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vested legacy

A legacy given in such a way that the legatee has a fixed, indefeasible right to its payment. • A legacy is said to be vested when the testator’s words making the bequest convey a transmissible interest, whether present or future, to the legatee. Thus, a legacy to be paid when the legatee reaches the

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free bench

free bench. Hist. A widow’s (and occasionally a widower’s) interest in the deceased spouse’s estate. • Free bench gave the surviving spouse a half interest in the estate until death or remarriage. — Also termed francus bancus; frank bank; liber bancus. “The bench in question was, we may guess … a bench at the fireside.

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most favored nation

most favored nation. A treaty status granted to a nation, usu. in international trade, allowing it to enjoy the privileges that the other party accords to other nations under similar circumstances. • The primary effect of most-favored-nation status is lower trade tariffs. — Sometimes shortened to favored nation. — Also termed most-favored-nation status. — Abbr.

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share

share, n. 1. An allotted portion owned by, contributed by, or due to someone ( each partner’s share of the profits). intestate share. The share that the renouncer of a will would take in the decedent’s assets if the decedent had left no will affecting in any way the distribution of assets. 2. One of

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restriction

restriction. 1. A limitation or qualification. 2. A limitation (esp. in a deed) placed on the use or enjoyment of property. See restrictive covenant under COVENANT(4). [Cases: Covenants 49–52, 69.] 3. Military law. A deprivation of liberty involving moral and legal, rather than physical, restraint. • A military restriction is imposed as punishment either by

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