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Related to Lapsed: Lapsed Policy

LEGACY, LAPSED. A legacy is said to be lapsed or extinguished, when the legatee dies before the testator, or before the condition upon which the legacy is given has been performed, or before the time at which it is directed to vest in interest has arrived. Bac. Ab. Legacy, E; Com. Dig. Chancery, 3 Y 13; 1 P. Wms. 83. Lownd. Leg. 408 to 415; 1 Rop. Leg. 319 to 341. See, as to the law of Pennsylvania in favor of lineal descendants, 5 Smith's Laws of Pa. 112. Vide, generally, 8 Com. Dig. 502-3; 5 Toull. n. 671.

References in periodicals archive ?
Therefore as the meeting have not been held on or before 21 July 2016, WSP, with the consent of the Takeover Panel, has lapsed its offer.
Therefore, the policy and chronic illness rider would remain lapsed.
When asked to come back, lapsed donors respond, but not like they used to when they were active.
H3: Contracts generated from the tied agent sales channel are less likely to be lapsed than contracts sold by brokers.
With this revival initiative, Reliance Life policy-holders will be able to reincarnate their lapsed policies by simply paying their due premium - without any penalty or medical tests.
All you need to pay is $4 (for MTNA members) for each lapsed year and $15 for this year's renewal.
Since certain regulatory approvals have not been accorded, the closing did not occur by December 31, 2009 and the SPA stands lapsed in accordance with the terms, MCB Bank said.
To form the lapse rate for a specific life insurer, the value of lapsed policies for ordinary life products is divided by the average total life insurance in force during the time period.
While being transported to a nearby hospital, he lapsed into respiratory arrest.
Many of the claims lapsed, but for the handful that remain within the proposed protected lands and for others that abut against.
5 trillion face amount of life insurance policies expired, lapsed or was cancelled by policyholders; each policy was a potential source of wealth had the owner sold it on the secondary market.
If those requirements are not met, however, policyholders have the ability to "catch up" and restore the life insurance coverage by paying back premiums with no interest, so long as the policy has not lapsed and the accumulated cash value is greater than zero.