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Suppose the testator left all her property IN TRUST with the profits to be paid over by the trustee to her son during his life, then the property would pass to HIS children at his death. In that case, the son would have an equitable life estate. If the testator granted her son the right to use the property and receive the profits from it during his life with the property to go to his children at his death then he has a legal life estate.
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What is the difference between equitable title and legal title?
distinction between legal and equitable title
What is the difference between operational lease and finance lease?
The key difference between a finance lease and an operating lease is whether the lessor (the legal owner who rents out the assets) or lessee (who uses the asset) takes on the risks of ownership of the leased assets. The classification of a lease (as an operating or finance lease) also affects how it is reported in the accounts. The differentiation is mostly important for accounting , taxation and financial reporting purposes.
What is the difference between Finance lease and operational lease?
The key difference between a finance lease and an operating lease is whether the lessor (the legal owner who rents out the assets) or lessee (who uses the asset) takes on the risks of ownership of the leased assets. The classification of a lease (as an operating or finance lease) also affects how it is reported in the accounts. The differentiation is mostly important for accounting , taxation and financial reporting purposes.
Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
Does a contract for deed constitute legal or equitable title?
Equitable.Equitable.Equitable.Equitable.
What is the difference between Default or breach of lease?
Default refers to a failure to fulfill an obligation outlined in a lease agreement, such as not paying rent on time or violating lease terms. A breach of lease, on the other hand, is a specific type of default where one party fails to adhere to the agreed-upon terms of the lease, which can lead to legal consequences. Essentially, while all breaches are defaults, not all defaults may constitute a breach depending on the lease terms. Both situations can prompt actions from the aggrieved party, including potential eviction or legal remedies.
What is the legal age to sign lease in bloomsburg pa?
The legal age to sign any legally binding contract is 18 in the United States of America. A lease is considered a contract between the tenant and the landlord.
What are the differences between Legal and Equitable Rights?
Legal RightLegal rights are recognized by the courts of common law.A registered mortgage is a legal mortgage.These are certain rights.Where these two rights conflict, legal rights prevail.Equitable RightEquitable rights are recognized by the courts of chancery.A mortgage of property by simply keeping the title deeds with the creditor is an equitable mortgage.These are uncertain rights.When these two rights conflict with each other, equitable rights become weaker than legal rights.
What is the difference between legal and educational definitions for hearing impaired?
What is the difference between legal and educational definitions for hearing and visual impaired.
What is the difference between Compliance and legal?
The difference between compliance and legal is that compliance means you obey by the rules of your company, you do what you are told to do. Legal means you abide by the laws of the state.
How do you add your underage brother to your apartment lease?
You cant...You must be of legal age to sign any legal document. A lease is a legal document.
Can a court grant legal remedies or equitable remedies?
Yes, a court can grant both legal remedies, such as monetary damages, and equitable remedies, such as injunctions or specific performance. Legal remedies aim to compensate for losses, while equitable remedies seek to address broader issues of fairness and justice.
