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[kevin oleary]
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Simple English definitions for legal terms
admortization
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A quick definition of admortization:
Term: ADMORTIZATION
Definition: Admortization is a historical term that refers to the process of transferring property, such as land or buildings, to a religious organization or charity. This was often done in order to avoid paying taxes or to ensure that the property remained in the hands of the organization indefinitely. Admortization is no longer a common practice, and in many places it is illegal.
A more thorough explanation:
ADMORTIZATION
Admortization refers to the process of reducing the property of lands or tenements to mortmain.
Example 1: In medieval England, admortization was a common practice among religious institutions. They would acquire lands and tenements and hold them in perpetuity, which meant that the property could not be sold or transferred to anyone else. This was done to ensure that the property remained within the control of the religious institution and was used for its intended purpose.
Example 2: In modern times, admortization is not a common practice. However, some countries have laws that restrict the sale or transfer of certain types of property, such as agricultural land, to prevent it from being taken over by large corporations or foreign investors.
The examples illustrate how admortization was used in the past to ensure that property remained within the control of religious institutions and how it is used today to protect certain types of property from being taken over by large corporations or foreign investors. Admortization is a legal process that restricts the sale or transfer of property to ensure that it is used for its intended purpose and remains within the control of a particular group or organization.