A fiction of the law, the effect of which is to put the representative in the place, degree, or right of the person represented. 2. The heir represents his ancestor. Bac. Abr. Heir and Ancestor, A. The devisee, his testator; the executor, his testator; the administrator, his intestate; the successor in corporations, his predecessor. And generally speaking they are entitled to … [Read more...] about REPRESENTATION OF PERSONS
REPLACEMENT COST
To cost to replace an item that is no longer in possession. … [Read more...] about REPLACEMENT COST
REPLETION
In canon law. Where the revenue of a benefice is sufficient to fill or occupy the whole right or title of the graduate who bolds it Wharton. … [Read more...] about REPLETION
REPLACEMENT VALUE
When an item is stolen, lost or destroyed, this is the cost of what it would take to buy that item from a retail vendor and with respect to the condition and age of the item. … [Read more...] about REPLACEMENT VALUE
REPLACEMENT PROPERTY
In an IRC 1031 Like Kind Exchange of Property, the property that the investor receives in return for his or her property is called the replacement property. … [Read more...] about REPLACEMENT PROPERTY