Surrender Value - Law Dictionary Search Results
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surrender value : cash surrender value ...
cash surrender value
cash surrender value : the amount of money an insurer will pay the insured upon surrender of a life insurance policy usually calculated as the reserve held by the insurer against the policy less a charge for surrender and any outstanding indebtedness ...
life insurance
life insurance : insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry straight life insurance : whole life insurance in this entry term life insurance : life insurance that provides coverage for a set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account universal variable life insurance : variable universal life insurance in this entry variable life insurance : life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity variable univer...
Estate duty
Estate duty. A duty first levied by the (English) Finance Act, 1894 (57 & 58 Vict. c. 30), upon the principal value of all property, real or personal, settled or not settled, which passes or is deemed to pass on the death of a person after 1st August, 1894. Property 'passing' on death includes gifts or dispositions by the deceased to another person within three years of death, the estate duty taking the place of the 'account duty,' leviable on such gifts within twelve months of death, by virtue of s. 38 of the (English) Customs and Inland Revenue Act, 1881, as amended by s. 11 of the (English) Customs and Inland Revenue Act, 1889. Property 'passing' on death includes also settled property, in which the life interest is surrendered to the remainderman by the tenant for life within the three years before the death of the tenant for life, by virtue of s. 11 of the Finance Act, 1900 (62 & 63 Vict. c. 7), passed to alter the law as laid down by the Court of Appeal in Attorney-General v. de ...
Copyhold
Copyhold. Tenure in copyhold has been abolished under the (English) L.P. Acts, 1922 and 1925, and the Amending Acts of 1924 and 1926, but the greater part of the former title on this subject has been retained verbatim in view of the importance of the subject in examining titles. In the previous edition of this work, copyhold was described as a base tenure founded upon immemorial custom and usage; its origin is undiscoverable, but it is said to be the ancient villeinage modified and changed by the commutation of base services into specified rents, either in money or money's worth.A copyhold estate is a parcel of the demesnes of a manor held at the lord's will, and according to the custom of such manor. The tenant may have the same quantities of interest in this tenure as he may enjoy in freeholds, as an estate in fee-simple or (by particular custom) fee-tail, or for life, and he may have only a chattel interest of an estate for years in it. By the custom of some manors, the estate devol...
Renewal of lease
Renewal of lease, a re-grant of an expiring lease for a further term. Where a lease contains a covenant by the lessor for renewal, this convenant is commonly subject to the condition that the covenants in the lease shall have been performed by the lessee, and this condition is strongly enforced by the Court, Finch v. Underwood, (1876) 2 Ch D 310.Leases may be surrendered in order to be renewed, without a surrender of under-leases, by virtue of the (English) Landlord and Tenant Act, 1730 (4 Geo. 2, c. 28), s. 6, before which Act a surrender of each under-lease was necessary.As to covenants for perpetual renewal, see Wynn v. Conway Corporation, (1914) 2 Ch 705, and cases there referred to.By the (English) Law of Property Act, 1922, s. 145, and 15th Sch., perpetually renewable leases have, from the 1st January, 1926, been converted into terms of 2,000 years from the date of the commen-cement of the existing term. The conversion is without prejudice to the covenants and conditions of the l...
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...
Rent
Rent [fr. reditus Lat.], a certain profit issuing yearly out of lands and tenements corporeal; it may be regarded as of a two fold nature--first, as some-thing issuing out of the land, as a compensation for the possession during the term; and secondly, as an acknowledgment made by the tenant to the lord of his fealty or tenure. It must always be a profit, yet there is no necessity that it should be, as it usually is, a sum of money; for spurs, capons, horses, corn, and other matters, may be, and occasionally are, rendered by way of rent; it may also consist in services or manual operations, as to plough so many acres of ground and the like; which services, in the eye of the law, are profits. The profit must be certain, or that which may be reduced to a certainty by either party; it must issue yearly, though it may be reserved every second, third, or fourth year; it must issue out of the thing granted, and not be part of the land or the thing itself.Consideration paid, usu. periodically...
gift
gift 1 : an intentional and gratuitous transfer of real or personal property by a donor with legal capacity who actually or constructively delivers the property to the donee with the intent of giving up dominion over the property and investing it in the donee who accepts it ;broadly : a voluntary transfer of property without compensation see also delivery compare donation, sale class gift : a usually testamentary gift of a sum to a group of unspecified persons whose number and identity and share of the gift will be determined sometime in the future (as at the death of the donor) com·plet·ed gift : a gift in which the dominion and control of the property is placed beyond the donor's reach gift cau·sa mor·tis [-kȯ-zə-mȯr-tis, -ka-sÄ -mȯr-tēs] pl: gifts causa mortis : a gift of esp. personal property made in contemplation of impending death that is delivered with the intent that the gift take effect only in the event of the donor's...
Abandonment
Abandonment [fr. Abandonner, Fr.], the relinquish-ment of an interest or claim.Means the relinquishing of a right or interest with the intention of never again claiming it. In the context of contracts of the sale of land, courts sometimes use the term abandonment as if it were synonymous with rescission, but the two should be distinguished. An abandonment is merely the acceptance by one party of the situation that a non-performing party has caused. But rescission due to a material breach by the other party is termination or discharge of the contract for all purposes., Black Law Dictionary, 7th Edn., p. 1.The relinquishment by an assured person to the assurers of his right to what saved out of a wreck, when the thing insured has, by some of the usual perils of the sea, become practically valueless. Upon abandonment, the assured is entitled to call upon the assurers to pay the full amount of the insurance, as in the case of a total loss. The loss is in such case called a 'constructive to...
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