life interest meaning
[Law]
An interest in proporry subsisting only during the lifetime of the person to whom it was granted (e.g, "to A for life") or of some other person (e.g."to A during the life of B"). The type is called an "estate (or interest) pur autre vie. Under the Law of Property Act 1925a life interest in land cannot exist as a legal estate, only as an equitable interest. Until 1997the creation of a life interest in land created a settlement, governed by the Settled Land Act 1925. Since that date it creates a trust of land, governed by the Trusts of Land and Appointment of Trustees Act 1996.See SETTLED LA.ND.
An interest in proporry subsisting only during the lifetime of the person to whom it was granted (e.g, "to A for life") or of some other person (e.g."to A during the life of B"). The type is called an "estate (or interest) pur autre vie. Under the Law of Property Act 1925a life interest in land cannot exist as a legal estate, only as an equitable interest. Until 1997the creation of a life interest in land created a settlement, governed by the Settled Land Act 1925. Since that date it creates a trust of land, governed by the Trusts of Land and Appointment of Trustees Act 1996.See SETTLED LA.ND.
- life-interest: noun A ...
- and interest: [Finance]An indica ...
- in the interest of: [American idiom]as ...
Examples
More: Next- on life interest of confucianism
- prior life interest
- A person with a life interest is known as a life tenant.
- The defendant's life interest was worth ten years'purchase.
- Henry was, however, granted a life interest in these possessions.
