An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will ... (more...)

An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will leaves her house to her daughter, but the daughter gains possession only after Julie's husband dies, the daughter has a vested remainder in the house.

USUFRUCT

The right to use property -- or income from property -- that is owned by another.

UNIFORM TRANSFERS TO MINORS ACT

A statute, adopted by almost all states, that provides a method for transferring property to minors and arranging for an adult to manage it until the child is o... (more...)

A statute, adopted by almost all states, that provides a method for transferring property to minors and arranging for an adult to manage it until the child is old enough to receive it. See custodian.

QUANTUM MERUIT

The reasonable value of services provided, which a winning party may be able to recover from an opponent who broke a contract.

MORTGAGE

A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender... (more...)

A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.

EXECUTRIX

An old-fashioned term for a female executor--the person named in a will to handle the distribution of the deceased person's property. Now, whether male or femal... (more...)

An old-fashioned term for a female executor--the person named in a will to handle the distribution of the deceased person's property. Now, whether male or female, this person is called either the executor or the personal representative.

HOMESTEAD DECLARATION

A form filed with the county recorder's office to put on record your right to a homestead exemption. In most states, the homestead exemption is automatic--that ... (more...)

A form filed with the county recorder's office to put on record your right to a homestead exemption. In most states, the homestead exemption is automatic--that is, you are not required to record a homestead declaration in order to claim the homestead exemption. A few states do require such a recording, however.

ESCHEAT

The forfeit of all property to the state when a person dies without heirs.

GOODS & CHATTELS

See personal property.

SAMPLE LEGAL CASES

Lips v. Scottsdale Healthcare Corp.

... In that case, the plaintiff became ill after her landlord sprayed toxic pesticide not approved for indoor use in her apartment. Id. ... Id. After plaintiff sued the landlord for negligence, she learned of the false information provided to the hospital and the destruction of the pesticide. Id. ...

Cardi American Corp. v. ALL AMERICAN HOUSE & APT.

... expire on March 1, 2015, the lease agreement contained the following provision (hereinafter "the termination clause"): "Should all or a substantial portion of the premises be substantially damaged by fire, or other casualty, or be taken by eminent domain, then Landlord may elect ...

Federal National Mortgage Association v. Sears

... For the following reasons, we affirm. Facts and Procedural History. Â¶2 Appellant leased one bedroom of a house from Mr. Osuch ("Landlord") under a month-to-month rental agreement beginning August 1, 2009. In August 2010 ...

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LEGAL TERMS

VESTED REMAINDER

USUFRUCT

UNIFORM TRANSFERS TO MINORS ACT

QUANTUM MERUIT

MORTGAGE

EXECUTRIX

HOMESTEAD DECLARATION

ESCHEAT

GOODS & CHATTELS

SAMPLE LEGAL CASES

Lips v. Scottsdale Healthcare Corp.

Cardi American Corp. v. ALL AMERICAN HOUSE & APT.

Federal National Mortgage Association v. Sears

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