Estate Tax - Law Dictionary Search Results
Home Dictionary Name: estate tax Page: 4Waste
Waste [fr. vastum, Lat.], any spoil or destruction in houses, gardens, trees, etc., by a tenant; as to what acts amount to waste, see Co. Litt. 53 a. It is either (1) legal, sub-divided into (a) voluntary or commissive, as where the tenant pulls down a house or a part thereof, or ploughs up ancient meadow, and (b) permissive or omissive, as where a tenant suffers a house to fall out of repair; or (2) equitable, which comprehends acts not deemed waste at Common Law. Both for voluntary and permissive waste an action lies against a tenant, whether for life or years, by virtue of the statute of Gloucester, 6 Edw. 1, c. 5. A tenant from year to year is liable for voluntary waste only. An injunction will be granted to restrain voluntary waste, as by ploughing up ancient meadow. See Woodfall, L. & T., and Aggs on Agricultural Holdings. A mortgagor in possession will be restrained from cutting down timber, for as the whole estate is the security for the money advanced, the mortgagor ought not ...
Ouster
Ouster, dispossession.A wrong or injury that may be sustained in respect of hereditaments, corporeal or incorporeal, carry-ing with it the deprivation of possession; for thereby the wrongdoer gets into the actual occupation of the land or hereditament, and obliges him that has a right to seek his legal remedy in order to gain possession and damage for the injury sustained. Such dispossession may be either of the freehold or of chattels real.Ouster of the freehold was effected by various methods: 1, abatement; 2, intrusion; 3, disseisin; 4, discontinuance; and 5, deforcement.Ouster of chattels real consists: 1st, of a motion of possession from estates held by statute, recogni-zance, or elegit, which happens by a species of disseisin or turning out of the legal proprietor before his estate is determined, by raising the sum for which it is given to him in pledge; and 2nd, of a motion of possession from an estate of years, which takes place by a like kind of disseisin, ejection, or turning...
Possession
Possession, correctly understood, means effective physical control or occupation. The word 'possession' is sometimes used inaccurately as synonymous with the right to possess, Gurucharan Singh v. Kamla Singh, (1976) 2 SCC 152.Possession, does not imply mere acts of the user, or of occupation alone, but the occupation must be with the intention of exercising some claim or right in respect of the property occupied. A person who has no claim to the property but succeeds by show of force in acquiring physical control over the same cannot be treated to be in its possession, notwith-standing his physical control over it, Ram Krishna v. Bhagwan Baksh Singh, (1961) All LJ 301.Possession, implies dominion and control and the consciousness in the mind of the person having dominion that he has it and can exercise it, Chhedi Ram v. Mahngoo Tiwari, 1969 All WR (HC) 230.Possession, in common parlance denoted to occupy, to have or hold as owner, to obtain, to maintain, Krishna Prasad Jaiswal v. Kanti...
unified transfer tax
unified transfer tax : a tax imposed under the Internal Revenue Code on the cumulative total of gifts made over a certain amount by a person during his or her lifetime or after death called also unified estate and gift tax see also unified credit NOTE: The unified transfer tax system creates liability for a single tax rather than separate liability for a gift tax and an estate tax. ...
Puisne mortgage
Puisne mortgage. In the legal phraseology which was used before 1926 meant a mortgage sub-sequent to the mortgage of a legal estate, but for the purposes of the Land Charges Act, 1925, s. 10 (1) (Class C.), it is enacted that 'puisne mortgage' means any legal mortgage (including the first) of a legal estate not being a mortgage protected by a deposit of documents relating to the legal estate affected and (if the whole of the land affected is within the jurisdiction of a local deeds registry) not registered there. These mortgages, if created after 1925, must be registered at the Land Charges Registry, Red Lion Square, or they will lose priority; see, further, MORTGAGE CHARGE. Mortgages created before 1926 may be registered before transfer. This amounts to notice, but even this notice will not prevent tacking on further advances by a prior mortgagee if that mortgagee has not seen the register at the date of the first advance or has no other actual or direct notice. See TACKING.Under the ...
Undivided shares in land
Undivided shares in land. Before 1926 a legal estate in undivided shares in land was held by joint tenants, tenants in common, coparceners, and by husband and wife as tenants by entireties (see those titles), but now by the Law of Property Act, 1925, s. 1 (6), a legal estate is not capable of subsisting or of being created in an undivided share inland, and by the same s. 1 (3) and ss. 34 (4), 205, and 1st Sch., Part IV., and cf. TRUST FOR SALE, such shares are to take effect as equitable interests only in the net proceeds of sale and of the rents and profits of the entirety of the land until sale, while the legal estate must be held by trustees for sale of the entire undivided property. It should be noticed that shares only are affected by these provisions. The legal estate in the joint tenancy in the entirety of the trustees for sale persists ex necessitate rei, and this is given effect to by s. 36, as amended, prohibiting severance of the legal estate in joint tenancy and providing f...
death tax
death tax : a tax assessed on the transfer of property (as an estate, inheritance, legacy, or succession) after the transferor's death compare estate tax, generation-skipping transfer tax, gift tax ...
Quality of estate
Quality of estate, means the period when the right of enjoying an estate is conferred upon the owner, whether at present or in the future, Black's Law Dictionary, 7th Edn., p. 1255.The period when, and the manner in which, the right of enjoying an estate is exercised. It is of two kinds: (1) the period when the right of enjoying an estate is conferred upon the owner, whether at present or in future; and (2) the manner in which the owner's right of enjoyment of his estate is to be exercised, whether solely, jointly, in common, or in coparcenary....
Confirmation
Confirmation, a species of conveyance by which a voidable estate is made valid and unavoidable, or by which a particular estate is increased. Estates which are void cannot be confirmed, but only those which are voidable, Watkin's Conv. 321. A confirmation may make a voidable or defeasible estate good, but it cannot work upon an estate that is void at law, Co. Litt. 295 b.Confirmation in Scotland is the ratification by a competent Court of an appointment of executors, and confers a title to uplift, administer, and dispose of the personal estate of the deceased. When the appointment of the executor has been made by the deceased, the appointee is called an executor-nominate and the confirmation a testament testamentor. When the appointment has been made by the Court, the appointee is called an executor-dative, and the confirmation a testament-dative....
Welsh mortgage
Welsh mortgage (now rare), a conveyance of an estate redeemable at anytime by the mortgagor, on payment of the loan; the rents and profits of the estate being received in the meantime by the mortgagee, in satisfaction of interest subject, however, to an account in Chancery. There is no covenant for the repayment of the loan, and the mortgagee cannot compel either redemption or foreclosure. A Welsh mortgage differs from a vivum vadium or vifgage, which is a conveyance of property to the creditor and his heirs, until out of the rents and profits of the estate he has satisfied the debt with interests; it was so called because either debt nor estate was lost. The distinction between these securities is, that in the vifgage the profits are applied in the periodical reduction of the debt, while in the Welsh mortgage they are applied in satisfaction of the interest, the principal remaining undiminished. In neither, however, is the estate ever forfeited. See 2 Br. & Had. Com. 299, and consult ...
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