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egal Terms - deed
a document that is in writing and needs to explicitly state that it is meant to be a deed that has been duly executed. Prior to July 31, 1990,
A seal was necessary for all deeds to be legally executed, but the Law of Property (Miscellaneous Provisions) Act 1989 did away with this need. Since then, all that is needed for a deed to be done by an individual is for it to be signed by the maker in the presence of two witnesses, or at the maker's request in the presence of a witness, and delivered. A director and secretary, or two directors, of the company must sign deeds executed by them prior to delivery; if the company possesses a seal, the deed may also be executed by attaching the seal. The deed is called a specialty if it is a contractual document. A covenant is a legally binding commitment found in a deed, even in the absence of *consideration. Covenants can be made explicitly or implicitly. A deed often becomes effective upon delivery; in theory, constructive delivery includes, but is not limited to, striking the seal with the finger and uttering phrases like "I deliver this as my act and deed." Actual delivery is the act of handing it to the other party. An escrow is a deed that is delivered with the intention of it not going into effect until a later time or after a certain condition is met. A deed's recitals are the sections that only state the facts and have no bearing on the transaction's core terms. Usually, they are included to clarify the transaction's purpose. The portion of a deed that truly affects its goals, such transferring land, is known as the operative part. The first words of the operative part are known as the testatum, or witnessing part, and they are "Now this deed witnesseth as follows." The terms that characterize the participants and the transaction in question in the operational phase are called the premises. The terms used in the premises to characterize the relevant property are called chunks. The last section, known as the testimonium, is signed by the parties and witnesses and starts, "In witness whereof." The location where the seal should be placed is known as the locus sigilli. "Presents" refers to present statements when a deed refers to itself as "these presents." A deed has an advantage over a standard contract in that it requires no *consideration to be enforceable, and its limitation period is 12 instead of 6 years.
a document that is in writing and needs to explicitly state that it is meant to be a deed that has been duly executed. Prior to July 31, 1990,
A seal was necessary for all deeds to be legally executed, but the Law of Property (Miscellaneous Provisions) Act 1989 did away with this need. Since then, all that is needed for a deed to be done by an individual is for it to be signed by the maker in the presence of two witnesses, or at the maker's request in the presence of a witness, and delivered. A director and secretary, or two directors, of the company must sign deeds executed by them prior to delivery; if the company possesses a seal, the deed may also be executed by attaching the seal. The deed is called a specialty if it is a contractual document. A covenant is a legally binding commitment found in a deed, even in the absence of *consideration. Covenants can be made explicitly or implicitly. A deed often becomes effective upon delivery; in theory, constructive delivery includes, but is not limited to, striking the seal with the finger and uttering phrases like "I deliver this as my act and deed." Actual delivery is the act of handing it to the other party. An escrow is a deed that is delivered with the intention of it not going into effect until a later time or after a certain condition is met. A deed's recitals are the sections that only state the facts and have no bearing on the transaction's core terms. Usually, they are included to clarify the transaction's purpose. The portion of a deed that truly affects its goals, such transferring land, is known as the operative part. The first words of the operative part are known as the testatum, or witnessing part, and they are "Now this deed witnesseth as follows." The terms that characterize the participants and the transaction in question in the operational phase are called the premises. The terms used in the premises to characterize the relevant property are called chunks. The last section, known as the testimonium, is signed by the parties and witnesses and starts, "In witness whereof." The location where the seal should be placed is known as the locus sigilli. "Presents" refers to present statements when a deed refers to itself as "these presents." A deed has an advantage over a standard contract in that it requires no *consideration to be enforceable, and its limitation period is 12 instead of 6 years.
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Legal Terms - deed of arrangement
When no *bankruptcy decree has been issued, a written agreement between a debtor and his creditors organizing the debtor's affairs either for the advantage of the creditors generally or, in the event that the debtor is
For the benefit of a minimum of three creditors, it is bankrupt. According to legal requirements, a deed of arrangement needs to be registered with the Insolvency Service within seven days. It can be in the form of a *composition, an agreement to wind up the debtor's business in a way that pays his debts, or an assignment of the debtor's property to a trustee for the benefit of his creditors. Usually, the debtor consents to such a plan in order to stay out of bankruptcy. After a bankruptcy order is made, a similar arrangement may be reached, albeit this is subject to different regulations.
When no *bankruptcy decree has been issued, a written agreement between a debtor and his creditors organizing the debtor's affairs either for the advantage of the creditors generally or, in the event that the debtor is
For the benefit of a minimum of three creditors, it is bankrupt. According to legal requirements, a deed of arrangement needs to be registered with the Insolvency Service within seven days. It can be in the form of a *composition, an agreement to wind up the debtor's business in a way that pays his debts, or an assignment of the debtor's property to a trustee for the benefit of his creditors. Usually, the debtor consents to such a plan in order to stay out of bankruptcy. After a bankruptcy order is made, a similar arrangement may be reached, albeit this is subject to different regulations.
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Legal Terms - deed of covenant
A *deed that commits the parties to paying a certain sum over a predetermined length of time. Covenants may provide certain tax benefits, especially when they are four-year covenants benefiting charitable organizations. In April 2000, *gift aid took its place.
A *deed that commits the parties to paying a certain sum over a predetermined length of time. Covenants may provide certain tax benefits, especially when they are four-year covenants benefiting charitable organizations. In April 2000, *gift aid took its place.
