Statutory share (also called forced, elective, or spousal share) refers to the amount state laws entitle a spouse or other person to regardless of what is in a will. Usually, statutory share will refer to the amount a person will be able to...
property & real estate law
stepped-up basis
Stepped-up basis refers to a tax policy that looks at the market value of assets at the time a person inherits them instead of the value when the prior owner purchased the assets. For tax purposes, assets that are sold will be taxed for...
storage lien
A security interest that may be acquired in property by someone who provides storage services for that property. The failure to pay for services as agreed may allow the lien holder to keep possession of the property involved.
subject to a condition subsequent
An estate that has a natural duration that may be cut short once a particular event or condition happens that allows the grantor to take the property back. The particular event is part of the grantor's future interest rather than part of the estate...
subject to open
Also called subject to partial divestment. An estate is given to a certain class of individuals (eg. a person's children), one or more of whom must be already ascertained as part of the class and who has satisfied any conditions precedent to vesting...
subject to partial divestment
See subject to open.
sublease
A sublease is a lease by the lessee of an estate to a third person, conveying all or part of the estate for a shorter term than that for which the lessee holds originally. A sublease is a new contract between the lessee and the sublessee. The...
subprime mortgage
A subprime mortgage is a subprime loan used as a mortgage (to buy property, such as a house).
See also: debt, credit score
[Last updated in June of 2022 by the Wex Definitions Team]
subtenant
See the definition for sublessee in sublease.
[Last updated in August of 2021 by the Wex Definitions Team]
succession
Succession, in legal terms, means succeeding to the rights of another. The word commonly refers to the distribution of property under a state's intestate succession laws, which determine who inherits the property when someone dies without a...