Right of Appropriation definition

Right of Appropriation. As per Section 59 of the Indian Contract Act, 1972 while making the payment, a debtor has the right to direct his creditor to appropriate such amount against discharge of some particular debt. If the debtor does not do so, the banker can appropriate the payment to any debt of his customer.
Sample 1

Examples of Right of Appropriation in a sentence

  • Notwithstanding the Bank's right of Set-Off/Consolidation of Account and/or the Right of Appropriation, the Bank is not obliged to apportion any payment received from the Customer nor set-off the payment against any other monies due in any of the Customer’s accounts with the Bank.

  • Money Advice Hub - Right of Set-off & First Right of Appropriation Appeals Mid Sussex District Council will not provide a right of appeal against any decision not to award a discretionary Test and Trace Support Payment.

  • The Issuer agrees that (a) all Charged Property referred to in clause 14.1 (Right of Appropriation) has been delivered, transferred, held, registered or otherwise designated so as to be in the possession or under the control of the Security Trustee or a person acting on its behalf; and (b) the method of valuing such Charged Property under clause 14.1 (Right of Appropriation) is commercially reasonable.

  • The Issuer agrees that (a) all Charged Property referred to in Clause 14.1 (Right of Appropriation) has been delivered, transferred, held, registered or otherwise designated so as to be in the possession or under the control of the Security Trustee or a person acting on its behalf; and (b) the method of valuing such Charged Property under Clause 14.1 (Right of Appropriation) is commercially reasonable.

  • Money Advice Hub - Right of Set-off & First Right of Appropriation Appeals Mid Sussex District Council will not provide a right of appeal against any decision not to award a Test and Trace Support Payment.

  • Notwithstanding the Bank's right of Set-Off/Consolidation of Account and/or the Right of Appropriation, the Bank is not obliged to apportion any payment received from the Borrower nor set-off the payment against any other monies due in any of the Borrower's accounts with the Bank.

  • Unit 1: Banking LegislationBanking Legislation – Provisions of Banking Regulations – Definition of Banker – Relationship between Banker and Customer – General Relationship Between Banker and Customer – Obligations of Banker – Rights of Banker – Right of Appropriation Clay ton’s Rule – Pass Book– Legal Implications of Entries in Pass Book.

  • SRM – BBA -2014Negotiable Instrument Act – Cheque – meaning, crossing of cheques, Payment and collection of Cheque – duties and responsibilities of paying and collecting Banker – protection available to paying and collecting banker under NI Act – endorsements – forged instruments – bouncing of cheques and their implications – Banker’s lien – right of set off – garnishee order – Right of Appropriation.

  • Right of Appropriation: It is the right of the customers to direct his banker against which debt (when more than one debt is outstanding) the payment made by him should be appropriated.

  • Unit 1: Banking LegislationBanking Legislation – Provisions of Banking Regulations – Definition of Banker – Relationship between Banker and Customer – General Relationship Between Banker and Customer – Obligations of Banker – Rights of Banker – Right of Appropriation Clay ton‘s Rule – Pass Book– Legal Implications of Entries in Pass Book.

Related to Right of Appropriation

  • Appropriation means an authorization granted by a legislative body to incur obligations and to expend public funds for a stated purpose.

  • Appropriations means those funds appropriated from the general fund of the state and provided the division of soil conservation for funding the various incentive programs for soil erosion control.

  • right of access means the right to be admitted to invest in the territory of the other Contracting Party, subject to the limits resulting from international agreements binding on both Contracting Parties.

  • Event of Nonappropriation means a termination of this Facilities Agreement pursuant to

  • right of use means any right we have to use, in our own name and on our own account or the account of another counterparty, financial instruments received by us by way of collateral under a security collateral arrangement between you and us;

  • Appropriation Act means an Act of Parliament or of a county assembly that provides for the provision of money to pay for the supply of services;

  • Compulsory License means a compulsory license under the Licensed Patents obtained by a Third Party through the order, decree, or grant of a governmental authority of competent jurisdiction, authorizing such Third Party to manufacture, use, sell, offer for sale or import a Competitive Product in one or more countries within the Territory.

