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)

References in periodicals archive ?
Information replying to a request is not binding on companies tendering procedures nor is it a condition subsequent to the actual bidding participation.
2004-34 because the advance payments were subject to a condition subsequent and, thus, were considered earned in the year of receipt.
Second, the formula clause created a condition subsequent to the completed gifts and, as such, was void for federal tax purposes as contrary to public policy.
included a condition subsequent whereby until good title to, or a constituted
Students know the difference between a 'fee simple absolute' and a 'fee simple subject to condition subsequent,' but they don't know the first thing about how to write a will that takes these concepts into account.
84 per share, immediately vested but subject to a condition subsequent of one year of continuous service as CEO and not exercisable for such one year.
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.
The agreement between Aurum and Argonaut is subject to the completion of a condition subsequent.
Information replying to a request is not binding on companies tendering procedures, nor is it a condition subsequent to the actual bidding participation.
1961) (a voluntary/involuntary termination provision in the taxpayer's vacation pay plan is a condition subsequent that does not postpone the deduction of the expense for the tax year in which the employees earned the vacation pay);
As previously reported, a condition subsequent to the closed sale of the 49 percent interest was receipt of a PLR approving the change in the ownership structure and confirming the earlier rulings, and the proceeds of the transaction are being held in escrow pending resolution of this condition.
In an effort to keep Luther Vandross' fans informed and clarify rumors that are circulating about his condition subsequent to his stroke thirteen days ago, I would like to release the following information.