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An estate in fee but which is liable to be defeated by some future contingency; e.g. a vested remainder which might be defeated by the death of the remainderman before the time fixed for the taking effect of the devise. … [Read more...] about DEFEASIBLE FEE

(1) Tax term, an amount you can subtract from the income upon which you owe taxes, for example, charitable contributions. (2) By "deduction" is understood a portion or thing which an heir has a right to take from the mass of the succession before any partition takes place. … [Read more...] about DEDUCTION

To mar or destroy the face (that is, the physical appearance of written or inscribed characters as expressive of a definite meaning) of a written instrument signature, inscription, etc., by obliteration, erasure, cancellation, or superinscriptlon, so as to render it illegible or unrecognizable. Linney v. State, 6 Tex. 1, 55 Am. Dec. 756. See CANCEL. … [Read more...] about DEFACE

A remainder which can cease to exist should a condition occur. For example, the remaining property shall go to Robin unless she becomes divorced from John. … [Read more...] about DEFEASIBLE REMAINDER

In marine insurance. An allowance or drawback credited to the insurers on the cost of repairing a vessel for damage arising from the perils of the sea insured against. This allowance is usually one-third, and is made on the theory that the parts restored with new materials are better, in that proportion than they were before the damage. … [Read more...] about DEDUCTION FOR NEW