vadium (vay-dee-[schwa]m), n. [Law Latin “pledge, bail, security”] Hist. 1. Security by a pledge of property. vadium mortuum (vay-dee-[schwa]m mor-choo-[schwa]m). [Law Latin “dead pledge”] A mortgage. • This was considered a “dead pledge” because an estate was given as security by the borrower, who granted to the lender the estate in fee, on the condition […]
Hist. A use imposing a duty on a person holding legal title to an estate on behalf of another, such as a requirement that a feoffee to uses sell the estate and apportion the proceeds among several beneficiaries. • The Statute of Uses eliminated this type of use.
intangible, adj. Not capable of being touched; impalpable; INCORPOREAL. intangible, n. Something that lacks a physical form; an abstraction, such as responsibility; esp., an asset that is not corporeal, such as intellectual property. general intangible. Any intangible personal property other than goods, accounts, chattel paper, documents, instruments, investment property, rights to proceeds of written letters
incident of ownership. (usu. pl.) Any right of control that may be exercised over a transferred life-insurance policy so that the policy’s proceeds will be included in a decedent’s gross estate for estate-tax purposes (because Douglas still retained the incidents of ownership after giving his life-insurance policy to his daughter, the policy proceeds were taxed
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quod billa cassetur (kwod bil-[schwa] k[schwa]-see-t[schwa]r), n. [Latin “that the bill be quashed”] The common-law form of a judgment sustaining a plea in abatement that proceeds from a bill instead of an original writ. See CASSETUR BILLA.
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deficiency, n. 1. A lack, shortage, or insufficiency. 2. A shortfall in paying taxes; the amount by which the tax properly due exceeds the sum of the amount of tax shown on a taxpayer’s return. — Also termed tax deficiency; income-tax deficiency; deficiency in tax. 3. The amount still owed when the property secured by