Vacant succession refers to when no heirs to an estate can be found or those that are known predeceased the testator or rescinded their inheritance. Vacant succession typically refers to property being distributed under a will, not as an...
PROPERTY
valuable papers
In estates and trusts law, documents — in particular, wills — that are important in carrying out a decedent's wishes. In addition to wills, valuable papers include power of attorney forms, title documents, stock certificates, and letters to be opened...
variance
1) An officially granted exception to a zoning ordinance. Such exceptions may be granted on a case-by-case basis for some persuasive reason shown.
2) A difference between two statements or other pieces of evidence that usually would be...
vendee
A buyer, especially of real property.
See, e.g. Warner v. Kaplan, 892 N.Y.S.2d 311 (N.Y. App. Div. 2009).
See also
Vendor (contrast)
Contract
vendor
A seller, especially of real property. Also called venditor.
See, e.g. American Needle, Inc. v. National Football League, 130 S.Ct. 2201 (2010).
See also
Vendee (contrast)
Contract
vertical privity
In business law, vertical privity is the relationship between companies in a distribution chain (e.g. a manufacturer and a distributor). Those in vertical privity are jointly liable for product defects in the vertical chain.
...Vessel Hull Design Protection Act
Title V of the Digital Millennium Copyright Act, the Vessel Hull Design Protection Act, provides sui generis protection for an “original design of a useful article” (where “useful article” is limited to boat hulls). It was intended to replace the...
vest
A right or an interest in property "vests" when it is secured. This means that the beneficiary of the right or property interest is certain to receive a specific amount, either now or in the future.
vested
Having an absolute right or title to something, to be enjoyed either now or in the future. A vested right is unconditional; it is no longer dependent on any event even if it was in the past.
See Contingent (contrast).
vested ownership
Vested ownership means complete and unconditional ownership.
See also: conditional ownership, qualified ownership
[Last updated in August of 2021 by the Wex Definitions Team]