Contingent Interest - Law Dictionary Search Results
Home Dictionary Name: contingent interest Page: 5 Page 5 of about 47 results (0.004 seconds)Heir
Heir [fr. heire, Old Fr.; h'res, Lat.], a person who succeeds by descent to an estate of inheritance. It is nomen collectivum, and extends to all heirs; and under heirs, the heirs of heirs are comprehended in infinitum.A person who, under the laws of intestacy, is entitled to receive an intestate decedents property, esp. real property, Black's Law Dictionary, 7th Edn., p. 727.The (English) Admin. Of Estates Act, 1925, s. 45, having abolished all modes of descent of real property obtaining before 1st January, 1926, in regard to deaths taking place after 1925, except in a few cases (see DESCENT and DEVOLUTION), the importance of the 'heir' had diminished but the following note has been retained since the word 'heir' will be construed according to its meaning under the general law in force before 1926, in deeds and wills executed after 1925, under which the 'heir' may become entitled to an equitable interest in personality and realty corresponding to a real estate by purchase under the ol...
Merger
Merger [fr. mergo, Lat., to sink], an annihilation, by act of law, of a particular in an expectant estate consequent upon their union in the same person without an intervening estate in another person--thus accelerating into possession the expectant which swallows up the particular estate. It is the drowning of one estate in another, and differs from suspension, which is but a partial extinguishment for a time; while extinguishment, properly so termed, is the destruction of a collateral thing in the subject itself out of which it is derived. 'In order that there may be a merger, the two estates which are supposed to coalesce must be vested in the same person at the same time and in the same right' [Re Radcliffe, (1892) 1 Ch 231, per Lindley, LJ]. An estate tail, however is an exception to the rule; for a man may have in his own right both an estate tail and a reversion in fee; and the estate tail, though a less estate, will not merge in the fee, 2 Bl. Com. 177.The doctrine of merger pr...
Passive trust
Passive trust, a trust as to which the trustee has no active duty to perform. Passive uses were resorted to before the Statute of Uses, in order to escape from the trammels and hardships of the Common Law, the permanent division of property into legal and equitable interests being clearly an invention to lessen the force of some pre-existing law. For similar reasons equitable interests were after the statute revived under the form of trusts. as such, they continued to flourish, notwithstanding the singular amelioration effected at a later period in the law of tenure, because the legal ownership was attended with some peculiar inconveniences. For, in order to guard against the forfeiture of a legal estate for life passive trusts, by settlements, were resorted to, and hence, trusts to preserve contingent remainders; and passive trusts were created in order to prevent dower.Where an active trust was created, without defining the quantity of the estate to be taken by the trustee, the court...
Reserve and provision
Reserve and provision, the expression 'reserve' has not been defined in the Act and therefore one would be inclined to resort to its ordinary natural meaning as given in the dictionary but it seems to us that the dictionary meaning, though useful in itself, may not be sufficient, for, the dictionaries do not make any distinction between the two concepts 'reserve' and 'provision' which giving their primary meanings, whereas in the context of the legislation with which we are concerned in the case a clear distinction between the two is implied. According to the dictionaries (both Oxford and Webster) the applicable primary meaning of the word 'reserve' is: 'to keep for future use or enjoyment; to set apart for some propose or end in view; to keep in store for future or special use; to keep in reserve', while 'provision' according to Webster means: 'something provided for future'. In other words according to the dictionary meanings both the words are more or less synonymous and connote the...
remote
remote re·mot·er -est 1 a : far removed in space, time, or relation [ancestors of a more degree] b : exceeding the time allowed under the rule against perpetuities for the vesting of interests [the residuary clause…violates the rule against vesting "Estate of Grove, 70 Cal. App. 3d 355 (1977)"] ;also : being in violation of the rule against perpetuities [a contingent estate] 2 : acting, acted on, or controlled indirectly or from a distance 3 a : not proximate or acting directly b : not arising from the effect of that which is proximate 4 : small in degree [a possibility of paternity] re·mote·ly adv re·mote·ness n ...
Conditional limitation
Conditional limitation partakes of the nature both of a condition and a remainder. At the Common Law whenever either the whole fee or a particular estate, as an estate for life or in tail, was first limited, no condition or other quality could be annexed to this prior estate, which would have the double effect of defeating the estate, and passing the lands to a stranger, for as a remainder it was void, being an abridgment or defeasance of the estate first granted, and as a condition it was void, as no one but the donor or his heirs could take advantage of a condition broken; and the entry of the donor or his heirs unavoidably defeated the livery upon which the remainder depended. On these principles it was impossible by the old law to limit by deed, if not by will, an estate to a stranger upon any event which might abridge or determine an estate previously limited. But the expediency of such limitations, assisted by the revolution effected by the Statute of Uses, at length established ...
Shifting use
Shifting use, a secondary or executory use, which, when executed, operates in derogation of a preceding estate: as land conveyed to the use of A. and his heirs, with proviso that when B. pays a certain sum of money, the estate shall go to the use of C. and his heirs. The legal estates thereby created have been converted as from the 1st January, 1925, into equitable interests (see Law of Property Act, 1925, ss. 1 and 39 and the 1st Sch., Part I.). The instrument declaring the use if it was still in contingent operation on the 31st December, 1925, is a settlement within the meaning and for the purposes of the Settled Land Act, 1925, s. 1 (ii.) (b). See also SPRINGING USE....
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