An account that has more than one owner with a current or future interest in the account. • Multiple-party accounts include joint accounts, payable-on-death (P.O.D.) accounts, and trust accounts. Unif. Probate Code § 6-201(5).
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An estate that will automatically end and revert to the grantor if some specified event occurs (e.g., “to Albert and his heirs while the property is used for charitable purposes”); an estate in fee simple subject to a special limitation. • The future interest retained by the grantor is called a possibility of reverter. —
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Property. The common-law doctrine requiring a future interest to vest by the time it is to become possessory or else suffer total destruction (the interest then reverting to the grantor). The doctrine could be avoided by the use of trustees to preserve contingent remainders. • This doctrine has been abolished in all but a few
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An estate subject to the grantor’s power to end the estate if some specified event happens (e.g., “to Albert and his heirs, upon condition that no alcohol is sold on the premises”). • The future interest retained by the grantor is called a power of termination (or a right of entry). — Also termed fee
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subinfeudate (s[schwa]b-in-fyoo-dayt), vb. Hist. (Of a subvassal) to grant land to another, who then holds the land as the grantor’s vassal rather than as the vassal of the grantor’s superior. — Also termed subinfeud (s[schwa]b-in-fyood). “[A] more common method of obtaining the annual quota of knights was to subinfeudate portions of the baronial lands to
primogeniture (prI-m[schwa]-jen-[schwa]-ch[schwa]r). 1. The state of being the firstborn child among siblings. 2. The common-law right of the firstborn son to inherit his ancestor’s estate, usu. to the exclusion of younger siblings. — Also termed (in sense 2) primogenitureship. See BOROUGH ENGLISH . [Cases: Descent and Distribution 7.] “If by primogeniture we only mean ‘that
deadhand control. The convergence of various legal doctrines that allow a decedent’s control of wealth to influence the conduct of a living beneficiary; esp., the use of executory interests that vest at some indefinite and remote time in the future to restrict alienability and to ensure that property remains in the hands of a particular
common recovery. Hist. An elaborate proceeding, full of legal fictions, by which a tenant in tail disentailed a fee-tail estate. • The action facilitated land transfer by allowing a potential transferee who was barred by law from receiving land to “recover” the land by suing the actual owner. Common recoveries, which were abolished early in
livery of seisin. Hist. The ceremony by which a grantor conveyed land to a grantee. • Livery of seisin involved either (1) going on the land and having the grantor symbolically deliver possession of the land to the grantee by handing over a twig, a clod of dirt, or a piece of turf (called livery
infeudation (in-fyoo-day-sh[schwa]n), n. Under the feudal system of landholding, the process of giving a person legal possession of land; ENFEOFFMENT(1). Cf. SUBINFEUDATION. — infeudate, vb. “So thorough was the process by which the land of England became subject to fixed obligations to the king — the process generally referred to today as the infeudation of