Equitable Estates - Law Dictionary Search Results
Appointment in exercise of a Power
1925, s. 1(7). Powers may also be reserved over personal estate, and in that case also only the equitable estate now passes; a common instance is the power of appointment among the issue usually given by a … the seisin to serve the appointed use was transferred by the prior assurance; the appointment vested the legal estate in the appointee, who took as though he were named in such prior assurance. After the 31st December,
asset
a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is subject to the payment of debts only in … Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of
Constructive trust
upon land sold for unpaid purchase money, and generally, when an estate is subject to a trust or equitable interest or lien, and a person purchases it for value, with either actual or constructive notice of it, … arises upon a vendor's lien or charge upon land sold for unpaid purchase money, and generally, when an estate is subject to a trust or equitable interest or lien, and a person purchases it for value, with
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Release
could not thus release to one another, since they had distinct interests in the property. They now are equitably interested only in proceeds of sale. See UNDIVIDED SHARES, and the question of the release of a legal … or renunciation of a right of action (see SURETY CON-SIDERATION); also a Common Law conveyance of a larger estate, or a remainder, or reversion to one already in possession, the operative verb in which is 'release'; hence
Reversion
out of the larger estate or reversion.' Settled reversions of freehold or leasehold estates have been reduced to equitable interests by the Law of Property Act, 1925, but the word is also used to mean the freehold
Deed
interest or relinquish any right should come first, and amongst them, those having legal estates before those having equitable only, and the larger interests should precede the lesser. Then consenting parties and covenantors. After these, those who
Assets
administration of the estate of a deceased person assets were, before 1925, divided into two classes, legal and equitable. Legal assets comprised all property to which the personal representative became entitled virtute officii and for which he … creditors; the whole property of a person, without any such reference. For purposes of the administration of the estate of a deceased person assets were, before 1925, divided into two classes, legal and equitable. Legal assets comprised
Annuity
of the body being born. But now under s. 130 of the (English) L. P. Act, 1925, an equitable estate tail may be created after 1925 in respect of an annuity or any other personal estate if … to any variation depending upon or on any ground relating to the general income of the fund or estate which is charged for such payment, CWT v. P. K. Banerjee, (1981) 1 SCC 63 (75): AIR 1981
Autre vie, Estate pur
The lowest estate of freehold which the law allowed before 1926. After 1925 the estate has become an equitable interest, (English) Law of Property Act, 1925, s. 1. If limited to the grantee and his heirs, it … of) v. Moore-Smyth, 1896 AC 158. Estate pur autre vie now devolve on the personal representative (Administration of Estates Act,1925, s. 11), and are assets for the payment of debts (s. 32, ibid.). a tenant pur autre
Escheat
in regard to successions after 1935 by the (English) A.E. Act, 1925, s. 56, it was provided that equitable estates and estates in incorporeal hereditaments (which prior to that Act did not escheat) shall be subject to the
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