| 单词 | Merger |
| 释义 | 合併 A combination of two or more entities, rights or estates. Bills of exchange - A method of discharging a bill of exchange by which the acceptor of the bill is or becomes its holder at or after its maturity, in the acceptor’s own right. The reason for discharge is that the rights and liabilities on the bill have ‘merged’ in one person; there is no point in the holder suing himself or herself as acceptor. See also Acceptor; Cancellation; Rule against circuitry of action; Discharge of negotiable instrument; Holder; Renunciation. Corporations - 1.A combination of two or more firms or companies, usually one company is absorbed into the structure of the other(s) and loses its separate identity. It involves one company acquiring shares or assets of another. 2. Merging a company in a group structure under a holding company. A merger may be horizontal or vertical. 3. A euphemistic term for a takeover, considered to be more tactful to the loser. The Codes on Take-overs and Mergers and Share Repurchases, as codes of business ethics rather than codes of law, has been adopted for the purpose of considering acceptable standards of commercial conduct and behaviour in the conduct of take-overs and mergers: Halsbury’s Laws of Hong Kong, Vol 6, Companies and Corporations [95.1525]. See also Acquisition; Competition law; Holding company; Market; Restrictive trade practices; Share; Takeover. Deeds - The process by which a lower security is absorbed into a security of a higher nature taken for the same debt. An example is the merger of a simple contract debt into a specialty for the same debt where the obligations created by the deed are considered to be of higher value than those that existed under the simple contract: Price v Moulton (1851) 10 CB 561, 138 ER 222. The operation of the doctrine depends on the intention of the parties (Barclays Bank Ltd v Beck [1952] 1 All ER 549, 2 QB 47 (CA)), which is a question of fact (Collins v Owen (1866) 15 LT 327) gathered from their documents. Ordinarily, where an obligor owing an existing simple contract debt gives security for its payment by a covenant under seal and a charge on property, the simple contract debt is merged into the specialty unless there is an express provision to the contrary: Barclays Bank Ltd v Beck, supra. An obligation merged in this manner is said to be discharged by operation of law: Owen v Homan (1851) 3 Mac & G 378. Also known as ‘merger by higher remedy’ or ‘merger in judgment’ See also Debt; Deed; Intention; Obligor; Security; Simple contract; Specialty. Equity - The joining of one right to another such that a lesser estate was vested in the same person as a greater estate without any intermediate estate, the lesser estate merged in the greater and was extinguished, without regard to the intention of the parties concerned: Re Bellville’s Settlement Trusts, Westminster Bank Ltd v Bellville [1964] Ch 163, [1963] 3 All ER 270. In equity, merger depends upon the intention, actual or presumed, of the person in whom the interests become united: Symons v Southern Rly Co (1935) 153 LT 98 (CA). A court of equity so regulates the parties’ rights with reference to the doctrine of