Land Trust - Law Dictionary Search Results
Home Dictionary Name: land trust Page: 2Trust corporation
Trust corporation, is defined by the (English) Settled Land Act, 1925, s. 117 (1) (xxx.), to mean the Public Trustee or a corporation appointed by the Court or entitled under (English) Public Trustee Act Rules [see the Public Trustee [(English) Custodian Trustee] Rules, 1926, S. R. & O., 1926, No. 1423/L. 37]. Trust corporations may exercise solely or jointly all the powers for the exercise of which the Land Legislation Acts of 1925 require two trustees at least (see TRUST; TRUST FOR SALE; SETTLED LAND; ADMINISTRATOR). These corporations include any company incorporated by Special Act or Royal Charter or Companies under the Companies Act, 1929, with an issued capital of not less than 2,50,000l., of which at least 1,00,000l. has been paid up in cash, or any company undertaking trust business for his Majesty's Navy, Army, Air Force or Civil Service having as director or member any person nominated by one of the Government Departments referred to in the Rules or any company authorized by ...
Statutory trusts
Statutory trusts. for the purposes of the (English) Law of Property Act, 1925, land held upon 'statutory trusts' shall be held upon trust for sale and to stand possessed of the net proceeds of sale after payment of costs and net rents and profits until sale subject to rates, taxes, and cost of insurance, repairs, and other outgoings, upon trust for the persons entitled under the settlement, including incumbrancers of former undivided shares, or not secured by a legal mortgage, and where an undivided share was subject to a settlement and the settlement remains subsisting in respect of other property and the trustees of the settlement are not the same persons as the trustees for sale the settled portion of the proceeds of sale is to be handed over to the settlement trustees as capital money under the (English) Settled Land Act, 1925 (s. 35 of the Law of Property Act, 1925). By s. 25, (English) L.P. Act, 1925, the trustees have power to postpone the sale unless a contrary direction appear...
Mortmain
Mortmain [fr. mort, Fr., dead, and main hand], such a state of possession of land as makes it inalienable; whence it is said to be in dead hand--in a hand that cannot shift away the property. It takes place upon alienation to any corporation, sole or aggregate, ecclesiastical or temporal, 2 Bl. Com. 268.By several old statutes, alienation of lands and tenements in mortmain, i.e., to religious and other corporations, which were supposed to hold them in a dead or unserviceable hand, were prohibited under pain of forfeiture to the lord, the fruits of whose feudal seigniory (the great hinge of government in those days) were thus impaired. But either with or without the consent of the immediate lords (for this is doubtful), this forfeiture might be dispensed with by a licence in mortmain from the Crown, which licence was made sufficient without any such consent by 7 & 8 Wm. 3, c. 37, repealed and reenacted by the consolidating mortmain and (English) Charitable Uses Act, 1888 (51 & 52 Vict. ...
Constructive trust
Constructive trust, a trust which the Court elicits by a construction put upon certain acts of parties. It arises upon a vendor's lien or charge upon land sold for unpaid purchase money, and generally, when an estate is subject to a trust or equitable interest or lien, and a person purchases it for value, with either actual or constructive notice of it, the estate will still be subject to the trust or equitable interest in the hands of such a purchaser.The doctrine of constructive trusts also arises upon the renewal of a lease by a trustee, or person having a limited interest, in his own name, even in the absence of fraud and upon the refusal of the lessor to grant a new lease to the cestui que trust or expectant; for such renewed lease is held upon trust for the person beneficially entitled to the old lease or the expectant, in order to prevent persons in fiduciary situations from acting so as to take a benefit for themselves. This doctrine is extended to the renewal of leases by one ...
Hereditaments
Hereditaments, every kind of property that can be inherited; i.e., not only property which a person has by descent from his ancestors, but also that which he has by purchase, because his heir can inherit it from him. The two kinds of hereditaments are corporeal, which are tangible (in fact, they mean the same thing as land), and incorporeal, which are not tangible, and are the rights and profits annexed to, or issuing out of, land. It includes money held in trust to be laid out in land [Re Gosselin, (1906) 1 Ch 120].Any property that can be inherited; anything that passes by intestacy, Black's Law Dictionary, 7th Edn., p. 730.The enumeration of incorporeal hereditaments in Hale's Analysis (p. 48) is the following:-Rents, services, tithes, commons, and other profits in alieno solo, pensions, offices, franchises, liberties, villains, dignities. But Blackstone enumerates ten principal kinds:-Advowsons, tithes, commons, ways, offices, dignities, franchises, corodies or pensions, annuities,...
Heirloom
Heirloom [fr. h'res, Lat., heir, and geloma, Sax., goods], personal chattels, such as charters, deeds, and evidences of title, coat armor set up in a church, or a tombstone erected there, which go to the heir, together with the inheritance. The ancient jewels of the Crown are heirlooms. Heirlooms strictly so called are now rarely met with. See Williams on personal Property; Co. Litt. 18b, 185b; 2 Bl. Com. 428.The term 'heirlooms' is often applied in practice to the case where certain chattels--for example, pictures, plate, or furniture--are directed by will or settlement to follow the limitations thereby made of some family mansion or estate. But the word is not then employed in its strict and proper sense, nor is the disposition itself beyond a certain point effectual; for the Articles will, in such case, belong absolutely to the first person who, under the limitations of the settlement, becomes entitled to the real estate for a vested estate of inheritance; see Portman v. Viscount Po...
public trust doctrine
public trust doctrine : a doctrine asserting that the state holds land lying beneath navigable waters as trustee of a public trust for the benefit of its citizens ...
Proprietor
Proprietor, includes a company, Motipur Zamindari Co. Ltd. v. State of Bihar, AIR 1953 SC 320. [See also Bihar Land Reforms Act, 1950]Means a person as respects a village, muhal or land settled on zamindari system owning whether in trust or for his own benefit, such village, muhal or land, Mishri Lal v. Dhirendra Nath, (1999) 4 SCC 1.Proprietor, owner. In s. 93 of the Patents and Designs Act, 1907, as amended by the Act of 1932 (see LETTERS PATENT), the following definition occurs:-'Proprietor of a new and original design,'--(a) Where the author of the design, for good consideration, executes the work for some other person, means the person for whom the design is so executed; and(b) Where any person acquires the design or the right to apply the design to any article, either exclusively of any other person or otherwise, means, in the respect and to the extent in and to which the design or right has been so acquired, the person by whom the design or right is so acquired; and(c) In any ot...
Special personal representatives
Special personal representatives. The name given to the personal representatives of a tenant for life in connection with settled land which has been settled otherwise than by his will or by way of trust for sale. They should be the trustees of the settlement and their duties are to convey the land to the tenant for life or statutory owner entitled upon the death of the testator subject to provision by them for death duties (see Law of Property Act, 1925, s. 16). If there is no appointment to that effect the testator will be deemed to have appointed the trustees of the settlement as the special representatives. Upon an intestacy, probate may and should be granted to them for the purposes [see (English) Settled Land Act, 1925, s. 7 (1), and (English) Administration of Estates Act, 1925, ss. 22 to 24]. If the settlement has come to an end with the testator's death, these provisions do not apply, Bridgett and Hayes' Contract, 1928 Ch 163....
transfer of ownership
transfer of ownership any means by which ownership of a property changes hands. These include purchase of a property, assumption of mortgage debt, exchange of possession of a property via a land sales contract or any other land trust device. Source: U.S. Department of Housing and Urban Development ...
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