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Legal Terms - deed of gift
A *deed conveying property from one person (the donor) to another (the donee) when the donee gives no *consideration in return. The donee can enforce a deed of gift against the donor. Gifts made other than by
deed are not generally enforceable.
A *deed conveying property from one person (the donor) to another (the donee) when the donee gives no *consideration in return. The donee can enforce a deed of gift against the donor. Gifts made other than by
deed are not generally enforceable.
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Legal Terms - deed of variation (deed of family arrangement)
a deed whereby the beneficiary of a will or an intestacy transfers the gift to another individual (who could or might not be an estate beneficiary). The beneficiary giving up his interest in the redirection does not count as a gift for inheritance tax or capital gains tax purposes, as long as it is completed within two years of the decedent's passing and all legal requirements are met (Inheritance Tax Act 1984 s. 142; Taxation of Chargeable Gains Act 1992 s. 62 (6)). A deed of variation was declared to be invalid in Soutter's Executry v. IRC [2002] STC (SCD], when 385 executors sought to modify a trust that had been established at the time of the decedent's death but had stopped prior to the deed's date. If a deed of variation is made for consideration other than consideration consisting of another variation, it is ineffective for tax reasons. (Taxation of Chargeable Gains Act of 1992 s. 142(3); Inheritance Tax Act s.
62 (8). A variation was deemed ineffectual under s. 142(3) in Lau (Executor of Lau (dead)) v. Revenue and Customs Commissioners [2009] STC (SOD) 352, as the beneficiary requesting the variation received a payment of £1 million from another beneficiary, which was taken into account as consideration for the change.
a deed whereby the beneficiary of a will or an intestacy transfers the gift to another individual (who could or might not be an estate beneficiary). The beneficiary giving up his interest in the redirection does not count as a gift for inheritance tax or capital gains tax purposes, as long as it is completed within two years of the decedent's passing and all legal requirements are met (Inheritance Tax Act 1984 s. 142; Taxation of Chargeable Gains Act 1992 s. 62 (6)). A deed of variation was declared to be invalid in Soutter's Executry v. IRC [2002] STC (SCD], when 385 executors sought to modify a trust that had been established at the time of the decedent's death but had stopped prior to the deed's date. If a deed of variation is made for consideration other than consideration consisting of another variation, it is ineffective for tax reasons. (Taxation of Chargeable Gains Act of 1992 s. 142(3); Inheritance Tax Act s.
62 (8). A variation was deemed ineffectual under s. 142(3) in Lau (Executor of Lau (dead)) v. Revenue and Customs Commissioners [2009] STC (SOD) 352, as the beneficiary requesting the variation received a payment of £1 million from another beneficiary, which was taken into account as consideration for the change.
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Legal Terms - declaration in course of duty
*A statement made while fulfilling an obligation to document or report one's actions by an individual who has since passed away
*A statement made while fulfilling an obligation to document or report one's actions by an individual who has since passed away
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Legal Terms - declaration of incompatibility
a ruling (by a High Court or higher) stating that a particular statute or portion of a statute is unconstitutional under the *European Convention on Human Rights. The court must attempt to interpret or give effect to the legislation "so far as it is possible to do so...in a way which is compatible with the rights under the Convention" before issuing such a declaration. Although a declaration of incompatibility does not automatically render legislation unlawful, the government may utilize a fast-track approach to force Parliament to make necessary amendments.
a ruling (by a High Court or higher) stating that a particular statute or portion of a statute is unconstitutional under the *European Convention on Human Rights. The court must attempt to interpret or give effect to the legislation "so far as it is possible to do so...in a way which is compatible with the rights under the Convention" before issuing such a declaration. Although a declaration of incompatibility does not automatically render legislation unlawful, the government may utilize a fast-track approach to force Parliament to make necessary amendments.
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Legal Terms - declaration of incompatibility
a ruling (by a High Court or higher) stating that a particular statute or portion of a statute is unconstitutional under the *European Convention on Human Rights. The court must attempt to interpret or give effect to the legislation "so far as it is possible to do so...in a way which is compatible with the rights under the Convention" before issuing such a declaration. Although a declaration of incompatibility does not automatically render legislation unlawful, the government may utilize a fast-track approach to force Parliament to make necessary amendments.
a ruling (by a High Court or higher) stating that a particular statute or portion of a statute is unconstitutional under the *European Convention on Human Rights. The court must attempt to interpret or give effect to the legislation "so far as it is possible to do so...in a way which is compatible with the rights under the Convention" before issuing such a declaration. Although a declaration of incompatibility does not automatically render legislation unlawful, the government may utilize a fast-track approach to force Parliament to make necessary amendments.
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Legal Terms - de bonis non administratis
[unadministered goods] is the Latin term. A second issuance of *letters of administration of a deceased person's estate in the event that the *chain of executorship is broken and administration was previously awarded to someone who passed away before the estate could be fully administered. The completion of the estate administration of the deceased is made possible by this second grant.
[unadministered goods] is the Latin term. A second issuance of *letters of administration of a deceased person's estate in the event that the *chain of executorship is broken and administration was previously awarded to someone who passed away before the estate could be fully administered. The completion of the estate administration of the deceased is made possible by this second grant.
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Legal Terms -Debt
The total amount of money owed to another individual or organization. The duty to make good on an amount owing
The total amount of money owed to another individual or organization. The duty to make good on an amount owing