merger that it will not allow a merger to take place if it sees equitable reasons for holding that it should not take place: Brandon v Brandon (1861) 31 LJ Ch 47. The doctrine of merger arises in equity in three contexts: merger of estates, merger of charges, and merger in conveyance. See also Merger of charges; Merger in conveyance; Merger of estates. Real property - For real property, where a lesser and a greater estate in the same land come together and vest, without any intermediate estate, in the same person and in the same right, the lesser is immediately annihilated by operation of law. It is said to be ‘merged’, ie sunk or drowned, in the greater estate. For example, if land is limited to A for life, remainder to B in fee simple, merger will result from any event which produces the union in person of the life interest and the remainder in fee. Thus if A conveys his life interest to B, or if B conveys his remainder to A, there is in each case a merger. Again, a term of years may merge in a life interest, and an estate pur autre vie may merge in the interest held by a tenant for his own life: Cheshire & Burn Modern Law of Real Property (15th Ed, Butterworths, London, 1994). See also Extinguish. 指兩個單位、兩項權利或產業權的組合。 匯票 - 指清償匯票的其中一個方式，匯票的承兌人在到期日或到期日後，因其本身權利成為或將成為該匯票的持有人。清償的原因是匯票上的權利及法律責任已合併在一人身上；如持有人以承兌人的身分對自己提出起訴是沒有意義的。另見 Acceptor; Cancellation; Rule against circuitry of action; Discharge of negotiable instrument; Holder; Renunciation。 法團 - 1. 指兩間或以上的商號或公司的組合，一般是某公司被另一間公司的結構所吸收而損失其獨立身分。它涉及某一間公司收購另一間公司的股份或資產。 2. 指將母公司集團結構的公司合併。此項合併可以是水平式合併或垂直式合併。 3. 用以委婉地形容‘收購’的用語，對失敗者而言則比較得體。公司收購、 合併及股份購回守則，屬商業道德守則而非法律守則，為顧及在收購及合併的商業處理方式及行為的可接受標準的目的而使用此項守則：Halsbury’s Laws of Hong Kong, 第6冊，公司與法團，第[95.1525]段。另見 Acquisition; Competition law; Holding company; Market; Restrictive trade practices; Share; Takeover. 契據 - 指較低的抵押融入用作同一債項的較高抵押的過程。其中一個例子是一項簡單合約債項與同一債項的蓋印文據合併，而由契據所設立的責任將被視為較根據簡單合約而存在的價值為高：Price v Moulton (1851) 10 CB 561, 138 ER 222。此原則是根據各方的意圖而實施 ((Barclays Bank Ltd v Beck [1952] 1 All ER 549, 2 QB 47 （英國上訴法院）)，此意圖指從他們的文件中所收取的事實問題 (Collins v Owen (1866) 15 LT 327)。通常，當義務人欠下已存在的簡單合約債項，並就其繳款通過經蓋章的契諾給予抵押及就財產上的押記，簡單合約債項與蓋印文據即會合併，除非當中有明示的相反規定：Barclays Bank Ltd v Beck, supra。以此方式合併的責任被稱為藉法律實施而解除責任：Owen v Homan (1851) 3 Mac & G 378。另稱‘較高賠償合併’‘’或‘判決合併’。另見 Debt; Deed; Intention; Obligor; Security; Simple contract; Specialty。 衡平法 - 指某一項權利加入另一項權利，使較少產業權可以較大產業權的形式歸屬予同一人，當中沒有中間產業權，較少產業權溶入較大產業權中，較少產業權會被取消，而無須理會有關各方的意圖：Re Bellville’s Settlement Trusts, Westminster Bank Ltd v Bellville [1964] Ch 163, [1963] 3 All ER 270。在衡平法上，合併須根據權益將會合併的人的意圖 （不論是真實或推定） 而進行：Symons v Southern Rly Co (1935) 153 LT 98 （英國上訴法院）。衡平法法庭根據合併原則管限各方的權利，該原則不容許進行合併如顯示合併的衡平法理由並不支持進行合併：Brandon v Brandon (1861) 31 LJ Ch 47。在衡平法上合併原則可應用於三項內容當中：產業權合併、押記合併及轉易契合併。另見 Merger of charges; Merger in conveyance; Merger of estates。 土地財產 - 就土地財產而言，當同一土地的較少及較大的產業權放在一起，在沒有中期產業權的情況下，歸屬於同一人及同一權利，較少的產業權緊接藉法律的實施而廢棄。它被稱為‘合併’，即被淹沒或壓倒於較大的產業權之下。例如：A享有某土地的終身權益，而剩餘的權益則以永久產權給予B，合併可因任何事件而引致享有終身權益與剩餘永久產權的人結合。因此如A將其終身權益轉易予B，或如B將其剩餘的權益轉易予A，此等情況即構成合併。進而，年期可合併成終身權益，而其他人有生之年的地產則合併成由承租人終身持有的權益：Cheshire & Burn Modern Law of Real Property (第15版, Butterworths, 倫敦, 1994年)。另見 Extinguish。n. |
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