Perpetuity - Law Dictionary Search Results
Home Dictionary Name: perpetuity Page: 5 Page 5 of about 154 results ( seconds)mortmain
mortmain [Anglo-French, from Old French mortemain, from morte (feminine of mort dead, from Latin mortuus) + main hand, from Latin manus] 1 : the possession of real property in perpetuity by a corporate body (as a church) ;also : the condition of property in such possession 2 : the controlling influence of the past not used technically ...
mortmain statute
mortmain statute : a statute that prohibits corporate bodies (as charities) from holding real property in perpetuity or that otherwise limits or regulates testamentary dispositions to usually charitable corporations called also statute of mortmain ...
rent
rent 1 a : a return made by a tenant or occupant of real property to the owner for possession and use thereof ;esp : a sum of money agreed upon between a landlord and tenant for the use of real property b in the civil law of Louisiana : a contract by which one party conveys to another to hold as owner a tract of land or other immovable property in perpetuity in exchange for payment of an annual sum or quantity of fruits c : the amount paid by a hirer of personal property to the owner for the use thereof d : a royalty under a mineral lease 2 : the portion of the income of an economy (as of a nation) attributable to land as a factor of production in addition to capital and labor for rent : available for use or service in return for payment vt 1 : to grant the possession and enjoyment of in exchange for rent 2 : to take and hold under an agreement to pay rent vi 1 : to be for rent 2 a : to obtain use and possession of a place or property in exchange for rent b : to allow ...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Endlessness
The quality of being endless perpetuity...
Perpetuance
Perpetuity...
Annuity
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....
Conditional fee
Conditional fee. This species of formerly inheritable freehold (now, equitable interest, except under (English) Law of Property Act, 1925, s. 8) is marked, as to its duration or time of continuance, by an event beyond which it is not to endure. The event is the qualification which gives a name to this estate, and ascertains its determination. A fee qualified is frequently called a fee base, i.e., impure, defective, and circumscribed. There is hardly any event, provided it be lawful, and do not violate the rule against perpetuity, which may not be made the cause of the determination of this fee.The following events are specimens of qualifications, which may be expressly annexed to this estate.A limitation to A. and his heirs--(1) Peers of the realm;(2) Lords of the manor of Blackacre;(3) Tenants of the manor of Dale;(4) During the time whilst a particular tree shall stand;(5) Till the marriage of a certain person takes place;(6) Till certain debts be paid;(7) Till default be made in pay...
Covenant
Covenant [fr. Covenant, Fr.], any agreement, convention, or promise of two or more parties, by deed in writing, signed, sealed, and delivered, by which either of the parties pledges himself to the other that something is either done or shall be done, or stiuplates for the truth of certain facts. He who thus promises is called the covenantor; and he to whom it is made the covenantee. A covenant being part of a deed is subject to the general rules for the construction of such instruents; as, first, to be always taken most strongly against the covenanter and most in favour of the covenantee; secondly, to be taken according to the intent of the parties; thirdly, to be construed ut res magis valeat quam pereat; fourthy, when no time is limited for its performance, that it be performed in a reasonable time.Covenants are personal obligations; formerly the did not bind theheirs of the covenanter unless the heirs were named and inthat case only to the extent of the lands descended, but if made ...
Cy-pres
Cy-pres (near to it). The principle of this doctrine of construction is, that where a testator hs two objects,one primary or general and the other secondary or particular, which are incompatible, the particular must be sacrificed in order that effect may be given to the general object, as near as may be to the testator' intention, according to law. Thus, where a testator has devised lands in a manner transgressing the rules of perpetuity and the Court can by giving the estates tail to the devisees, or any of them carry the property in the precise course marked out by the testator, supposing the estates left to themselves, it will do so, see Monypenny v. Dering, 16 M & W 418. The doctrine did not apply to personalty nor to a mixed fund. See Re Harwood, Coleman v. Innes, 1936 Ch 285.It is also applied to charitable bequests, and was formerly pushed to a most extra-vagant length. But this sensible distinction now prevails, that the court will not decree the execution of a charitable trust...
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