Estate Tax - Law Dictionary Search Results
Home Dictionary Name: estate taxestate tax
estate tax : an excise in the form of a percentage of the taxable estate that is imposed on a property owner's right to transfer the property to others after his or her death called also succession tax see also unified transfer tax compare gift tax, inheritance tax ...
estate taxes
estate taxes The tax imposed on the property of a deceased person who transfers ownership by will or intestate succession. Source: FindLaw ...
Legal representative
Legal representative, a 'legal representative' ordinarily means a person who in law represents the estate of a deceased person or a person on whom the estate devolves on the death of an individual, Gujarat State Road Transport Corporation v. Ramanbhai Prabhat Bhai, AIR 1987 SC 1690 (1699): (1987) 3 SCC 234: (1987) 3 SCR 404. [Motor Vehicles Act, (4 of 1939), s. 92A]The definition of 'legal representatives' includes heirs as well as persons who represent the estate even without title either as executors or administrators in possession of the estate of the deceased, Custodian of Branches of BANCO National Ultramarino v. Nalini Bai Naique, AIR 1989 SC 1589 (1591): (1989) Supp 2 SCC 275: (1989) 2 SCR 810.It has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908. [Wealth-tax Act, 1957, s. 2 (lb)]It means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased person, and...
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...
Executory devise
Executory devise. Mr. Fearne (Cont. Rem. 386) defines an executory devise to be, strictly, such a limitation of a future estate or interest in lands or chattels (though, in the case of chattels personal, it is more properly an executory bequest) as the law admits in the case of a will, though contrary to the rules of limitation in conveyances at Common Law. It is only an indulgence allowed to a man's last will and testament, where otherwise the words of the will would be void; for wherever a future interest is so limited by devise as to operate as a contingent remainder, such an interest is not an executory devise, but a contingent remainder.Executory Devises have been divided into three kinds, two relative to real, and the third to personal estate only, viz.:-(1) Where a testator devises his whole fee-simple, but upon some contingency qualifies such devise, and limits an estate on the contingency; e.g., a devise of land to the testator's wife for life, remainder to C., his second son ...
Occupancy
Occupancy, mere possession or use either by agreement or otherwise without other claim (if any) to the ownership or enjoyment of property, also taking possession of land to which no one else lays claim or without leave of the owner.The right of occupancy has been confined by the laws of England within a very narrow compass, e.g., where a person was tenant pur autre vie, or had an estate granted to himself only (without mentioning his heirs) for the life of another man, and died without alienation, during the life of the cestui que vie, or him by whose life it was holden; in this case, he that entered first on the land was called the occupant or common occupant and might lawfully retain the possession so long as the cestui que vie lived, by right of occupancy, see Re Michell, Moore v. Moore, (1892) 2 Ch 96. The title of common occupancy is now, in effect abolished, for it is enacted by the Wills Act, 1837, s. 3, that an estate pur autre vie, of whatever tenure, and whether it be an inco...
Sufferance, Tenancy at
Sufferance, Tenancy at. This is the least and lowest estate which can subsist in realty. It is in strictness not an estate, but a mere possession only it arises when a person after his right to the occupation, under a lawful title, is at an end, continues (having no title at all) in possession of the land, without the agreement or disagreement of the person in whom the right of possession resides. Thus if A is a tenant for yes, and his term expires, or is a tenant at will, and his lessor dies, and he continues in possession without the disagreement of the person who is entitled to the same, in the one and the other of these cases he said to have the possession by sufferance-that is, merely by permission or indulgence, without any right: the law esteeming it just and reasonable, and for the interest of the tenant, and also of the person entitled to the possession, to deem the occupation to be continued by the permission of the person who has the right, till it is proved that the tenant ...
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 ...
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...
Reversion
Reversion [fr. revertor, Lat.], that portion left of an estate after a grant of a particular portion of it, short of the whole estate, has been made by the owner to another person. it is thus described by Mr. Watkins (Conv. C. 16): 'When a person has interest in lands, and grants a portion of that interest, or in other terms, a less estate than he has in himself, the possession of those lands shall, on the deter-mination of the granted interest or estate, return, or revert to the grantor. This interest is what is called the grantor's reversion, or more properly, his right of reverter, which, however, is deemed an actual estate in the land, bearing the fruits of seigniory. Thus a grant to an estate by the owner of the fee-simple: to A. for life,' leaves in the grantor the reversion in fee-simple, which will commence in possession after the determination of A.'s life-estate; and this is called the particular estate; particular, as carved or sliced out of the larger estate or reversion.'S...
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