In Kind

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In Kind

Of the same class, category, or species.

A loan is repaid in kind when a substantially similar article is returned by the borrower to the lender.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

in kind

adj. referring to payment, distribution, or substitution of things in lieu of money, a combination of goods and money, or money instead of an article. It is an expression often found in wills and trusts, which empowers the executor or trustee to make distribution to beneficiaries "in kind" according to his/her discretion as long as the value is equivalent to the value intended to be given to each beneficiary. This is important since it allows distribution of furniture, heirlooms, stocks and bonds, automobiles or even real property (as well as money) among the beneficiaries without selling assets to get cash. Example: Edward Doright dies with a will that leaves his estate equally to his two daughters and a son. He has a house worth $150,000, cash of $100,000, art works valued at $50,000, two cars at $10,000 each, $150,000 in stocks, and jewelry appraised at $25,000. Since the total value is $495,000, the executor can thus divide this up by giving each child things and money valued at $165,000 each. The one taking the house would then get a car and $5,000 cash etc. In this way gifts can be distributed most appropriately to the needs of the recipients. The "in kind" provision also avoids the potential low value returns from estate sales and real estate commissions. (See: distribution, will, trust)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
It is sometimes possible to compensate some activists in large purposive groups with money rather than in-kind benefits.
In the case of In-Kind benefits, the percent of full-time employees participating in wholly-employer-financed benefit programs is reported.
His party, Lakas Christian Muslim Democrats, contributed a total of P95,850,350 in cash and in-kind while P19,724,884 worth of contributions came from other sources.
The Friends of Nancy Zettler campaign committee received a total of $82,351 in cash, transfers in and in-kind donations, according to its third-quarter report.
Specifically, in-kind transfers improve the ability of campaigns to target low-income voters because they impose a small cost on the recipient, which reduces the net value of the transfer to the voter because the transfer is subject to the law of diminishing marginal utility.
Since 2001, HomeAid Colorado has garnered more than $5 million in in-kind donations, adding more than 374 beds for the homeless.
In trying to understand why Pakistanis prefer giving to individuals instead of organisations, the research was conducted via household surveys and focus group discussions.It measured philanthropy in three ways: monetary giving, in-kind giving, and time volunteered.
Similar in-kind investments are planned for approximately 20 additional concepts through 2020, bringing the total of existing and planned investments to more than USD 7 million.
The DSWD has so far spent a total of P59,245,862 for financial assistance and in-kind goods, such as family food packs, and hygiene and kitchen kits.
The finalists will also receive in-kind prizes that include donated development kits.
For decades, when cash was scarce, corporate pension-plan sponsors have made in-kind contributions --non-cash assets such as securities and real estate--to fund their retirement plans.
On appeal, the court determined that Iowa law favors the partition of property by sale and division of proceeds unless a party objects to sale, in which case the burden of proof is on that party to demonstrate that an "in-kind division is both equitable and practicable."