Expectant Estates - Law Dictionary Search Results
Home Dictionary Name: expectant estatesExpectant estates
Expectant estates, interests to come into possession and be enjoyed in futuro; they are of two sorts at Common Law-reversions and remainders, 2 Bl. Com. 163....
Merger
Merger [fr. mergo, Lat., to sink], an annihilation, by act of law, of a particular in an expectant estate consequent upon their union in the same person without an intervening estate in another person--thus accelerating into possession the expectant which swallows up the particular estate. It is the drowning of one estate in another, and differs from suspension, which is but a partial extinguishment for a time; while extinguishment, properly so termed, is the destruction of a collateral thing in the subject itself out of which it is derived. 'In order that there may be a merger, the two estates which are supposed to coalesce must be vested in the same person at the same time and in the same right' [Re Radcliffe, (1892) 1 Ch 231, per Lindley, LJ]. An estate tail, however is an exception to the rule; for a man may have in his own right both an estate tail and a reversion in fee; and the estate tail, though a less estate, will not merge in the fee, 2 Bl. Com. 177.The doctrine of merger pr...
Uses
Uses (History). A use is the intention or purpose, express or implied, upon which property is to be held. The Common Law treated the actual possessor for all purposes as the owner of the property. It was not difficult to find him out, since the possession of his estate was conferred upon him by a formal and notorious ceremony, technically called livery of seisin, which was performed openly and in the presence of the people of the locality.It soon became evident that the simple rules of the Common Law were stumbling-blocks to the complicated wants of an enterprising people.Hence ingenuity was sharpened to hit upon a device which should set at nought the rigidity of existing law and formalities.A system was found by the monastic jurists upon a model furnished by the Civil Law, which, by a nice adaptation, evaded, without overturning, the Common Law. Two methods of transferring realty began to co-exist in this country-the ancient Common Law system, and the later invention, which is denomi...
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...
estate in expectancy
estate in expectancy see estate ...
Vested remainder
Vested remainder, an expectant estate, which is limited or transmitted to a person who is capable of receiving the possession, should the particular estate happen to determine: as a limitation to A. for life, remainder to B. and his heirs; here, as B. is in existence he is capable (or his heirs, if he die) of taking the possession whenever A.'s death may occur. A vested estate may take effect though the preceding estate be defeated, as when an infant makes a lease for life with a remainder over, and on majority he disagrees to the estate for life, but not with the remainder; the remainder is good, having been duly vested by a god title. See Fearne, C.R. 308; 1 Steph. Com.The person who is entitled to a vested remainder having a present vested right of future enjoyment, i.e., an estate in pr'senti, to take effect in possession and pernancy of the profits in futuro, can transfer, alien, and charge it much in the same manner as an estate in possession, 2 Cru. Dig. 204.Interests in remaind...
Fee-expectant
Fee-expectant. If lands are given to a man and his wife in tail, habendum to them and their heirs, they had an estate tail and a fee- expectant, Kitchin, Court Leete, p. 153. For the effect of this limitation created by instruments coming into operation after 1925, see (English) Law of Property Act, 1925, ss. 130 et seq., and s. 60, UNDIVIDED SHARES, and (English) Law of Property Amendment Act, 1932, s. 1....
Particular estate
Particular estate, that interest which is granted or carved out of a larger estate, which then becomes an expectancy either in reversion or remainder. See 3 Prest. Conv. 169....
Future estates
Future estates, expectancies, which are, at Common Law, of two kinds: reversions and remainders. If in land, these are now referred to as equitable interests by the L.P. Act, 1925, and are no longer capable of subsisting, being conveyed or created at law (ibid., s. 1), but the interests may be disposed of (s. 4). See SETTLEMENT; LEASE....
Expectant heir
Expectant heir. A person to whom property will accrue on the death of another person. expectant heirs wishing to anticipate this property have frequently borrowed money, to be repaid when the expected property shall devolve upon them. From the uncertainty of this period, the unsoundness of the security which the expectant heir can offer, and from the pressing character of his immediate necessities, the rate of interest is necessarily higher than that upon an ordinary loan, and is frequently very much higher than the risk run by the lender requires. At Common Law all such loans are good, and the interest upon them, however high, recoverable. By the Usury Acts, indeed-which, however, did not apply to loans to expectant heirs with any greater rigour than to loans to other persons'they were for a long period of yeas subject to the restriction that only a fixed maximum rate of interest could be exacted, but the Usury Acts were repealed in 1854 by 17 & 18 Vict. c. 90. See USURY.From very ear...
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