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More Definitions of No Liability No Liability means all defendant Insureds obtain by reason of a motion to dismiss, motion for summary judgment or trial a final non-appealable judgment in their favor.
What does it mean to assume a liability?
An assumed liability is a liability that one party takes on under the terms of a contract. In the context of insurance, insurance policies that protect against losses from an assumed liability are available. Assumed liabilities are also known as contractual liabilities.
What does no liability assumed mean?
Non-Assumed Liabilities means any and all Liabilities of the Sellers that are not Assumed Liabilities. NonAssumed Liabilities specifically include, without limitation, the items listed on Schedule 6.1.
What makes something an obligation?
The popular meaning of the term obligation is a duty to do or not to do something. In its legal sense, obligation is a civil law concept. An obligation can be created voluntarily, such as one arising from a contract, quasi-contract, or unilateral promise.
Are assumed liabilities part of purchase price?
The assumption of a vendors liability by a purchaser may constitute part of the sale price and, therefore, part of the vendors proceeds of disposition. The tax consequences to the vendor and the purchaser will vary depending on whether a liability is embedded or separable from the property acquired.
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Related forms
Transfer Authorization for Registered Investments - HSBC Canada
ASSUMPTION OBLIGATION means any monetary amounts payable to the non-debtor party to any executory contract or unexpired lease, pursuant to section 365(b)(1) of the Bankruptcy Code, as a condition to the assumption of such contract or lease.
Can payment be made by a third person?
The creditor is not bound to accept payment or performance by a third person who has no interest in the fulfillment of the obligation, unless there is a stipulation to the contrary.
How are assumed liabilities treated in an asset sale?
In general, when a buyer assumes a liability of a seller in a taxable asset sale, the assumption of the liability is included in consideration paid to the seller.
How can we determine whether an obligation arises from law?
Factor to Determine whether an Obligation Arises from Law or from other sources. This is when an obligation generated from a contract, its only purpose was to perform on what is stated which did not arise from it, the act itself is the source of the obligation and not the law.
What determines the existence of an obligation?
Obligation exists when there is a choice to do what is morally good and what is morally unacceptable. There are also obligations in other normative contexts, such as obligations of etiquette, social obligations, religious, and possibly in terms of politics, where obligations are requirements which must be fulfilled.
Related links
26 CFR 1.357-1 - Assumption of liability. - Law.Cornell.Edu
(a) General rule. Section 357(a) does not affect the rule that liabilities assumed are to be taken into account for the purpose of computing the amount of
Self-Insured Employers Assumption of Liability Policy
Under Workers Compensation Law 50(3) a former self-insured employer may request to execute a loss transfer agreement, known as an Assumption of Liability
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