A traditional method of deducing title used in unregistered conveyancing. Although rarely used now in practice, an abstract will summarise all dealings with the property interest, beginning with the root of title. It will also mention whether documents have been stamped and executed, although it is up to the person investigating title to check that the stamping is sufficient and …
A percentage reduction in the amount of compensation paid to an individual on termination of employment to reflect the fact that payment is received in one lump sum rather than over the whole notice period. The amount of the percentage reduction is commonly 50% of the current annual interest rate or half of the annual official court interest rate.
An equitable remedy often used where the parties are in a fiduciary relationship. The purpose of this remedy is to require one party to surrender the profits made. It may also be available as an alternative action for money had and received where one person has profited from a wrong at the expense of another (and the claimant has suffered no actual loss) or in exceptional cases where other normal remedies provide inadequate.
Trust income that the trustees have decided to add to the capital of the trust, rather than to pay out to (or for the benefit of) any of the beneficiaries of the trust.
The period during which the trustees of a trust may accumulate the trust income (that is, add it to the trust capital, rather than pay it out to or for the benefit of the beneficiaries (see accumulated income)). After the accumulation period has ended, the trustees are obliged to distribute trust income to, or for the benefit of, the beneficiaries (unless they have a power to accumulate income for minor beneficiaries under section 31 of the Trustee Act 1925).
Also known as action for the price. A debt action under which the rules on remoteness and causation are irrelevant. The claimant need only prove that the debt is due.
Compensation which may be payable to an employee if an employer does not comply with a reinstatement or re-engagement order made by an employment tribunal under ERA 1996. If ordered, an additional award would normally be in addition to the basic award and compensatory award and will be between 26 and 52 weeks pay, subject to current statutory limits.
A specific legacy in a will fails to take effect (adeems) if the testator no longer owns that particular asset when he dies.
Used in the context of trusts to mean: “ Setting a beneficiary up in life (or taking a step towards setting him up), for example, by paying for his professional training or providing start-up funding for his business. “” Using trust capital to benefit a beneficiary, for example, by advancing money to him or making a settled advance. Using trust capital to benefit a beneficiary, for example, by advancing money to him or making a settled advance. Both meanings come into play when trustees exercise a power of advancement. The trustees are then advancing capital (in the second sense given above) for a beneficiarys advancement (in the first sense given above) or benefit. See also appointment.