Settlement - Law Dictionary Search Results
Home Dictionary Name: settlementDerivative settlement
Derivative settlement, in Poor Law that settlement (see SETTLEMENT) which a poor person may acquire from his parent's settlement. The (English) Poor Law Act, 1930 (20 Geo. 5, c. 17), s. 85, enacts:-(1) Until a person acquires a settlement of his own or derives a settlement from a husband, that person-(a) if a legitimate child, shall take and follow, up to the age of sixteen, the settlement of his father, or if and so long as his father has no settlement, the settlement which his mother had immediately before her marriage to his father, but if after the death of the father the mother acquires a settlement (not being a derivative settlement) shall take and follow, up to the age of sixteen, that settlement;(b) if an illegitimate child, shall take and follow, up to the age of sixteen, the settlement of his mother;and shall in either case retain that settlement which under the forgoing provisions of the section he had at the age of sixteen.(2) Deals with the settlement of a married woman.(3...
Marriage settlement
Marriage settlement, an arrangement made before marriage, and in consideration of it (the highest consideration known to the law), whereby real or personal property is settled for the benefit of the husband and wife and the issue of the marriage. There is an express saving for such a settlement in s. 19 of the (English) Married Women's Property Act, 1882, and see the (English) Married Women's Property Act, 1907 (7 Edw. 7, c. 1), invalidating a settlement made by a female infant unless confirmed after attaining 21, but without prejudice to settlements under the Infants Settlement Act, 1855 (see post, MARRIED WOMEN'S PROPERTY).Although the policy of the land legislation of 1924 was to assimilate the law of real property to that of personalty as far as possible, marriage settlements of land (not being effected by way of trust for sale), and if providing for infant or for a succession of interests in land or charging land (but in this case subject to the (English) Law of Property Amendment...
Settlement
Settlement, means an agreement ending a dispute or a law suit, Black's Law Dictionary, 7th Edn., p. 1377.Settlement, suggests that, in the process of vesting, the right to possession in such lands is also vested in the State, and thereafter it is settled back with the outgoing proprietor by the operation of law, Brijnandan Singh v. Jamuna Prasad Sahu, AIR 1958 Pat 589.Settlement, the act of giving possession by legal sanction; a jointure granted to a wife; a disposition of either real or personal property or both for the benefit of one person for his life, and after his death for the benefit of another person absolutely, or with a similar ultimate devolution for the use of several persons in succession after the person first named. See last title, and SETTLEMENT ESTATE DUTY.The conveyance of property -- or of interests in property -- to provide for one or more beneficiaries, usu. members of settlor's family in a way that differs from what the beneficiaries would receive as heirs under ...
Protector of the settlement
Protector of the settlement. The person whose con-sent is required to enable a remainderman in tail to bar the entail. In the absence of such consent the remainderman can only bar his own issue and create a Base Fee (see that title). Under the (English) Fines and Recoveries Act, 1833 (3 & 4 Will. 4, c. 74), s. 32, the settlor might appoint a special protector. In the absence of this 'special' protector, the statutory protector, i.e., the owner of the first (sufficient) estate in possession, e.g., the tenant for life under the same settlement, was and is a statutory protector. The special protector was to be appointed as stated in substitution for the old tenant to the pr'cipe, whose concurrence in barring estates-tail in remainder was required in order to preserve, under certain modifications, the control of the tenant for life over the remainderman. The statutory protector might be excluded by the settlor, who by the settlement creating the entail might appoint not more than three per...
Compound settlement
Compound settlement. Two or more dispositions including Acts of Parliament affecting the same piece of land by way of settlement either comprehensively or derivatively, that is, in particular without affecting the comprehensive settlement. By the proviso to s. 1 of the Settled Land Act, 1925, land which is the subject of a compound settlement is governed for the purposes of the Act by its provisions relating to a settlement unless the context otherwise requires....
Settlement estate duty
Settlement estate duty. The further estate duty (see that title) levied under ss. 5 and 17 of the (English) Finance Act, 1894 (57& 58 Vict. c. 30) (Chitty's Statutes, tit. 'Death Duties'), on settled property passing on the death of one person to another not competent to dispose of it. The rate was by the Finance (1909-10) Act, 1910, s. 54, two percent., and the further estate duty, or 'settlement estate duty,' was levied on the principal value of the settled property, with two important qualifications, being these:(1) If the only life interest in the property after the death of the deceased were that of the wife or husband of the deceased, settlement estate duty was not leviable at all. (2) During the continuance of the settlement, the settlement estate duty was not payable more than once.The duty was abolished by the Finance Act, 1914, s. 14, in the case of persons dying after 11th May, 1914....
settlement statement
settlement statement a document required by the Real Estate Settlement Procedures Act (RESPA). It is an itemized statement of services and charges relating to the closing of a property transfer. The buyer has the right to examine the settlement statement 1 day before the closing. This is called the HUD 1 Settlement Statement. Source: U.S. Department of Housing and Urban Development ...
Fraudulent settlement
Fraudulent settlement. If a marriage settlement comprises property without which the settlor can-not pay his debts, or contain a covenant for the future settlement of property in which the settlor has no present interest, then, if the settlor become bankrupt, and the settlement appears to have been made to defeat creditors, or was unjustifiable having regard to the state of the settlor's affairs, the Bankruptcy Court may refuse an order of discharge, as if he had been guilty of fraud: (England) Bankruptcy Act, 1914, s. 27....
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 ...
Compromise, Settlement
Compromise, Settlement, the expression com-promise means settlement of difference by mutual concessions. It is an agreement reached by adjustment of conflicting or opposing claims by reciprocal modification of demands. As per Terms de la Ley, 'compromise is a mutual promise of two or more parties that are at controversy'. As per Bouvier it is 'an agreement between two or more persons, who, to avoid a law suit, amicably settle their differences, on such terms as they can agree upon'. The word 'compromise' implies some element of accommodation on each side. It is not apt to describe total surrender. A compromise is always bilateral and means mutual adjustment. 'Settlement' is termination of legal proceeding by mutual consent, State of Punjab v. Phulan Rani, (2004) 7 SCC 555 (557): AIR 2004 SC 4105. [Legal Services Authorities Act, 1987, s. 23(3)(5)]...
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