Expectant Heir - Law Dictionary Search Results
Home Dictionary Name: expectant heirExpectant 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of yeas subject to the restriction that only a fixed maximum rate of interest could be exacted, but the Usury Acts were repealed in 1854 by 17 & 18 Vict.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...
Post-obit Bond
Post-obit Bond. A bond, conditioned to be void on the payment by the obligor of a sum of money upon the death of another person. in most cases the person upon whose death it is so payable is one from whom the obligor expects to derive some property. Post-obit bonds, and other securities of a like nature, are set aside, when made by heirs and expectants, as frauds upon the parents and other ancestors, unless the person dealing with such heir can prove satisfactorily that the stipulated payment is not more than a just indemnity for the hazard. Even the sale of a post-obit bond at public auction will not necessarily give it validity, or free it from the imputation of being obtained under the pressure of necessity. See BOND; EXPECTANT HEIR....
Catching bargain
Catching bargain, a purchase from an expectant heir, for an inadequate consideration. See Expectant Heir....
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....
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
heir
heir : one who inherits or is entitled to succeed to the possession of property after the death of its owner: as a : one who by operation of law inherits the property and esp. the real property of a person who dies without leaving a valid will used in jurisdictions whose law is based on English common law called also heir at law heir general legal heir compare issue b in the civil law of Louisiana : one who succeeds to the estate of a person by will or esp. by operation of law see also intestacy, unworthy compare ancestor, devisee, legatee, next of kin, successor apparent heir : heir apparent in this entry beneficiary heir in the civil law of Louisiana : an heir who exercises the benefit of inventory which limits the amount of his or her liability for the decedent's debts bod·i·ly heir : heir of the body in this entry forced heir : an heir who cannot be disinherited except for causes recognized by law ;esp in the civil law of Louisiana : an heir who because of yo...
Heir
Heir [fr. heire, Old Fr.; h'res, Lat.], a person who succeeds by descent to an estate of inheritance. It is nomen collectivum, and extends to all heirs; and under heirs, the heirs of heirs are comprehended in infinitum.A person who, under the laws of intestacy, is entitled to receive an intestate decedents property, esp. real property, Black's Law Dictionary, 7th Edn., p. 727.The (English) Admin. Of Estates Act, 1925, s. 45, having abolished all modes of descent of real property obtaining before 1st January, 1926, in regard to deaths taking place after 1925, except in a few cases (see DESCENT and DEVOLUTION), the importance of the 'heir' had diminished but the following note has been retained since the word 'heir' will be construed according to its meaning under the general law in force before 1926, in deeds and wills executed after 1925, under which the 'heir' may become entitled to an equitable interest in personality and realty corresponding to a real estate by purchase under the ol...
Legitimate expectation
Legitimate expectation, However, the more important aspect is whether the decision-maker can sustain the change in policy by resort to wednesbury principles of rationality or whether the court can go into the question whether the decision-maker has properly balanced the legitimate expectation as against the need for a change, Punjab Communications Ltd. v. Union of India, (1999) 4 SCC 727.Legitimate expectation, is a latest recruit to a long list of concepts fashioned by the courts for review of administrative actions, Confederation of Ex-Servicemen Assns. v. Union of India, (2006) 8 SCC 399.It is still at a stage of evolution. The principle is at the root of the rule of law and requires regularity, predictability and certainty in the Government's dealings with the public. The procedural part of it relates to a representation that a hearing or other appropriate procedure will be afforded before the decision is made.Means the expectations may be based on some statement or undertaking by,...
Reversionary
Reversionary, that which is to be enjoyed in reversion. Unconscionable bargains for the sale of reversionary interests may be set aside, but by the Sale of Reversions Act, 1867, reproduced by the L.P. Act, 1925, s. 174, not merely on the ground of under value. See EXPECTANT HEIR....
Reasonableness of expectation
Reasonableness of expectation, the concept of 'reasonableness of expectation' of rent which must take the penal law of the State into account. It is not the expectation of a landlord who takes the risk of prosecution and punishment which the violation of the law involves, but the expectation of the landlord who is prudent enough to abide by the law that serves as the standard of reasonableness for purposes of rating, New Delhi Municipal Committee v. M.N. Soi, AIR 1977 SC 302: (1976) 4 SCC 535: (1977) 1 SCR 731....
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