Conversion Equitable - Law Dictionary Search Results
Home Dictionary Name: conversion equitableConversion, 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 ...
equitable conversion
equitable conversion see conversion ...
conversion
conversion 1 a : the act of changing from one form or use to another b : the act of exchanging one kind of property for another ;esp : the act of exchanging preferred stocks or bonds for shares of common stock of the same company usually at a preset ratio or price and at a preset time equitable conversion : the constructive conversion of real property into personal property esp. as a result of a contract for sale of land or testamentary instructions to sell real estate and divide the proceeds NOTE: Equitable conversion is a legal fiction under which the seller of a real property becomes, upon the execution of a contract for the sale of the property, the owner of personal property in the form of legal title to the property that secures payment of the purchase price. The purchaser is deemed to be the holder of equitable title in and owner of the real property, having the rights and being subject to the liabilities that attend that status. In the case of a will in which a property ...
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 ...
Estate
Estate [fr. status, Lat.; etat, Fr.], the condition and circumstance in which an owner stands with regard to his property. The word is used in several senses and may denote either an estate in land; or an estate in property other than land; a legal estate or an equitable estate, land being an immovable is capable of being the subject of many estates existing concurrently with each other, thus the absolute ownership or fee simple may be leased and sub-leased, mortgaged and charged, each of the holders of these estates having a good legal or equitable estate at the same time; again, estates may be in possession, or in futuro; personal property may also be subject concurrently to a variety of ownerships, according to its nature; technically, in regard to land, the word is used to denote the quantity of interest, e.g., estate in fee simple, for life, for years, etc., in either legal or equitable estates. In practice its most important division is into real estate and personal estate, altho...
mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
Implied trusts
Implied trusts. an implied trust is one which arises from an equitable construction put upon the facts, conduct, or situation of parties.Implied trusts have been distributed into two classes: (1) those depending upon the presumed intent of the parties, as where property is delivered by one to another to be handed over to a third person, the receiver holds it upon an implied trust in favour of such third person; (2) those not depending upon such intention, but arising by operation of law, in cases of fraud, or notice of an adverse equity.A trust of this kind arises wherever the estate is converted by the trustee from one species of property into another; for if the property, in its original form, were invested with a trust, the cestui que trust's interests cannot be affected by any change of that form: and whether the conversion be in pursuance or in breach of the trustee's duty is immaterial; for an abuse of trust cannot confer any right on the party abusing it, or on those who claim i...
Pawn or Pledge
Pawn or Pledge [fr. pignus, Lat.], a bailment of goods by a debtor to his creditor, to be kept till the debt is discharged.A mortgage of goods is in the Common Law distinguishable from a mere pledge or pawn. By a mortgage the whole legal title passes conditionally to the mortgagee; and if the goods be not redeemed at the stipulated time, the title becomes absolute at law although equity allows a redemption. But in a pledge, a special property only passes to the pledgee, the general property remaining in the pledgor. Also, in the case of a pledge, the right of a pledgee is not consummated, except by possession; and, ordinarily, when that possession is relinquished, the right of the pledgee is extinguished or waived. But, in the case of a mortgage of personal property the right of property passes by the conveyance to the mortgagee, and the possession is not or may not be essential to create or support the title.As to things which may be the subject of pawn: These are, ordinarily, goods a...
Workmen's Compensation Act
Workmen's Compensation Act. (English) The Workmen's Compensation Act, 1897, introduced the principle of compulsory insurance of workmen by employers in a restricted number of trades. The gist of a right to compensation under the Acts is 'accident arising out of and in the course of the employment' causing personal injury to a workman (Workmen's Compensation Act, 1925 [15 & 16 Geo. 5, c. 84), s. 1 (1)] The compensation is not damages for negligence or any other tort at common law or by statute (see COMPBELL (LORD) ACTS (Fatal Accidents Acts, 1846-1908) and Employers Liability Act, 1880, sub tit. MASTER AND SERVANT), and an employer is not liable both for damages and compensation; but the workman or his representatives may elect between the remedies, and in an unsuccessful action for damages the Court may assess or refer the question of compensation to the proper tribunal, subject to an equitable order for costs (Workmen's Compensation Act, 1925, s. 25). Compensation is not payable for a...
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