  • Eminent Domain means the taking of title to, or the temporary use of, the Project or any part thereof pursuant to eminent domain or condemnation proceedings, or by any settlement or compromise of such proceedings, or any voluntary conveyance of the Project or any part thereof during the pendency of, or as a result of a threat of, such proceedings.

  • Access Rights means licences and user rights to foreground or background;

  • Right-of-Way Permit means either the excavation permit or the obstruction permit, or both, depending on the context, required by this chapter.

  • Right of First Refusal means the Company’s right of first refusal described in Section 8.

  • Domain is a connected group of related web pages which form an entity and which are organized under a particular domain name (including its sub-domains). By way of example, the sub-domains of xxx.xxxxxxx.xxx would include xxxx.xxxxxxx.xxx;

  • Sui Generis Database Rights means rights other than copyright resulting from Directive 96/9/EC of the European Parliament and of the Council of 11 March 1996 on the legal protection of databases, as amended and/or succeeded, as well as other essentially equivalent rights anywhere in the world.

  • Right of First Refusal Agreement means the Right of First Refusal Agreement, dated as of August 4, 2017, among the Partnership, the Operating Partnership and NextEra Energy Resources, LLC.

  • Right of Co-Sale means the right, but not an obligation, of an Investor to participate in a Proposed Key Holder Transfer on the terms and conditions specified in the Proposed Transfer Notice.

  • Misappropriation means that the Employee (i) uses Confidential Information (as defined below) for the benefit of anyone other than the Employers or an Affiliate, as the case may be, or discloses the Confidential Information to anyone not authorized by the Employers or an Affiliate, as the case may be, to receive such information; (ii) upon termination of employment, makes any summaries of, takes any notes with respect to or memorizes any Confidential Information or takes any Confidential Information or reproductions thereof from the facilities of the Employers or an Affiliate or (iii) upon termination of employment or upon the request of the Employers or an Affiliate, fails to return all Confidential Information then in the Employee’s possession. For the avoidance of doubt, “Misappropriation” does not include disclosure of Confidential Information to a governmental regulatory agency, such as the U.S. Securities and Exchange Commission, provided that the Employee informs the agency that the Employers and/or Affiliates deem the information to be confidential. “Confidential Information” shall mean any confidential and proprietary drawings, reports, sales and training manuals, customer lists, computer programs and other material embodying trade secrets or confidential technical, business, or financial information of the Employers or an Affiliate.

  • Right of Others means, as to any Property in which a Person has an interest, any legal or equitable right, title or other interest (other than a Lien) held by any other Person in that Property, and any option or right held by any other Person to acquire any such right, title or other interest in that Property, including any option or right to acquire a Lien; provided, however, that (a) no covenant restricting the use or disposition of Property of such Person contained in any Contractual Obligation of such Person and (b) no provision contained in a contract creating a right of payment or performance in favor of a Person that conditions, limits, restricts, diminishes, transfers or terminates such right shall be deemed to constitute a Right of Others.

  • Threat of Release means a substantial likelihood of a Release that requires action to prevent or mitigate damage to the Environment that may result from such Release.

  • Right of First Offer shall have the meaning set forth in Section 13.1 hereof.

  • Creditors’ Rights has the meaning set forth in Section 3.2(b).

  • Right of First Refusal and Co-Sale Agreement means the agreement among the Company, the Purchasers, and certain other stockholders of the Company, dated as of the date of the Initial Closing, in the form of Exhibit F attached to this Agreement.

  • Set-off means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer.

  • Expropriation ’ means the compulsory acquisition of property by an expropriating authority or an organ of state upon request to an expropriating authority, and ‘‘expropriate’’ has a corresponding meaning;

  • Threat means a statement of an intention to inflict pain, injury, damage, or other hostile action to cause fear of harm. The intention may be communicated through an electronic, written, verbal, or physical act to cause fear, mental distress, or interference in the school environment. The intention may be expressly stated or implied and the person communicating the threat has the ability to carry out the threat.

  • Use Rights means the license terms and terms of service for each Product published on the Licensing Site and updated from time to time. The Use Rights supersede the terms of any end user license agreement that accompanies a Product. License terms for all Products are published in the Product Terms. Terms of service for Online Services are published in the Online Services Terms.