Define Legal Term Perfect

by / / Uncategorized

Complete; ready; executed; enforceable. Perfect condition. In a statement of the rule that if there are two claims in “perfect condition” between two persons, each may insist on a whole, this term refers to the state of a claim if it is of right that can be required under its terms. Taylor vs. New York, 82 N. Y. 17. Perfect instrument. An instrument such as a deed or mortgage is supposed to become perfect when it is registered (or registered) or submitted for registration, as it then becomes good for the whole world. See Wilkins v. McCorkie, 112 Tenn. 088, 80 w.

834. A relationship of trust executed, (9. v.) To perfect “equity”, “machine”, “obligation”, “property”, “title” and “usufruct”, see these titles. Nglish: Translation of perfected for Spanish speakers In law, perfection refers to the additional steps that must be taken in relation to a security right in order to make it effective vis-à-vis third parties[1] or to maintain its effectiveness in the event of a breach of the security right by the grantor. Once a security right is actually created, it generally confers certain rights on the holder of the security right and imposes obligations on the party providing that security. [2] However, in many jurisdictions, additional measures — improve security — are necessary to enforce the security right against third parties such as a liquidator. [3] Registration of a particular asset is generally feasible only if the assets are of a type and substance that permit a registry for the registration of security rights against them. Most countries have systems in place to register security rights with respect to land, air, maritime and intellectual property rights. The advantage of a registry over the asset is that if the debtor wants to provide an asset as collateral, the proposed lender can quickly and definitively verify whether the asset is encumbered or not.

Problems arise when a secured creditor does not deposit in the right place and leaves potential lenders without notice of potential security. A special note on the refinement of security rights in a patent is an example of this problem of misunderstandings. In order to perfect a security right in a patent, it is not enough for you to file a patent application with the Patent and Trademark Office. A secured creditor must deposit in the UCC filing system in order to perfect its interest. Indeed, the Patent Act does not “pre-empt” the state`s filing requirements. In other contexts, submission outside the UCC classification system is appropriate to complete a security right. [9] In some jurisdictions, specialized registries cannot always be considered a “single source of information.” [10] Some security rights can only be perfected by the actual possession of the asset. For example, the right to enforce the sale of the asset depends on the possession of that asset as part of a pledge (or lien): an agreement that leaves the debtor in possession of the pledged security does not create an enforceable security right. [5] (with emphasis on the second syllable) v. 1) to take all necessary steps to achieve a result, such as: obtaining a privilege or other guarantee through legal action or filling in and filing all documents to bring a case before a court of appeal. A mechanic`s privilege over labor and/or materials used to improve real estate is “perfected” by filing a lawsuit and obtaining a judgment attaching the privilege to the property. 2) to make perfect.

(See: Mechanic`s Privilege) There are three main methods by which a security right can be perfected (the applicable perfection method depends on the type of security right and the laws of each country). “Perfected Legal Dictionary, Merriam-Webster, Retrieved 11 October 2022. In most jurisdictions, the need for perfection arises only in relation to exclusive security rights (e.g., a mortgage or reasonable fees). Other agreements that constitute security in the broad sense of the term — such as retention-of-title contracts, hire-purchase agreements and — financial leases generally do not need to be further developed in the legal sense. 1. Something complete. 2. This term applies to the obligations to distinguish those that can be applied by law, which are called perfect, from those that cannot be applied in this way, which are said to be imperfect. 3.

In order to meet all the legal requirements in order to obtain a legal result, a lien is usually used in reference to a privilege, a privilege is perfected, which is achieved by taking legal action, obtaining a judgment, and then filing that judgment with the district official. In some cases, possession does not necessarily have to be actual possession, but may be constructive possession. For example, having a title document is often sufficient if it is not possible to possess the goods. [6] In many jurisdictions, implied possession can also occur by atttornation. The same rule — the common law rule in Dearle v. Hall, for example, may — regulate both perfection vis-à-vis third parties (e.g., subsequent security holders) and the prioritization of competing collateral. Perfecting a title means registering it or saving it in the right place so that ownership is established against everyone. PERFECT. Something complete.

2. This term applies to obligations to distinguish between those that can be applied by law, which are called perfect, those that cannot be applied in this way and which are said to be imperfect. Imperfect vacuum; Obligations. However, the situation is complicated by the fact that many legal systems use the two interchangeably. A security right granted by a debtor in a particular asset in a given country may need to be registered against the debtor, against the asset, against both, or for neither. [12] Similarly, in many common law jurisdictions where there is an assignment of a debt, the assignor cannot assert the rights of the assigning creditor against the debtor unless the assignment has been announced, and until the assignment is notified, the debtor can still settle the debt by paying the amount of money to the creditor, regardless of the assignment. As a legal concept, perfection must be distinguished from: The right to perfect security rights by seizure can sometimes be confused with the right to grant security rights, which provides that the deposit of certain assets (usually title documents) may constitute an appropriate mortgage of the assets. [7] Some security interests can be furthered through any type of registration or submission. Although the terms are used interchangeably, it is more accurate to speak of registration as a repository of information and of filing as an application of the security right itself.

[8] In some jurisdictions, the enforcement of a security right requires that a third party concerned be notified. This most often occurs with respect to the security of a debt or other person elected in action, with the party owing the debt or holding the fund having to be notified. In English law, an often cited example is the well-known rule in Dearle v Hall. According to the rule, if X and A owe money to A and then places a reasonable burden on that debt to B and then grants a second equitable burden on the same debt to C, then the ability to apply B or C`s charge against the money in X`s hands depends on the notification to X. The controversy usually revolves around the fact that this is also a priority rule, which means that (if their rights are otherwise the same) the one who notifies X has the previous claim, regardless of the order in which the fair costs were awarded. Subscribe to America`s largest dictionary and get thousands of additional definitions and advanced search – ad-free! Registration against a debtor is generally carried out by requiring the debtor to register certain security rights. The advantage is that a lender can quickly recognize which assets of the debtor are encumbered and which are not. However, since many registration systems do not require the registration of all types of security rights, gaps may remain. In addition, systems that register security rights against the debtor are not used to verify whether the debtor actually owns one of the assets in question, but only that it has not created a security right in it. [11] Improve your vocabulary with these w. How to use a word that (literally) leads to something. In India, section 125 of the Companies Act 1956 provides that certain charges are void against liquidators or creditors unless they are registered.

Thus, if a commission is not registered with the Registrar of Companies and the company is wound up, even the secured creditor will be treated as unsecured. In general, the registration systems are divided into two types: Can you find the former winners of the National Spelli. Test your knowledge – and maybe learn something along the way. Complete; ready; executed; enforceable; flawless; Merchant; saleable.