TOD (Transfer-on-death) refers to named beneficiaries receiving assets at the death of the property owner without the need for probate, facilitating the executor's disposition of the property owner's assets after his or her death. This is...
property & real estate law
TOD deed
TOD deed (Transfer-on-death deed) is a deed that automatically transfers property to a designated beneficiary upon the death of the property owner without probate, facilitating the executor's disposition of the property owner's assets after...
transfer-on-death deed
Transfer-on-death deed is a deed that automatically transfers property to a designated beneficiary upon the death of the property owner without probate, facilitating the executor's disposition of the property owner's assets after death. The...
trespass
Trespass is knowingly entering another owners’ property or land without permission, which encroaches on the owners’ privacy or property interests. There are many laws relating to trespass.
Tort LawTrespass to Land: If an...
trust res
Trust res, also named as trust corpus, principal, subject matter, or trust property, is the property that is transferred into a trust. The term “corpus” is Latin for "body.” A trust corpus is the "body" of the trust. It is the property that...
undivided interest
An undivided interest means that two or more persons have an interest in a property held under the same title. The undivided interest encompasses the whole property, and its holders have equal rights to the entire property. The undivided...
unqualified ownership
Unqualified ownership means having absolute ownership without any conditions or limitations.
[Last updated in October of 2021 by the Wex Definitions Team]
unsecured debt
Unsecured debt refers to debt created without any collateral promised to the creditor. In many loans, like mortgages and car loans, the creditor has a right to take the property if payments are not made. Unsecured debt like credit cards or...
use
Use means to put into practice or to employ something. In a legal context, the most common meaning of the term “use,” is the right to enjoy the benefits of real estate or personal property (but primarily used in reference to real estate),...
usufruct
Usufruct is the right to use and benefit from a property, while the ownership of which belongs to another person. The person who enjoys the usufruct is called the usufructuary. The usufructuary shall maintain the property as a responsible...