Marriage Settlement - Law Dictionary Search Results
Home Dictionary Name: marriage settlement Page: 2Annuity
Annuity, in order to constitute an annuity, the payment to be made periodically should be a fixed or predetermined one, and it should not be liable to any variation depending upon or on any ground relating to the general income of the fund or estate which is charged for such payment, CWT v. P. K. Banerjee, (1981) 1 SCC 63 (75): AIR 1981 SC 401. [Wealth-Tax Act, 1957, s. 2(e)(1)(iv)]It is a right to receive a specified sum and not an aliquot share in the income arising from any fund or property. Ordinarily an annuity is a money payment of a fixed sum annually made and is a charge personally on the grantor, CWT v. Arundhati Balkrishna, (1970) 1 SCC 561 (565): AIR 1971 SC 915. [Wealth Tax Act, 1957, s. 2(e)(iv)]An annuity is a fixed sum payable annually either in perpetuity or for any less period. When charged upon land either freehold or leasehold both, exclusively of purely personal estate, it is strictly a rent charge; see (English) Real Property Limitation Act, 1833 (3 & 4 Will. 4, c....
Appointment in exercise of a Power
Appointment in exercise of a Power, In the case of freeholds an instrument which alters, abridges, or suspends a use limited by a prior assurance or trust creating the power which sanctions such appointment. In the case of appointments of uses of freeholds effected under the Statute of Uses the seisin to serve the appointed use was transferred by the prior assurance; the appointment vested the legal estate in the appointee, who took as though he were named in such prior assurance. After the 31st December, 1925, a power of appointment of land can only operate inequity, (English) Law of Property Act, 1925, s. 1(7).Powers may also be reserved over personal estate, and in that case also only the equitable estate now passes; a common instance is the power of appointment among the issue usually given by a marriage settlement, by virtue of which the parents can distribute the settled funds amongst the issue in such shares as the donees of the power think fit, and the trustees will then hold t...
Personal property
Personal property, money, goods, cattle, chattels, stocks, shares, securities, debts, etc., and also leases for years, however long. Personal property is either in possession, or in action, where a man has not the actual occupation of the thing, but only a right to it arising upon some contract, and recoverable by an action at law.Any person may assign personal property, including chattels real, directly to himself and another person or other persons or corporation, by the like means as he might assign the same to another, Law of Property Amendment Act, 1859, s. 21.This was extended by the (English) Emergency Act, 1881, to conveyances of freehold land or choses in action by a husband to a wife or e contra. Now, by the (English) Law of Property Act, 1925, s. 72, a person may convey real or personal property to himself alone.In the case of real property there can be no such thing as an absolute ownership in the subject-matter, i.e., land; the utmost that any one, even an owner in fee sim...
Rectification
Rectification, implies the correctness of an error or removal of defects or imperfections. It implies prior existence of error, mistake, or defect, which after rectification is made right, and corrected by removal or the flaws, Benarsi Dass Saraf v. Dalmia Dadri Cement Ltd., (1967) 37 Comp Cas 440: AIR 1959 Punj 232.Rectification. The power to rectify a written document which, as drawn out, does not express the mutual and concurrent intention of the parties, is a power which the Courts of equity always possessed; but such jurisdiction is exercised with the greatest care and caution, and only on evidence of the clearest and most satisfactory description. Rectification has been made in almost every kind of instrument, e.g., in marriage settlements, Cogan v. Duffield, (1876) 2 Ch D 46; in agreements concerning land, Olley v. Fisher, (1886) 34 Ch D 367; in conveyances White v. White, (1872) LR 15 Eq 247; and in leases Cowan v. Truefitt, Ltd., (1899) 2 Ch 309. As to wills, see Vaughan v. Cl...
