Executory Estates - Law Dictionary Search Results
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
remainder
remainder [Anglo-French, from Old French remaindre to remain] 1 : an estate in property in favor of one other than the grantor that follows upon the natural termination of a prior intervening possessory estate (as a life estate) created at the same time and by the same instrument compare future interest at interest, reversion charitable remainder : a remainder in favor of a charity contingent remainder : a remainder that is to take effect in favor of an unidentifiable person (as one not yet born) or upon the occurrence of an uncertain event called also executory remainder cross remainder : either of two or more remainders in favor of two or more persons so that upon the termination of one remainder that share goes to the other or others executory remainder : contingent remainder in this entry remainder vested subject to open : a vested remainder that is subject to diminution by the shares of other remaindermen (as children born later) vested remainder : a remainder in the fa...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Registration of title of land
Registration of title of land. The (English) Land Registration Act, 1925 (15 Geo. 5, c. 21), repeals and re-enacts the (English) Land Transfer Acts, 1875 (38 & 39 Vict. c. 87) and 1897 (60 & 61 Vict. c. 65), with amendments in keeping with innovations which were introduced by the property laws of 1925. Its object is to simplify the indicia of land ownership and transfer by mere inscription and transcription in a register. The advantages which are claimed for the system are (a) purchasers for value of an absolute or good leasehold title are absolved from any inquiry into the title other than it is shown to be on the register; (b) certain equitable claims which would be binding on the land under the general law and cannot be removed or over-reached without onerous formalities do not affect such purchasers; (c) the method of conveyance or charge is simple; (d) subject to the statutory provisions, registration guarantees the title to purchasers for value and mortgagees. It should be observ...
Specific performance
Specific performance. Equity, in obedience to the cardinal rule of natural justice that a person should perform his agreement enforces, pursuant to a regulated and judicial discretion, the actual accomplishment of a thing stipulated for, on the ground that what is lawfully agreed to be done ought to be done, and that damages at law for breach of the contract are not a sufficient com-pensation. The Common Law has not recognized this principle; it has only given damages to a suffering party for the non-performance of an executory agreement. The (English) C.L.P. Act, 1854, however, imparted to the Common Law writ of mandamus a little more efficacy by provisions since superseded by s. 24 of the Judicature Act, 1873, now by Judicature Act, 1925, s. 36, and the (English) Mercantile Law Amendment Act, 1856, introduced a procedure for enforcing the specific delivery of goods sold, specially superseded by s. 52 of the (English) Sale of Goods Act, 1893.An award of damages may be combined with a ...
Covenant
Covenant [fr. Covenant, Fr.], any agreement, convention, or promise of two or more parties, by deed in writing, signed, sealed, and delivered, by which either of the parties pledges himself to the other that something is either done or shall be done, or stiuplates for the truth of certain facts. He who thus promises is called the covenantor; and he to whom it is made the covenantee. A covenant being part of a deed is subject to the general rules for the construction of such instruents; as, first, to be always taken most strongly against the covenanter and most in favour of the covenantee; secondly, to be taken according to the intent of the parties; thirdly, to be construed ut res magis valeat quam pereat; fourthy, when no time is limited for its performance, that it be performed in a reasonable time.Covenants are personal obligations; formerly the did not bind theheirs of the covenanter unless the heirs were named and inthat case only to the extent of the lands descended, but if made ...
contract
contract [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw] 1 : an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty ;also : a document embodying such an agreement see also accept, bargain, breach, cause, consent, consideration, duty, meeting of the minds, obligation, offer, performance, promise, rescind, social contract, subcontract Uniform Commercial Code in the Important Laws section NOTE: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to c...
Contingency with a double aspect
Contingency with a double aspect, is a kind of executory interest which maybe termed an alternative interest. This is an 'interest that is only to vest in case the next preceding interest should never vest in any way, through the failure of the contingency on which such preceding interest depends. As when a testator devises to A. for life; and if he have issue male, then to such issue male and his heirs for ever; and if he die without issue male, then to B. and his heirs for ever; or, where a testator bequeaths personal estate to the first son of A., and if A. should have no son, then to B.' These interests, considered in conjunction with those for which they are substitutionary, are sometimes termed 'contingencies with a double aspect.'-Smith's Compendium of Real and Personal Property, 6th Edn., p. 376....
Real Property Act, 1845
Real Property Act, 1845 (English) (8 & 9 Vict. c. 106), repealed and substantially re-enacted and extended by ss. 4, 51, 52, 56, 59, 138 and 168 of the Law of Property Act, 1925. The main provisions of the Act of 1845 affect all titles after 1845; prior to 1926, they included:Partitions or exchanges of freehold land, leases required by law to be in writing, i.e., leases for three years or more (see FRAUD), and all assignments and surrenders of leases must be by deed.A contingent executory and future interest in land and a possibility coupled with an interest in land, and a right of entry whether immediate, future, vested, or contingent, may be disposed of by deed.When the reversion on a lease is gone by surrender or merger, the next estate is to be deemed the reversion--(so that if, e.g., A. in 1900 let land to B. for fourteen years and B. in 1903 surrender, after having sub-let to C. till the end of 1905, C. will become tenant to A. till the end of 1905, notwithstanding B.'s surrender...
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