Residuary Estate - Law Dictionary Search Results
residuary estate
residuary estate see estate ...
Lapse
Lapse [fr. lapsus, Lat.], error; failing in duty.(1) A benefice is said to lapse when the patron does not exercise the right of presentation within six calendar months (182 days) after the avoidance of the benefice, exclusive of the day of the avoidance. In such case there is a devolution of the rights of patronage from a neglectful patron to the bishop as ordinary, to the metropolitan an superior, and to the sovereign as patron paramount of all the benefices in the realm.(2) A device or legacy is said to lapse when the devisee or legatee dies before the testator. In such case the devise or legacy falls into the residuary real or personal estate, as the case may be. If a residuary devise or bequest lapses, the property falls into the intestate estate of the testator, see Easum v. Appleford, (1840) 5 My&Cr 56; Re Whitrod, (1926) 1 Ch 118. If, however, the devisee or legatee should be a child or other issue of the testator, and should die leaving issue surviving at the testator's death, ...
Widow
Widow, a woman whose husband is dead and who has not remarried, Black's Law Dictionary, 7th Edn., p. 1592.A widow is entitled equally with next of kin to administration of her deceased husband's estate subject to the discretion of the Court [see In the Estate of Paine, A.J., (1916) 115 LT 935]In regard to deaths after 1925, by the Administration of Estates Act, 1925, s. 46:-(1) The residuary (real and personal) estate of an intestate shall be distributed in the manner or be held on the trusts mentioned in this s., namely:-(i) If the intestate leaves a husband or wife (with or without issue) the surviving husband or wife shall take the personal chattels (q.v.) absolutely and in addition the residuary estate of the intestate shall stand charged with the payment of a net sum of 1000l. free of death duties and costs to the surviving husband or wife (with interest from date of death at 5 per cent. per annum until paid or appropriated and subject thereto as provided).(a) If the intestate lea...
Administrator
Administrator, means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002). [Income Tax Act, 1961, s. 80C(8)(i)].Administrator means a person appointed by competent authority to administer the estate of a deceased person when there is no executor. [Indian Succession Act (39 of 1925) s. 2(a)]--he to whom the property of a person dying intestate, or without executors appointed, accepting, or surviving, is committed by the Probate Court (now the Probate, Divorce and Admiralty Division of the High Court of Justice). (English) Supreme Court of Judicature (Consolidation) Act, 1925, s. 56(3). By the (English) Court of Probate Act,1857 (20 & 21 Vict. c. 77) (re-enacted in (English) Supreme Court of Judicature (Consolidation) Act, 1925, s. 175), 'Administration' includes all letters of administration of the effects of deceased persons, whether with or without the will annexed, and whether granted for ge...
Infant
Infant [fr. infans, Lat., one who cannot speak], a person under twenty-one years of age, whose acts are in many cases either void or voidable. See AGE.At Common Law, the contracts of infants are divided into three classes: 1st. Those which are absolutely void; such as are positively injurious to the interests of the infant, and can only operate to his prejudice; as a surety-bond, or a release to his guardian.2nd. Those which are only voidable: such as are beneficial to him, which he may affirm or avoid when he comes of age; as a conveyance of lands, a promissory note, an account stated.3rd. Those which are binding ab initio and need on ratification: such as contracts for the public service, Articles of apprenticeship [see Green v. Thompson, (1899) 2 QB 1], executed contracts of marriage, representative acts as executor or trustee, contracts for necessaries. In an action brought for the price of goods, if the defendant pleads infancy, the onus is on the plaintiff to prove that the goods...
residual estate
residual estate : residuary estate at estate ...
Residuary
Consisting of residue as residuary matter pertaining to the residue or part remaining as the residuary advantage of an estate...
legacy
legacy pl: -cies [Medieval Latin legatio, from Latin legare to bequeath] : a gift of property by will ;specif : a gift of personal property by will : bequest see also ademption compare devise conjoint legacy in the civil law of Louisiana : a legacy by a single disposition to more than one legatee or of indivisible property to more than one legatee de·mon·stra·tive legacy [di-mÄ n-strə-tiv-] : a legacy payable from a designated fund or asset or from the general assets of the estate to the extent the specified fund or asset fails to satisfy the legacy general legacy : a legacy payable out of the general assets of the estate legacy under a universal title in the civil law of Louisiana : a legacy that consists of a specified proportion (as one-half), a specified type (as movables), or a specified proportion of a specified type of the testator's property par·tic·u·lar legacy in the civil law of Louisiana : any legacy that is not a universa...
residuary legatee
residuary legatee : one designated to receive the residue of an estate ...
Residuary legatee
Residuary legatee, the person to whom the surplus of the personal estate, after the discharge of all debts and particular legacies, is left by the testator's will....
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