Surrender - Law Dictionary Search Results
Home Dictionary Name: surrender Page: 3Apportionment
Apportionment, a division of a whole into parts (usually unequal) proportioned to the rights of more claimants than one. It is either (1) Apportionment in respect of time, or (2) Apportionment in respect of estate.Apportionment in respect of Time.--At Common Law there is no apportionment in respect of time. when a successor in interest succeeds just before a rent or other periodical payment falls due, he takes, at Common Law, the whole, and the executors of his predecessor take nothing (Clun's Case, 1Rep. 127). This was remedied by 11 Geo. 2, c. 19, s. 25, which apportioned rent between the representatives of a deceased tenant for life, and the person succeeding in remainder, and by 4 & 5 Wm. 4, c. 22, passed to obviate doubts which had arisen upon the earlier Act.The (English) 'Apportionment Act, 1870' (33 & 34 Vict. c. 35) now provides (but without repealing the above Acts) that all rents, annuities, and dividends, and other periodical payments in the nature of income shall, like int...
Hire purchase
A contract more fully called contract of hire with an option of purchase in which a person hires goods for a specified period and at a fixed rent with the added condition that if he shall retain the goods for the full period and pay all the installments of rent as they become due the contract shall determine and the title vest absolutely in him and that if he chooses he may at any time during the term surrender the goods and be quit of any liability for future installments upon the contract In the United States such a contract is generally treated as a conditional sale and the term hire purchase is also sometimes applied to a contract in which the hirer is not free to avoid future liability by surrender of the goods In England however if the hirer does not have this right the contract is a sale...
split-up
split-up : a transfer by a corporation of all its assets in complete liquidation to two or more subsidiaries that involves the surrender of all stock by the shareholders in exchange for new stock in the transferee corporations : a D reorganization involving a distribution of the stock of two or more subsidiaries to the shareholders who in return surrender all their stock in the distributing corporation compare spin-off, split-off ...
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...
Extinguishment
Extinguishment, the annihilation of a collateral interest, or the supersedure of one interest by another and greater interest in that out of which it is derived. It is of various natures as applied to various rights.The cessation or cancellation of some right on interest, Black's Law Dictionary, 7th Edn., p. 604.(1) Extinguishment of common. It he who is entitled to common appurtenant purchase any part of the land which is subject to his right of common, that right is extinguished for the whole; and so, if he release his right over any part of the land. But it has been justly doubted whether in any case, and especially if all persons who have common appurtenant in the same land concur in discharg-ing some part of it, this legal trap should be allowed to operate, Burton's Comp., 8th Edn. 352. If one of the tenants of a manor purchase any part of the land over which he has a right of common appendant, his right over the rest will continue. So, on the alienation of any part of land to whi...
Reddition
Reddition, a surrendering or restoring; also, a judicial acknowledgment that the thing in demand belongs to the demandant, and not to the person surrendering (ibid.).An acknowledgment in court that one is not the owner of certain property being demanded; and that in fact belongs to demandant, Black's Law Dictionary, 7th Edn.Means an acknowledgement in court that one is not the owner of certain property being demanded and that it in fact belongs to the demandant, Black's Law Dictionary, 7th Edn., p. 1282....
Frauds, Statute of
Frauds, Statute of, 29 Car. 2, c. 3 (A.D. 1676). This famous statute is said to have been famed by Sir Matthew Hale, Lord Keeper Guilford, and Sir Leoline Jenkins, an eminent civilian. Lord Nottingham used to say of it, that 'every line was worth a subsidy,' and it has been said that at all events the explanation of every line has cost a subsidy, no statute having been the subject of so much litigation. The statute, though it does not apply or have any Act corresponding to it in Scotland, was practically copied by the Irish Parliament in 7 Wm. 3, c. 12, applies generally to the British colonies, and, remarks Mr. Chancellor Kent (2 Com. 494, n. (d), 'carries its influence through the whole body of American juris-prudence, and is in many respects the most comprehensive, salutary, and important legislative regulation on record affecting the security of private rights.'The main object of the statute was to take away the facilities for fraud and the temptation to perjury which arose in verb...
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 ...
Free-bench
Free-bench [sedes libera, Lat.], a widow's dower out of copyholds to which she was entitled by the custom of some manors. It is regarded as an excrescence growing out of the husband's interest, and is indeed a continuance of his estate.The term free-bench is equally applicable to the estate which, by the custom of some manors, a husband takes in his wife's copyhold lands after her death, and anciently it was indiscriminately applied to that and to the widow's dower, but now the estate of the husband is called his curtesy, while the term free-bench is confined to the widow.Since free-bench is only claimable by special custom, the estate which a widow is to take, both as to its quantity, quality, and duration, must be such as the custom prescribes. It is generally a third for her life, as at Common Law, but it is sometimes a fourth part only, and sometimes but a portion of the rent. In many manors the wife takes the whole for her life, in others she takes the inheritance.Frequently the c...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
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