Executory Interest - Law Dictionary Search Results
Contract
the parties. All simple contracts require a consideration to support them. Contracts are also distinguished into executed and executory: executed, where nothing remains to be done by either party, and where the transaction is completed at the … or to do an act on or before some future day, or to lend money upon a certain interest payable at a future time. There is also another distinction, namely, that between entire and severable contracts. An
Executed contract
is sold and delivered, and payment therefor is made on the spot. a contract is said to be executory where some future act is to be done, as where an agreement is made to build a house … or to do an act on or before some future day, or to lend money upon a certain interest, payable at a future time.
remainder
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 … 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
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Perpetuity
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 … 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
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 … 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
Uses
considerations. (b) Those arising by act of law, which were either- (1) Resulting; (2) Implied. II. Future or executory, distributable into: (a) Shifting or secondary; (b) Springing; (c) Contingent. See TRUSTS. Objections to uses before the Statute:- … this statute was the total destruction of the use, by effecting an amalgamation of the legal and equitable interests; but this object, if it existed, has failed owing to the equitable jurisdiction of the Courts of Chancery
trust
by the trustee but preserve the property and execute the purpose of the trust to benefit the beneficiaries executory trust : a trust in which the settlor or trustee has duties to perform (as securing the property, … purpose of making profit and that is usually characterized by some kind of commercial activity, transferable certificates of interest, existence continuing after the death of beneficiaries, limited liability, legal title in the hands of trustees, and officers
Settled land
of 1882, as exten-ded by s. 20, 1925, such as tenants in tail, tenants in fee-simple subject to executory limitations over, and more particularly to an estate owner of land subject to family charges, and a married … For the purposes of the (English) Settled Land Acts, 1882-1890, 'settled land' meant land, and any estate and interest therein, which was the subject of a settlement; and 'settlement' meant any instrument, or any number of instruments,
Consideration
(in another sense), i.e., f the consideration has been completed before the corresponding promise has been performed; 2nd, executory, or something to be done after the promise; 3rd, concurrent, as in the case of mutual promises; and … his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for
Estate
In expectancy, subdivided into-- (a) Reminders created by convention of parties, which are (a) vested, (b) contingent or executory, (c) cross. (b) Reversions arising by operation of law. (3) The number and connection of the tenants; either … 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
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