and the basic types of unsecured bank sources of short-term loans. 4. Discuss the basic features of commercial paper and the key aspects of international short-term loans. 5. Explain the characteristics of secured short-term loans and the use of accounts receivable as short-term-loan collateral. 6. Describe the various ways in which inventory can be used as short-term-loan collateral. ( True/False 1. Accounts payable are spontaneous secured sources of short-term financing that arise from the normal operations of the firm. Answer: FALSE Level of Difficulty: 1 Learning Goal: 1 Topic: Accounts Payable 2. Notes payable can be either spontaneous secured or spontaneous unsecured financing and result from the normal operations of the firm. Answer: FALSE Level of Difficulty: 1 Learning Goal: 1 Topic: Notes Payable 3. Accounts payable result from transactions in which merchandise is purchased but no formal note is signed to show the purchaser’s liability to the seller. Answer: TRUE Level of Difficulty: 1 Learning Goal: 1 Topic: Accounts Payable 4. In credit terms, EOM (End-of-Month) indicates that the accounts...
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...17B, 18, and 35A (Ch. 183C, §9 for high cost home mortgages), and it was amended on August 3, 2012. Title Theory is a property law doctrine that a mortgage transfers titles to a property to the mortgagee, who holds it until the mortgage has been paid off. In other hand, the Lien Theory provides that a mortgagee of property holds only a lien, and not a title to the property until such time the mortgage is fully paid. The difference between these two theories are that in a Lien Theory the buyer retains the deed to the property, and in the title theory, the bank or finance company is the one issues the loan will hold the title until the loan is satisfied. While this difference is little at the time of the closing, it can make a big difference if there is ever a possibility of foreclosure. The State of Massachusetts used the Title Theory, and the foreclosure process has many steps. Under this process, the Lender must file a complaint under the service member’s civil relief act in a land court or superior court, stating the intent of the foreclosure. Homeowners must be served with a copy of the complaint and has 20 days to file an answer. The following steps are included in this process: 1) Default and Right to Cure Notice – Homeowner falls behind on mortgage payments, it may receive collection calls or letters from the lender. The lender sends Right to Cure Notice giving homeowners 150 days to bring mortgage payments current, and during this time the lender cannot...
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...INTERNSHIP REPORT ON LOAN ADVANCEMENT PROCEDURE OF IFIC BANK LIMITED LOAN ADVANCEMENT PROCEDURE OF IFIC BANK LTD. Submitted to MAHMUDUL HAQ ADVISOR BRAC BUSINESS SCHOOL BRAC UNIVERSITY Submitted by MST. NAZMUN FARZANA ID: 09104103 BRAC BUSINESS SCHOOL BRAC UNIVERSITY date oF SubmiSSioN 17TH DECEMBER, 2012 LETTET OF TRANSMITTAL 17TH DECEMBER, 2012 Mahmudul Haq Course Instructor, BBS BRAC University Dear Sir, Here I present my Internship report titled “Loan And Advance Operation of IFIC Bank Limited‟ with due gratitude and appreciation. As per partial fulfillment of the requirements for the BBA Degree, I have completed the internship from IFIC Bank Limited, Federation Branch, Motijheel, Dhaka. The internship program has given me the opportunity to learn about different aspects of this well reputed organization. Before facing the corporate world, I have gathered general idea about the organization culture and activities. However, I have gathered all the facts that I could within this short period and have tried my level best to exert all the things as much presentable as possible. Yours faithfully, ………………. Mst. Nazmun Farzana ID: 09104103 Acknowledgement At the beginning, I would like to express my sincere gratitude to Almighty, the most merciful and beneficial for empowering me to prepare the report within the scheduled time. I also want to thank especially to my internship supervisor Mahmudul Haq Sir for his inspiring guidelines, valuable suggestion, constructive...
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...debt is satisfied. Equitable title remains in borrower. When mortgage is paid off, lender loses legal title. b. Significance: With legal title, lender has superior claim to the rents over anybody else’s interest that arises later. The lender has the right to take possession upon foreclosure, and doesn’t need ancillary remedies. 2) Lien Theory of Mortgages (restatement) a. Mortgagee retains legal and equitable title to the land when a mortgage is executed. Lender has a lien. The lender has no claim on possession or rents (unless the borrower mortgaged the rents). 3) Intermediate Theory a. Lien theory until default and title theory thereafter. As a practical matter, these states are really title theory states because nothing happens until default anyways in a title theory state. Ancillary Remedies (available to lender before foreclosure) 1) Mortgagee taking possession a. Takes possession & manages property; includes collecting rents & profits b. Lender must use legal process & cannot use self-help, even if so stated in mortgage or contract. c. Not available in lien theory states, unless: i. MR abandons property (public policy) ii. Consent of MR iii. Result of Good faith invalid foreclosure d. Duties of Mortgagee in possession i. Treated as land owner and is required to maintain and upkeep land 1. Including affirmative repairs ...
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...Contents Table of cases Introduction Bailment Defined Position under English Law Position under Indian law Conclusion Table of Cases Altas vs. Patil AIR 2004 Ker Atul Mehra And Anr. vs Bank Of Maharashtra on 22 March, 2002 Basanta Kumar vs. Kumud Mitter 1900 Binns vs. Piggot Bevan vs. Waters (1828) Jones vs. Turloe, 1723,8 Mod 172. Blount vs. War Office 1953, Damodar Das Agarwal vs. R. Badrilal Devivder kumas vs chaudhary gulab singh, ILR 1946 Nag Dinesh Pal vs, Chief Engineer Naval Academy AIR 2003 ICIC Bank Limited,vs. Maharashtra Rajya Rashtriya (2005) IILLJ 700 Bom J&K Bank Ltd. Vs. Abdul Samad AIR 2008 j&k. Kaliaperumal Pillai vs Visalakshmi AIR 1938, Legg vs. Evans 1842 Mangalore Catholic Bank ltd. Vs Sundra shetty 1987 . Nath Bros. Exim International Ltd vs Best Roadways, SCC 2000 O’Sullivan vs. Williams, Board of Trustees of the Port of Bombay v. M. Sriyanesh Knitters, AIR 1999 SC 2947, Parakh vs King Emperor AIR 1926 Oudh Shipping Corpn. Of India vs Monica India And Ors. on 18 March, 201 State Bank Of Patiala vs Northland Sugar Complex Ltd. on 30 January, 2004 Ultzen vs Nicols 1894, Wicks Farming v. Waraluck Mining P/L (1996) 1 QdR 99 Introduction The Bailment is another type of special contract and it is necessarily dealt with by the Contract Act. Since it is a ‘contract’, naturally all basic...
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