Beneficiary Heir - Law Dictionary Search Results
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heir
heir : one who inherits or is entitled to succeed to the possession of property after the death of its owner: as a : one who by operation of law inherits the property and esp. the real property of a person who dies without leaving a valid will used in jurisdictions whose law is based on English common law called also heir at law heir general legal heir compare issue b in the civil law of Louisiana : one who succeeds to the estate of a person by will or esp. by operation of law see also intestacy, unworthy compare ancestor, devisee, legatee, next of kin, successor apparent heir : heir apparent in this entry beneficiary heir in the civil law of Louisiana : an heir who exercises the benefit of inventory which limits the amount of his or her liability for the decedent's debts bod·i·ly heir : heir of the body in this entry forced heir : an heir who cannot be disinherited except for causes recognized by law ;esp in the civil law of Louisiana : an heir who because of yo...
fiduciary relationship
fiduciary relationship : a relationship in which one party places special trust, confidence, and reliance in and is influenced by another who has a fiduciary duty to act for the benefit of the party called also confidential relationship fiduciary relation see also fiduciary duty at duty NOTE: A fiduciary relationship may be created by express agreement of the parties, or it may be imposed by law where established by the conduct of the parties. Typical fiduciary relationships exist between agents and principals, attorneys and clients, executors or administrators and legatees or heirs, trustees and beneficiaries, corporate directors or officers and stockholders, receivers or trustees in bankruptcy and creditors, guardians and wards, and confidential advisors and those advised. ...
Settlement
Settlement, means an agreement ending a dispute or a law suit, Black's Law Dictionary, 7th Edn., p. 1377.Settlement, suggests that, in the process of vesting, the right to possession in such lands is also vested in the State, and thereafter it is settled back with the outgoing proprietor by the operation of law, Brijnandan Singh v. Jamuna Prasad Sahu, AIR 1958 Pat 589.Settlement, the act of giving possession by legal sanction; a jointure granted to a wife; a disposition of either real or personal property or both for the benefit of one person for his life, and after his death for the benefit of another person absolutely, or with a similar ultimate devolution for the use of several persons in succession after the person first named. See last title, and SETTLEMENT ESTATE DUTY.The conveyance of property -- or of interests in property -- to provide for one or more beneficiaries, usu. members of settlor's family in a way that differs from what the beneficiaries would receive as heirs under ...
Uses
Uses (History). A use is the intention or purpose, express or implied, upon which property is to be held. The Common Law treated the actual possessor for all purposes as the owner of the property. It was not difficult to find him out, since the possession of his estate was conferred upon him by a formal and notorious ceremony, technically called livery of seisin, which was performed openly and in the presence of the people of the locality.It soon became evident that the simple rules of the Common Law were stumbling-blocks to the complicated wants of an enterprising people.Hence ingenuity was sharpened to hit upon a device which should set at nought the rigidity of existing law and formalities.A system was found by the monastic jurists upon a model furnished by the Civil Law, which, by a nice adaptation, evaded, without overturning, the Common Law. Two methods of transferring realty began to co-exist in this country-the ancient Common Law system, and the later invention, which is denomi...
Conversion, equitable
Conversion, equitable. It is an established principle that money directed to be employed in the purchase of realty, and realty directed to be sold and turned into money, are considered inequity as that species of property into which they are directed to be converted; and this, in whatever manner the direction is given; whether by will, or contract, marriage articles, settlement, or otherwise; and whether the money is actually deposited, or only covenanted to be paid, or whether the land is actually conveyed, or only agreed to be conveyed, Fletcher v. Ashburner, (1779) 1 Bro CC 497; 1 W&TLC. This principle is governed by the doctrine of equity, that that which ought to be done shall be deemed as actually done.The property thus equitably transmuted by anticipation will possess all the qualities, incidents, and peculiarities of that kind of property into which it is destined to be changed. See 3 & 4 Wm. 4, c. 74, s. 71.But the beneficiary, or all the beneficiaries together, provided they ...
Trust
Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...
Trust for sale
Trust for sale. Trusts for sale of land were commonly crated in settlements and well-drawn wills. The effect was to convert realty into personalty so that the proceeds devolved upon the beneficiaries as personalty unless they elected to take the property as realty (see CONVERSION), except that upon a lapse of the devise of realty in the testator's lifetime the property resulted to the heir-at-law, Ackroyd v. Smithson, (1780) 1 Bro CC 503. Another and more practical consequence was that the whole estate was vested as a rule in the trustees so that with or without consent of any other person as directed by the donor or testator they could vest the whole estate in a purchaser without his seeing to the application of the purchase money (Trustee Act, 1893, s. 14), and without participation of beneficiaries whose consent was not required, thus providing an expedient, which, together with the Settled Land Acts and other statutes giving analogous powers to mortgagees, personal representatives ...
Real representative
Real representative. The name formerly given to a personal representative on whom real estate devolved on the death of any person between the 31st December, 1897, and the 1st January, 1926, under the provisions of the (English) Land Transfer Act, 1897.Prior to the commencement on the 1st of January, 1898, of the (English) Land Transfer Act, 1897 [see (English) TRANSFER OF LAND ACTS], the real estate of a deceased person vested in his heir, heiresses, or devisees, and his personal estate in his executors or administrators. The (English) Land Transfer act, 1897, (60 & 61 Vict. c. 65), reproduced and extended by the (English) Administration of Estates Act, 1925, established a real representative in the person of the executor or administrator of any person dying after the commencement of that Act, in whom all his real estate except copyhold was vested notwithstanding his will, unless, as in a joint tenancy, any other person had a right to take by survivorship, so that one and the same pers...
Personal property
Personal property, money, goods, cattle, chattels, stocks, shares, securities, debts, etc., and also leases for years, however long. Personal property is either in possession, or in action, where a man has not the actual occupation of the thing, but only a right to it arising upon some contract, and recoverable by an action at law.Any person may assign personal property, including chattels real, directly to himself and another person or other persons or corporation, by the like means as he might assign the same to another, Law of Property Amendment Act, 1859, s. 21.This was extended by the (English) Emergency Act, 1881, to conveyances of freehold land or choses in action by a husband to a wife or e contra. Now, by the (English) Law of Property Act, 1925, s. 72, a person may convey real or personal property to himself alone.In the case of real property there can be no such thing as an absolute ownership in the subject-matter, i.e., land; the utmost that any one, even an owner in fee sim...
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