Married women's property
Married women's property, At Common Law, a woman, by marrying, transferred the ownership of all her property, real and personal, present and future, to her husband absolutely, so that he might sell, pay his debts out of, give away, or dispose by will of it as he pleased, with these exceptions and modifications:-1) Her freehold estate became his to manage and take the profits of during the joint lives only. After his death, leaving her surviving, it passed to her absolutely; after her death, leaving him surviving, provided that it was an estate in possession and issue who could in her it had been born during the marriage, it passed to him as 'tenant by the curtesy (q.v.) of England,' during his life, and after his death to her heir-at-law.(2) Her leasehold estate, her personal estate in expectancy, and the debts owing to her and other 'choses in action,' became his absolutely if he did some act to appropriate or reduce them into possession during the marriage, or if he survived her. If ...
Voluntary conveyance
Voluntary conveyance. A conveyance by way of gift or otherwise without valuable consideration. Liable to be defeated, under 27 Eliz. c. 4, by a subsequent sale for value, but no voluntary disposition whenever made shall be deemed to have been made with intent to defraud by reason only that a subsequent conveyance for valuable consideration was made if that conveyance was made after the 18th January, 1893: (English) Law of Property Act, 1925, s. 173, reproducing 27 Eliz. c. 4, as amended by the (English) Voluntary Conveyances Act, 1893. Any conveyance made with intent to defeat or delay creditors may be set aside under 13 Eliz. c. 5; see Twyne's Case, (1601) 3 Rep. 80; 1 Sm. L.C., unless the conveyance was made for valuable consideration and in good faith or upon good consideration and in good faith to any person not having at the time of the conveyance notice of the intent to defraud creditors [s. 172 (3), (English) Law of Property Act, 1925] This Act (ss. 172 and 173) repeals and repr...
Post-nuptial settlement
Post-nuptial settlement, a settlement made after marriage; it is generally deemed voluntary unless made pursuant to written articles entered intobefore marriage. See VOLUNTARY CONVEY-ANCES....
Marital rights
Marital rights. Rights of a husband. Where a woman, during a trety for marriage, made a settlement of property without the concurrence of her intended husband, the husband after the marriage was entitled to have such settlement set aside as a 'fraud on his marital rights' (see Strathmore v. Bowes, (1789) 1 Ves Jun 22; 1 Wh. & T.L.C.); but the Married Women's Property Act, 1882 (see MARRIED WOMEN'S PROPERTY), has virtually abolished this right of the husband, which was founded on the rule of the Common Law (abrogated by that statute) that the property of the wife became by marriage the property of the husband. The term is sometimes used as meaning conjugal rights (q.v.)....
Strict settlement
Strict settlement, a settlement of land, the object of which was, usually, to keep the estates as far as possible in the male line, the eldest son taking in fee or in tail with successive limitations in tail to the exclusion of the younger children, who are pro-vided for by means of portions charged on the property. The limitations vary according to the circumstances of each particular case, but the following may be taken as usual limitations in the case of an ordinary settlement on marriage before 1926: To the use of the husband for life, remainder, subject to a jointure rent-charge to the wife and a term for raising portions for younger children, to the first and other sons in tail-male, remainder to the first and other sons in tail general, remainder to the daughters as tenants in common in tail with cross remainders between them, remainder to the husband in fee. Where the estate also comprised copyholds and leaseholds, these were conveyed to trustees upon trusts to correspond with ...
Infant Settlements Act, 1855
Infant Settlements Act, 1855 (English) (18 & 19 Vict. c. 43), preserved by the Settled Land Act, 1925, s. 27(3), but so that a legal estate in land is not vested in an infant. By virtue of the Act of 1855 every infant (if a male of twenty, or if a female of seventeen years, s. 4, and see Re Phillips, (1887) 34 Ch D 467), upon or in contemplation of marriage, may, with the sanction of the Chancery Division of the High Court, make a valid settlement or contract for a settlement of property. The Act gets rid entirely of the disability arising from infancy, though not of disability on any other ground, Seaton v. Seaton, (1888) 13 App Cas 61. Consult Seton on Judgments: Dan. Ch. Pr...
- << Prev.
- Next >>