Term of years absolute definition

Term of years absolute means a term of years (taking effect either in possession or in reversion whether or not at a rent) with or without impeachment for waste, subject or not to another legal estate, and either certain or liable to determination by notice, re-entry, operation of law, or by a provision for cesser on redemption, or in any other event (other than the dropping of a life, or the determination of a determinable life interest); but does not include any term of years determinable with life or lives or with the cesser of a determinable life interest, nor, if created after the commencement of this Act, a term of years which is not expressed to take effect in possession within twenty-one years after the creation thereof where required by this Act to take effect within that period; and in this definition the expression " term of years " includes a term for less than a year, or for a year or years and a fraction of a year or from year to year;
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Term of years absolute means a term of years (taking effect either in possession or in reversion whether or not at a rent) with or without impeachment for waste, subject or not to another legal estate, and either certain or liable to determination by notice, re-entry, operation of law, or by a provision for cesser on redemption, or in any other event but does not include a term of years which is not expressed to take effect within twenty-one years after its creation or any term of years which is not under the law of England capable of constituting a term of years absolute;
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Term of years absolute means a term of years ... either certain or liable to determination by notice, re-entry, operation of law, or by a provision for cesser on redemption, or in any other event ...”
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Examples of Term of years absolute in a sentence

  • Fee simple absolute in possession (freehold) (s1 (1) (a) Law of Property Act 1925 (LPA 1925) Term of years absolute (leasehold) (s1 (1) (b) LPA 1925).

  • Term of years absolute is a legal estate under s.1 Law of Property Act 1925 (LPA 1925), and is otherwise known as ‘leasehold’.


More Definitions of Term of years absolute

Term of years absolute means a term of years (taking effect either in posses- sion or in reversion whether or not at a rent) with or without impeachment for waste, subject or not to another legal estate, and either certain or liable to determination by notice, re-entry, operation of law or by a provision for cesser on redemption, or in any other event (other than the dropping of a life, or the determination of a determinable life interest), but does not include any term of years determinable with life or lives or with the cesser of a determinable life interest;
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Term of years absolute means a Leasehold estate. This is of a maximum duration (fixed term up to a stated number of years or periodic). It will still be a term of years absolute whether it starts now or up to 21 years in the future.
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Related to Term of years absolute

  • Base Term Beginning (i) with respect to the Original Premises on the Commencement Date, and (ii) with respect to the Expansion Premises on the Expansion Premises Commencement Date, and ending with respect to the entire Premises on August 31, 2024.”

  • Baseline Period means the 12-month period immediately preceding October 30, 2016.

  • Fixed Term shall have the meaning given such term in Section 2.3.

  • Planning Period Quarter means any of the following three month periods in the Planning Period: June, July and August; September, October and November; December, January and February; or March, April and May.

  • Initial Term has the meaning set forth in Section 7.1.

  • Planning Period Balance means the entire period of time remaining in the Planning Period following the month that a monthly auction is conducted.

  • Base Year Value means the assessed value of eligible property January 1 preceding the execution of the agreement plus the agreed upon value of eligible property improvements made after January 1 but before the execution of the agreement.

  • Anniversary Year The one-year period beginning on the Closing Date and ending on the first anniversary thereof, and each subsequent one-year period beginning on the day after the end of the preceding Anniversary Year and ending on next succeeding anniversary of the Closing Date.

  • Period of Agreement means 5 years from the date of Final acceptance of the Project.

  • Three-Year Period means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement. The “Three-Year Period” also includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence. However, a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be deemed a completed fiscal year.

  • Commencement Date means the date of this Agreement.

  • Extended benefit period means a period which:

  • Term of Agreement shall have the meaning ascribed thereto in Article 2 of this Agreement;

  • Period of Extended Hire means any additional period that the Hirer wishes the Agency Worker to be supplied for beyond the duration of the original Assignment or series of assignments as an alternative to paying a Transfer Fee;

  • Ramp-Up Period means the period from and including the Effective Date to, but excluding, September 23, 2016.

  • Payout Period means the time frame during which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments commencing on the first day of the month following the occurrence of the event which triggers distribution and continuing for a period of one hundred eighty (180) months. Should the Executive make a Timely Election to receive a lump sum benefit payment, the Executive's Payout Period shall be deemed to be one (1) month.

  • Minimum Hire Period means the Minimum Hire Period as described on the invoices, quotation, authority to hire, or any other forms as provided by the Supplier to the Client.

  • Original Term means the period from the Commencement Date until the end of the fiscal year of Lessee in effect at such Commencement Date.

  • Budget year means the financial year of the municipality for which an annual budget is to be approved in terms of section 16(1) of the MFMA;

  • Quarterly Commencement Date means the 1st day of each of April, July, October and January in each year.

  • Contract Year means each period of twelve (12) consecutive months during the Initial Term of this Agreement, with the first Contract Year commencing on the Effective Date, and with each subsequent Contract Year commencing on the anniversary of the Effective Date.

  • Automatic Renewal Term has the meaning set forth in Section 10(a) hereof.

  • Initial Expiration Date shall have the meaning set forth in Section 1.1(d).

  • Grace Period Extension Date means, if:

  • Accumulation Period Factor means, for any Collection Period, a fraction with: