Executory Estates - Law Dictionary Search Results
Executory
Executory, performing official duties; contingent; also personal estate of a deceased; whatever may be executed.Taking full effect at a future time, Black's Law Dictionary, 7th Edn., p. 592....
rule in Shelley's case
rule in Shelley's case [from Wolfe v. Shelley, a 1581 English case invoking the rule] : a former common-law rule that converted a life estate of an ancestor into an estate in fee and destroyed the remainder to the heirs that was created in the same instrument as that creating the life estate see also executory interest at interest ...
Shifting use
Shifting use, a secondary or executory use, which, when executed, operates in derogation of a preceding estate: as land conveyed to the use of A. and his heirs, with proviso that when B. pays a certain sum of money, the estate shall go to the use of C. and his heirs. The legal estates thereby created have been converted as from the 1st January, 1925, into equitable interests (see Law of Property Act, 1925, ss. 1 and 39 and the 1st Sch., Part I.). The instrument declaring the use if it was still in contingent operation on the 31st December, 1925, is a settlement within the meaning and for the purposes of the Settled Land Act, 1925, s. 1 (ii.) (b). See also SPRINGING USE....
Terms for years
Terms for years. An estate for years is denominated a term, because its enjoyment is strictly fixed, for by 'term' is meant not only the interest which passes, but also the period for which it is held. It is a chattel real: chattel, because the estate passes to the owner's executors at his death, and did not pass to his heir-at-law, and so far partakes of the nature of personalty; real, because it is an interest in lands, and therefore partakes of the nature of real property.A term is usually created by a deed or speciality contract, called a lease or demise under the Common Law (see LEASE), and the appropriate operative verbs therein are 'demise,' or 'grant, lease, and to farm let'; but any wards showing the intent of the parties that the one (the lessor) shall divest himself of the possession, and the other (the lessee) come into it for a determinate time, are generally sufficient for the purpose.Terms could not be limited in succession or by way of remainder except by way of trust o...
destructibility of contingent remainders
destructibility of contingent remainders :a now largely abolished rule in the law of estates that a contingent remainder that fails to vest upon the termination of the preceding estate is destroyed see also executory interest at interest ...
Executory limitation
Executory limitation. A limitation of a future interest by deed or will; if by will, it is also called an executory devise. The (English) Conveyancing Act, 1882 (45 & 46 Vict. c. 39), s. 10, restricted executory limitations of land contained in an instrument coming into operation after 1st January, 1883, by the enactment:'Where there is a person entitled to land for an estate in fee, or for a term of years absolute or determinable on life, or for term of life, with an executory limitation over on default or failure of all or any of his issue whether within or at any specified period of time or not, that executory limitation shall be or become void and incapable of taking effect, if and as soon as there is living any issue who has attained the age of 21 years, of the class on default or failure whereof the limitation over was to take effect.' See Re Booth, (1900) 1 Ch 768; Re Shrubb, 1910 WN 143.These provisions were re-enacted by s. 134 of the (English) Land Charges Act, 1925, and exte...
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...
Executory trusts
Executory trusts. In the case of articles of agreement, made in contemplation of marriage, and which are consequently preparatory to a settlement, and in the case of those wills which are merely directory of a subsequent conveyance, the trusts declared by them are said to be executory or imperfect, because they require an ulterior act to raise and perfect them. They are rather considered as instructions for settlements than as instruments in themselves complete; and therefore Equity, in order to promote the presumed views of the parties in the one case and to support the manifest intention of the testator in the other, will attach to the words expressive of the trusts a more liberal and enlarged construction than they would admit if applied either to the limitation of a legal estate or a trust executed, 1 Sand. Uses and Trusts, 237, Lord Glenorchy v. Bosville, (1733) Cas Temp Talb 3; 1 W&TLC....
Contingent remainder
Contingent remainder, a remainder limited so as to depend on an event or condition which may never happen or be performed, or which may not happen or be performed till after the determination of the preceding estate, Fearne, Cont. Remainders.The legal estate in contingent remainders has been abolished by the Law of Property Act, 1925, s. 1. S. 4, whoever, provides that they can take effect as equitable interests, and any instrument creating a contingent remainder has become a settlement under s. 1 (ii) of the (English) S.L. Act, 1925. See SETTLED LAND.In Smith d. Dormer v. Parkhurst, (1740) 18 Vin. Abr. 413; 6 Bro. Cas. Par. 351, the Court held that, in every case where an estate is given to A. for life, the grantor has an interest remaining in him to enter upon the estate, if it should determine by any act of the tenant amounting to a forfeiture; that this right is inherent in the grantor, from the nature of the estate itself, and may be conveyed to trustees; and that, when it is conv...
Perpetuity
Perpetuity, concerns rights of property only, and does not affect the making of contracts, which do not create rights of property, Ram Baran Prasad v. Ram Mohit Hazara, AIR 1967 SC 744: (1967) 1 SCR 293.Is a future limitation, whether executory or by way of remainders, and of either real or personal property which is not to vest until after the expiration of, or will not necessarily vest within the period fixed and prescribed by law for the creation of future estates and interests, Walsh v. Secretary of State for India, (1863) 10 HLC 367.Perpetuity, unlimited duration; exemption from intermission or ceasing, where, though all who have interest should join in a covenant, so that they could not bar or pass the estate. It is odious in law, destructive to the common wealth, and an impediment to commerce, by preventing the wholesome circulation of property.The rule against perpetuities, or the doctrine of remoteness, applies to the corpus of property whether real or personal, and whether li...
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