THE CONCEPT OF ASSIGNMENT OF DECREE-DEBT
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Abstract
In the matter of: Commissioner of Wealth Tax V/s Pierce Leslie & Co. Ltd., AIR 1963 Mad 356, relying upon the report in the matter of: Webb V/s Stenton, (1883) 11 QBD 518, it was observed that the essential requisites of a debt are: (1) An ascertained or readily calculable amount; (2) An absolute unqualified and present liability in regard to the amount with the obligation to pay forthwith or in future within an ascertained time; (3) The obligation must have accrued and be subsisting and should not be that which is merely accruing. Thus, a contingent liability or a contingency debt is neither a liability nor a debt. A debt is a debitum in praesenti, solvendum in futuro.
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