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condition subsequent |
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condition subsequent n. 1) in a contract, a happening which terminates the duty of a party to perform or do his/her part. 2) in a deed to real property, an event which terminates a person's interest in the property. Examples: if the Dingbat Company closes its business, a supplier will not be required to fulfill its contract and deliver gidgets to the company and the contract will terminate; if daughter-in-law Beatrice terminates her marriage to Reggie Fauntleroy, her interest in the real property will terminate and revert to the grantors, Mom and Dad Fauntleroy. (See: condition) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In light of the above problems and the Westpac decision (in which the transaction was not structured as a loan), one might wonder whether the IRS should move away from a standard based on whether an obligation is subject to a condition subsequent or precedent. Maikeli Nagata, which applies the common law rule of condition subsequent to customary land (p. Without getting into ancient learning, certain slight variants in the wording of the clause will result in it being declared a condition subsequent - and hence of no significant use to a landlord - rather than a conditional limitation. |
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