retention(redirected from retention money)
Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia.
retentionin the Scots law of contract, the right for A not to pay money due to B under a contract until damages due by B to A under the same contract are ascertained. Thus, a claim for freight may be opposed by a claim for damage done to the goods in transit. In bankruptcy or liquidation, a party who is facing an illiquid claim may retain in respect of an illiquid sum owed to him by the bankrupt and it is not necessary that the debts should arise out of the same contract.
In the law of Sale of Goods 1979, where the property in goods has not passed to the buyer, the unpaid seller has a right to withhold delivery similar to and co-extensive with his rights of lien or retention and stoppage in transit where the property has passed to the buyer.
RETENTION, Scottish law. The right which the possessor of a movable has, of
holding the same until he shall be satisfied for his claim either against
such movable or the owner of it; a lien.
2. The right of retention is of two kinds, namely, special or general. 1. Special retention is the right of withholding or retaining property of goods which are in one's possession under a contract, till indemnified for the labor or money expended on them. 2. General retention is the right to withhold or detain the property of another, in respect of any debt which happens to be due by the proprietor to the person who has the custody; or for a general balance of accounts arising on a particular train of employment. 2 Bell's Com. 90, 91, 5th ed. Vide Lien.