Settlement Statement - Law Dictionary Search Results
Home Dictionary Name: settlement statementsettlement 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 ...
HUD-1 settlement statement
HUD-1 settlement statement [Department of Housing and Urban Development (which publishes the form) + 1 (indicating its place in a sequence of such forms)] : a form signed at closing that sets out expenses, disbursements, and adjustments relating to the purchase of real property ...
hud1 statement
hud1 statement also known as the "settlement sheet," or "closing statement" it itemizes all closing costs; must be given to the borrower at or before closing. Items that appear on the statement include real estate commissions, loan fees, points, and escrow amounts. Source: U.S. Department of Housing and Urban Development ...
Derivative 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....
Affidavit
Affidavit [fr. affidare, M. Lat., to pledge one's faith, fr. fides, Lat.], a written statement sworn before a person having authority to administer an oath.By the practice of the Supreme Court of Judicature, all evidence is, as a rule, to be given viva voce; but this may be altered by agreement of the parties, or the Court or a judge may for sufficient reason order that any particular fact or facts may be proved by affidavit, or that the affidavit of any witness may be read at the hearing or trial on such conditions as are thought reasonable; provided that no such order be made where a witness can be produced and is bona fide required for cross-examination (R. S. C. 1883, Ord. XXXVII., r. 1). A new Procedure is provided for by R. S. C., Ord. XXXVIII. A., r. 8 J. affidavits must be confined to such facts as the witness is able of his own knowledge to prove, except on interlocutory motions, on which statements as to his belief, with the grounds thereof, may be admitted.As to time for fil...
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