Terminable Interest - Law Dictionary Search Results
destructibility of contingent remainders
that a contingent remainder that fails to vest upon the termination of the preceding estate is destroyed see also executory interest
vest
entitle one unconditionally to the payment of pension benefits upon termination or retirement [his pension interest will after ten years with
accelerate
by removing the preceding interests (as by failure or premature termination) vi : to enforce an acceleration clause [held that the … see also acceleration clause b : to cause (a future interest in property) to vest by removing the preceding interests (as
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direct skip
is subject to generation-skipping transfer taxes compare taxable distribution, taxable termination … direct skip : a generation-skipping transfer of an interest in property to a skip person : a transfer that
hearing
pre·ter·mi·na·tion hearing [prē-tər-mə-nā-shən-] : a hearing held prior to the termination of a property interest (as employment or a benefit) probable
defeasance
condition (as in a deed or will) that upon fulfillment terminates a property interest b : an instrument setting forth such
confusion
merger 2 in the civil law of Louisiana : the termination of an obligation by a person acquiring the right from … the civil law of Louisiana : a uniting of two interests or rights in property into one compare merger 2 in
vested
or condition ;specif : not subject to forfeiture if employment terminates before retirement [ pension benefits] 2 : having a vested … before retirement [ pension benefits] 2 : having a vested interest [a employee] [a beneficiary]
Reversionary
a reversion to be enjoyed in succession or after the termination of a particular estate as a reversionary interest or right
Prize chit
interest or other advantage by whatever name called, on the termination of the scheme or arrangement, or on or after the
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