Portion - Definition - Law Dictionary Home Dictionary Definition portion

Definition :

Portion, property settled or provided in favour of children or their issue. In settlements by deed or will of personal property, portions were and are usually effected by direct trusts in favour of the children or issue, either immediately or after the death of the parent or parents. In regard to realty the usual plan was to settle a long term of years from or out of the real estate upon trust to sell or mortgage the term in order to provide the portions when they became payable. See SATISFIED TERM; ATTENDANT TERM. This term preceded the settlement of the estate in fee or in tail according to the intention of the settlor. This method is still available although the term is not a legal estate and will not affect a purchaser even with notice who takes his title from estate owners who are entitled to sell the estate unaffected by the term, but the trustees entitled to the term may require to have the term secured by a legal mortgage. See Law of Property Act, s. 3 (1) and Settled Land Act, s. 16; and see also in the 1st Schedule, Form 3, which is an optional statutory form of settlement. See Key and Elphinstone, Notes to Real Settlements. Settlements of portions usually contain a provision for hotchpot and maintenance of infants and advancement of capital before the period of vesting or distribution. Interest is payable on portions from the time they become due. All causes and matters connected with the raising of portions or other charges on lands are assigned to the Chancery Division of the High Court of Justice [(English) Jud. Act, 1925, s. 56, reproducing Jud. Act, 1873, s. 34], and see SATISFACTION.