Property Interest - Law Dictionary Search Results
Home Dictionary Name: property interest Page: 2Abstract of title
Abstract of title. A concise statement, usually prepared for a mortgagee or purchaser of real property, summarising the history of a piece of land including all conveyances interests, lines & encumbrances that reflect title to property, Black's Law Dictionary, 7th Edn., an epitome of the evidence of title to property or power to deal with it.Every purchaser of land or real estate has an implied right to have an abstract of title delivered to him within a reasonable time, Compton v. Bagley, (1892) 1 Ch 313. As to registered land, see the Land Registration Act, 1925, s. 110, and Brickdale and Stewart-Wallace on the Land Registration Act, 1925.An abstract is said to be perfect if it deduces the title from the date fixed by the contract or by statute for its commencement and discloses every incumbrance affecting it, by setting out the material parts of all deeds, wills and other documents, and stating the facts on which it depends: fc. 1 Pres. 42, 207. The statutory period is thirty years,...
Registration of title of land
Registration of title of land. The (English) Land Registration Act, 1925 (15 Geo. 5, c. 21), repeals and re-enacts the (English) Land Transfer Acts, 1875 (38 & 39 Vict. c. 87) and 1897 (60 & 61 Vict. c. 65), with amendments in keeping with innovations which were introduced by the property laws of 1925. Its object is to simplify the indicia of land ownership and transfer by mere inscription and transcription in a register. The advantages which are claimed for the system are (a) purchasers for value of an absolute or good leasehold title are absolved from any inquiry into the title other than it is shown to be on the register; (b) certain equitable claims which would be binding on the land under the general law and cannot be removed or over-reached without onerous formalities do not affect such purchasers; (c) the method of conveyance or charge is simple; (d) subject to the statutory provisions, registration guarantees the title to purchasers for value and mortgagees. It should be observ...
title
title [Anglo-French, inscription, legal right, from Old French, from Latin titulum inscription, chapter heading, part of the law that sanctions an action] 1 a : the means or right by which one owns or possesses property ;broadly : the quality of ownership as determined by a body of facts and events after-acquired title : title that vests automatically in a grantee when acquired by a grantor who purported to sell the property before acquiring title ;also : a doctrine that requires such vesting compare estoppel by deed at estoppel NOTE: The doctrine of after-acquired title generally does not apply when the grantor receives title by quitclaim deed; to vest title in the grantee the deed must include words expressing such an intention. clear title : title that exists free of claims or encumbrances on the property [had clear title to the farm] ;broadly : marketable title in this entry equitable title : title vested in one who is considered by the application of equitable principl...
declaration
declaration 1 : the act of declaring [ of dividends] [ of war] 2 a : the first pleading in a common-law action compare complaint, indictment b : a statement usually not under oath made by a party to a legal transaction [the attorney must later sign an affidavit or stating that he has informed the debtor "J. H. Williamson"] c : a statement not under oath being offered as evidence declaration against interest : a statement made by someone unavailable as a witness that is against that person's own interests (as pecuniary or property interests) or may subject that person to liability compare admission, confession, self-incrimination NOTE: A declaration against interest is an exception to the hearsay rule. A statement that is offered to clear the accused is not admissible without corroborating circumstances under the Federal Rules of Evidence. dy·ing declaration : a statement that is made by a person who firmly believes that he or she is about to die and has no hope of recove...
Marshalling
Marshalling, the act of arranging or of putting into proper order.The doctrine of marshalling assets and securities depends upon the principle that a person, having two funds out of which to satisfy his demands, shall not, by his election, prejudice a person who has only one such fund. If, therefore, one who has a claim upon two funds resorts to the only fund upon which another has a claim, the latter stands in his place for so much against the fund to which otherwise he could not have access: the object being that every claimant shall be satisfied as far as, by any arrangement consistent with the nature of the several claims, the property which they seek to affect can be applied in satisfaction of such claims.In the administration of the estate of deceased persons, marshalling consists of arranging the assets so as to give effect to the priority of debts, as to legal assets on the one hand, and to the order of assets on the other. now that all the assets are liable to be applied for t...
transmutation
transmutation 1 : a doctrine in property law which allows the conversion of a separate property interest into marital or community property by agreement between spouses or by contribution of marital or community assets to the separate property (as for maintenance or improvements) ;also : a doctrine in property law which allows the conversion of a marital or community property interest into separate property 2 : an act or instance of converting a property interest in accordance with the doctrine of transmutation [absent a by deed] ...
chattel
chattel [Old French chatel goods, property, from Medieval Latin capitale, from neuter of capitalis chief, principal see capital ] : an item of tangible or intangible personal property ;esp : chattel personal in this entry NOTE: In some jurisdictions the term chattel is restricted to items of tangible and movable personal property. Other jurisdictions also classify intangible assets and property items as chattels. chattel personal pl: chattels personal : an item of tangible movable personal property (as livestock or an automobile) that is not permanently connected with real estate chattel real pl: chattels real : an interest (as a leasehold or profit a prendre) in an item of immovable property (as land or a building) that is less than a freehold estate compare fixture NOTE: Interests that are considered chattels real have been treated by the common law as personal property despite being interests in real property. ...
property right
property right 1 : a right or interest in or involving property (as real property) [a conflict between environmental regulations and property rights] 2 : property interest at interest ...
Executor
Executor. A person appointed by a testator to carry out the directions and requests in his will, and to dispose of the property according to his testamentary provisions after his decease.One who performs or carries out some act, Black's Law Dictionary, 7th Edn., p. 591.The leading duties and responsibilities of an executor may be thus classed:-(1) He will not be allowed as against creditors extravagant funeral expenses if the testator died insolvent; and if he neglects to secure the property, and loss ensue, he will be personally liable for a devastavit, but will not be responsible for mere neglect to take out probate (Re Stevens, (1898) 1 Ch 162). See DEVASTAVIT.(2) By operation of law by virtue of his office he takes a title to the personal property of the testator which vests him with full power ovr the testator's chattels, Attenborough v. Solomon, 1913 AC 76, and by Administration of Estates Act, 1925, s. 1, extending and amending the Land Transfer Act, 1897, real property devolves...
succession
succession 1 a : the order in which or the conditions under which one person after another succeeds to a property, dignity, position, title, or throne [the sequence of to the presidency] b : the right of a person or line of ancestry to succeed c : the line of ancestry having such a right 2 a : the act or process of following in order b : the act or process of one person's taking the place of another in the enjoyment of or liability for rights or duties or both 3 : the act or process by which a person becomes entitled to the property or property interest of a deceased person and esp. an intestate : the transmission of the estate of a decedent to his or her heirs, legatees, or devisees ;also : the estate of the deceased including assets and liabilities used chiefly in the civil law of Louisiana intestate succession 1 : the transmission of property or property interests of a decedent as provided by statute as distinguished from the transfer in accordance with the decedent's wi...
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