Estate Tax - Law Dictionary Search Results
Home Dictionary Name: estate tax Page: 3Coparceners or parceners
Coparceners or parceners. The name given to persons who until 1926 inherited an inheritable estate by virtue of descents from the ancestor which conferred on them all an equal title to it. It arose by act of law only, i.e., by descent, which, in relation to this subject was of two kinds:-(1) Descent by the common law, which took place where an ancestor died intestate, leaving two or more females as his co-heiresses; these, according to the canon of real property inheritance, all took together as coparceners or parceners, the law of primogeniture not obtaining among women in equal relationship to their ancestor: they were, however, deemed to be one heir; and (2) descent by particular custom, as in the case of gavelkind lands, which descended to all the males in equal degree, as the sons, brothers, or uncles of the deceased intestate ancestor; in default of sons, they descended to all the daughters equally.Coparceners had a unity though not an entirety, or necessarily an equality, of int...
Escheat
Escheat [eschet or echet, formed from the word eschoir or echoir, Fr., to happen], a species of reversion; it is a fruit of seigniory, the Crown or lord of the fee, from whom or from whose ancestor the estate was originally derived, taking it as ultimus h'res upon the failure, natural or legal, of the intestate tenant's family.Escheat to the Crown, the Duchy of Lancaster, the Duke of Cornwall and to mesne lords has been abolished by (English) Administration of Estates Act, 1925, s. 45(1). The right of the Crown to 'bona vacantia' now includes real property under (English) A.E. Act, 1925, s. 46. See BONA VACAN-TIA.The title of the Crown was ascertained by inquiry regulated by rules under the (English) Escheat Procedure Act, 1887 (50 & 51 Vict. c. 53), which repealed, as practically inoperative, the numerous statutes from 29 Edw. 1, by which officers called 'escheators' were authorized to hold such inquiries.If differed from a forfeiture [now abolished for treason or felony by the (Engli...
Hotchpot
Hotchpot [fr. hache en poche, Fr., a confused mingling of diverse things], a blending or mixing of lands and chattels, answering in some respects to the collatio bonorum of the Civil Law. 'And it seemeth that this word [hotchpots] is in English a pudding'; see Co. Litt. 177 a.The blending of items of property to secure equality of division, esp. as practised is case in which advancements of an intestate's property must be made upto estate by a contribution or by an accounting, Black's Law Dictionary, 7th Edn.As to lands, it only applied to such as were given in frank-marriage, thus: if one daughter have an estate given with her in frank-marriage by her ancestor, then, if lands descend from the same ancestor to her and her sister in fee-simple (not in fee-tail), she or her heirs shall have no share in them unless they will agree to divide the lands so given in frank-marriage, in equal proportions with the rest of the lands descending--i.e., bringing her lands so given into hotchpots.As ...
Lease and release
Lease and release, a mode of conveyance which derived its effect from the Statute of Uses, compounded of a lease for a year at Common Law, or a bargain and sale for a year under the Statute of Uses, and a Common Law Release. This compound conveyance originated thus: The Statute of Enrolments (27 Hen. 8, c. 16) seemed to be confined to cases where an estate of inheritance or freehold, or the use thereof, was to be made or take effect by reason only of a bargain and sale; it was therefore concluded that if a bargain and sale were first made for an estate less than freehold, as for one year, and then the inheritance or freehold were superadded by a separate deed of release, the transaction could not be affected by the statute;and that such release to the bargainee would be valid, without his entry upon the lands, as a consequence of the strong words in the Statute of Uses which converts all vested uses at once into legal estates. The convenience and general applicability of the lease ad r...
Freehold
Freehold, one of the two chief tenures known in ancient times by the phrase 'tenure in free socage,' and the only free lay-mode of holding property. It is derived from the feudal system, but the services connected with it were honourable and mild. The annihilation of the feudal severities has left this tenure unshackled, and by far the greater part of the real property in this country is freehold.Such an interest in lands of frank tenement as may endure not only during the owner's life, but which is cast after his death upon the persons who successively represent him. Such persons were called heirs, and he whom they thus represented, the ancestor. When the interest extended beyond the ancestor's life, it was called a freehold of inheritance, and when it only endured for the ancestor's life, it was a freehold not of inheritance.An estate to be a freehold must possess these two qualities: (1) immobility, that is, the property must be either land or some interest issuing out of or annexed...
Recovery
Recovery, the obtaining a thing by judgment or trial.The regaining or restoration of something lost or taken away, Black's Law Dictionary, 7th Edn., p. 1280.A true recovery is an actual or real recovery of anything, or the value thereof, by judgment; as if a man sue for any land or other thing movable or immovable, and gain a verdict or judgment.A feigned recovery. An abolished common assurance by matter of record, in fraud of the statute De Donis, whereby a tenant-in-tail in possession enlarged his estate-tail into a fee-simple and so barred the entail, and all remainders and reversions expectant there-on, with all conditions and collateral limitations annexed to them, and subsequent charges sub-ordinate to the entail. But incumbrances on the estate-tail equally affected such fee-simple, and any estate or interest prior to the entail remained undisturbed.This assurance consisted of two parts: (1) The recovery itself, which was a fictitious rea action in the Court of Common Pleas, carr...
property
property pl: -ties [Anglo-French propreté proprieté, from Latin proprietat- proprietas, from proprius own, particular] 1 : something (as an interest, money, or land) that is owned or possessed see also asset, estate, interest, possession abandoned property : property to which the owner has relinquished all rights NOTE: When property is abandoned, the owner gives up the reasonable expectation of privacy concerning it. The finder of abandoned property is entitled to keep it, and a police officer may take possession of abandoned property as evidence without violating the Fourth Amendment to the U.S. Constitution. after-acquired property 1 : property (as proceeds) that a debtor acquires after the commencement of a bankruptcy case and that is usually considered part of the bankruptcy estate 2 : property acquired after the perfection of a lien or security interest ;esp : such property acquired after the creation of a lien or security interest that is subject to the lien or...
Income in respect of a decedent
Income in respect of a decedent, means income earned by a person, but not collected before death. This income is included in the decedent's gross estate for estate-tax purposes. For income-tax pur-poses, if is taxed to the estate, or, if the estate does not collect the income, it is taxed to the eventual recipient, Black's Law Dictionary, 7th Edn., p. 767....
Gift Tax Act and Estate Duty Act
Gift Tax Act and Estate Duty Act, between the Gift Tax Act and the Estate Duty Act there is basic difference in that the tax effect in the first ison transaction inter vivos and in the second onthe generating source of transmission by death, Controller of Estate Duty v. Shri Kantilal Trikamlal, AIR 1976 SC 1935 (1946): (1976) 4 SCC 643: (1977) 1 SCR 9...
Law Reform (UK)
Law Reform (UK). By the Law Reform (Miscellaneous Provisions) Act, 1934 (24 & 25 Geo. 5, c. 41), all causes of action shall with certain exceptions survive on the death (after the 24th July, 1934) of any person against or for the benefit of his estate. See actio personalis, and by s. 1(2) it is enacted:Where a cause of action survives as aforesaid for the benefit of the estate of a deceased person the damages recoverable for the benefit of the estate of that person:-(a) shall not include any exemplary damages;(b) in the case of a breach of promise to marry shall be limited to such damage, if any, to the estate of that person as flows from the breach of promise to marry;(c) where the death of that person has been caused by the act of omission which gives rise to the cause of action, shall be calculated without reference to any loss or gain to his estate consequent on his death, except that a sum in respect of funeral expenses may be included.See Rose v. Ford, (1937) 53 TLR 873.The right...
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