Money`s Worth Legal Definition

  • Non classé

(3) Reasonable and full consideration in money or monetary value. For the purposes of paragraph (f) of this section, « reasonable and full consideration in money or monetary value » means consideration in money or monetary value that is proportional to the actual value of the property acquired. See paragraph (a)(3) of this section for the definition of currency or monetary value. Reasonable and full consideration in money or monetary value may include consideration in a bona fide purchase. The term also includes consideration in a transaction where the buyer has not performed an obligation, such as consideration in a hire purchase agreement where the buyer has not paid for delivery. 3.1 The term « full consideration in money or monetary value » is not defined by law. Nevertheless, it is not a term coined specifically for § 16 and it has a long history and wide application dating back to § 3 (1) FA 1894. 3.3 The broad approach taken by the courts in deciding whether money or monetary value has been fully considered was demonstrated by Hamilton J. in A G v Boden (1912) 1KB 539, at p. 561: (3) Money or monetary value. For the purposes of paragraph (a) of this Division, the term « money or monetary value » includes money, security (as defined in paragraph (d) of this Division), tangible or intangible assets, services and other consideration that may be reduced to monetary value. Money or monetary value also includes any consideration that would otherwise constitute money or monetary value within the meaning of the preceding sentence, of which a person separated before the security right would otherwise exist, if, under domestic law, the consideration is sufficient to support an agreement giving rise to a security right. A waiver or promise of a dowry, curtesy or legal succession created in lieu of dowry or curtesy, or other matrimonial rights, is not consideration in money or monetary value.

Nor is love and affection, the promise of marriage, or any other consideration that cannot be reduced to monetary value, being something in money or monetary value. 2.4 In order to dispel the doubts expressed, an exception was adopted under section 97 of the FA 1981. It is now section 16 of the IHTA 1984, which provides that, for the purposes of the IHT, the grant of a lease of farm property in the United Kingdom `for agricultural purposes shall not constitute a transfer of value by the grantor if it does so in return for full consideration in money or monetary value`. Unless otherwise specified, the eligible consideration for a transaction will be any monetary or monetary consideration paid directly or indirectly by the buyer or any person associated with the buyer for the purpose of the transaction. 4.1 When verifying whether the subsidy for the entire consideration was in cash or monetary value, CTO must first consider the rent that passes under the lease and will therefore seek advice from the DV. (1) In general. Buyer means a person who, in exchange for reasonable and full consideration in money or monetary value (as defined in paragraph (f)(3) of this Section), acquires an interest (other than a lien or security) in real estate that is valid under local law in respect of subsequent purchasers without actual notice. (ii) to the extent that the holder has disposed at that time of the money or monetary value (as defined in paragraph (a)(3) of this Section). For the purposes of paragraph (a)(1) of this Section, a contractual right (as defined in Article 70.232(c)(2)(i) of this Part) exists at the time the contract is entered into. A claim (within the meaning of Article 70.232(c)(2)(ii) of this Part) exists if and to the extent that a claim for payment is based on enforcement.

A security right referred to in point (a) of this Section exists at the time its priority in respect of a mortgage is established. For example, to obtain priority under section 70.145(a) of this Part, a security right as defined in paragraph (a) of this Division must exist prior to the filing of a notice of lien. « Someone`s money is worth it. » Merriam-Webster.com Dictionary, Merriam-Webster, www.merriam-webster.com/dictionary/someone%27s%20money%27s%20worth. Retrieved 23 November 2022. This note provides general advice and information to evaluators who have received a reference from the CTO inviting the IR to provide its opinion on « full open market rent » (see section 9(9.28 et seq.) with respect to « full consideration in cash or monetary value » in section 16 of IHTA 1984. (ii) a written contract of performance for the purchase or rental of immovable property, 4.2 sentence 16, relates to the granting of a lease; That is, the creation of a new rental.