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In some common law nations, a recognizance is a conditional pledge of money undertaken by a person before a court which, if the person defaults, the person or their sureties will forfeit that sum. It is an obligation of record, entered into before a court or magistrate duly authorized, whereby the party bound acknowledges (recognizes) that they ...
The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹12,000 crore (US$1.4 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. [1] The fraud was allegedly organized by jeweller and designer Nirav Modi.
At appeal, the Court of Exchequer Chamber held that where a party agrees to grant a good and valid lease, having full knowledge that he has no title, the plaintiff, in an action for the breach of such agreement, may recover, beyond his expenses, damages resulting from the loss of his bargain; and the defendant cannot, under a plea of payment of money into court, give evidence that the ...
A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong.
Data breaches are happening at an alarming rate as more and more data is stored in the cloud. In 2023, 82% of breaches involved data stored in the cloud, according to an IBM report as reported by ...
Letters of credit are also sometimes used as part of fraudulent investment schemes. [31] In the international banking system, a letter of undertaking (LOU) is a provisional bank guarantee, under which a bank allows its customer to raise money from another bank's foreign branch in the form of short-term credit.
Magistrates form the view that a person ("the principal"), who might be a person of previously unblemished reputation, is likely to breach the peace or commit criminal offences. They require him to enter into a recognisance, in form of a voluntary covenant or agreement, to keep the peace , or to be of good behaviour, sometimes in a set sum (say ...
Those receiving Medicare should be on the lookout for new mail in the coming weeks. As many as 254,000 Medicare beneficiaries' personal information may have been compromised in a data breach, the...
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