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The Uniform Simultaneous Death Act is a uniform act enacted in some U.S. states to alleviate the problem of simultaneous death in determining inheritance.. The Act specifies that, if two or more people die within 120 hours of one another, and no will or other document provides for this situation explicitly, each is considered to have predeceased the others.
A life insurance suicide clause is a critical detail that can have significant implications for beneficiaries. This clause typically applies for the first one to two years after a policy is issued ...
If no such clause is present, however, the residuary estate will pass to the testator's heirs by intestacy. At common law , if the residuary estate was divided between two or more beneficiaries, and one of those beneficiaries was unable to take, the share that would have gone to that beneficiary would instead pass by intestacy, under the ...
In insurance, an adjustment clause in a contract specifies how the amount of a claim (particularly a claim against an insurance company) will be determined for the purposes of a settlement, giving consideration to objections made by the debtor or insurance company, as well as the allegations of the claimant in support of his claim. For example ...
Grant deeds strike a balance between protection and simplicity. [2] They use precise and unambiguous language to ensure clarity and understanding, and they include warranties that offer protection against future claims on the property. [2] Grant deeds require full disclosure of any encumbrances on the property, such as liens or restrictions. [1]
Here’s a closer look at how a mortgagee clause works. Mortgagee definition. ... (or deed of trust). This is the document that serves as security for the loan. ... The clause allows the lender to ...
A deed in lieu of foreclosure is generally a last-resort step taken by a homeowner to avoid a foreclosure, says Alesia Parker, branch manager at Silverton Mortgage, an Atlanta-based residential ...
A grandfather clause (or grandfather policy or grandfathering) is a provision in which an old rule continues to apply to some existing situations while a new rule will apply to all future cases. Those exempt from the new rule are said to have grandfather rights or acquired rights , or to have been grandfathered in .