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LSDefine

Simple English definitions for legal terms

conditional ownership

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A quick definition of conditional ownership:

Conditional ownership is when someone has a part of something, like a house or money, but they can only fully own it if they do something or wait for a certain amount of time. For example, if a mom gives her son money but says he can only have it if he gets good grades in college. Or if someone gives land to another person but says they can only fully own it if they build a fence. Different states have different rules about this kind of ownership.

A more thorough explanation:

Conditional ownership is a type of property ownership where the interested party has to fulfill certain conditions before they can gain absolute ownership of the property. These conditions can be related to the person receiving the property or unrelated, like a specific time period.

  • Pam gifts her son Ravi $50,000 in trust if Ravi completes undergrad with a 3.0 GPA.
  • Charles deeds the land beside his house to Caroline upon the condition that Caroline build a fence on the property close to his house.
  • Kate bequests $100,000 to each of her children upon the condition that they reach the age of 21.

In the first example, Pam gifts her son Ravi $50,000 in trust, but only if he completes his undergraduate degree with a 3.0 GPA. This means that Ravi will only gain absolute ownership of the money if he meets the condition set by his mother.

In the second example, Charles deeds the land beside his house to Caroline, but only if she builds a fence on the property close to his house. This means that Caroline will only gain absolute ownership of the land if she fulfills the condition set by Charles.

In the third example, Kate bequests $100,000 to each of her children, but only if they reach the age of 21. This means that Kate's children will only gain absolute ownership of the money if they meet the condition set by their mother.

These examples illustrate how conditional ownership works. The interested party has to fulfill certain conditions before they can gain absolute ownership of the property. This type of ownership can be used for a variety of reasons, such as incentivizing certain behaviors or ensuring that the property is used in a certain way.

conditional bequest | conditional resident

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22:58
WHAT WE GET TMRWWWW?
22:59
After tariff talk @ 3:01 central
22:59
FO PM
23:00
THAS WHAT I LIKE TO HEAAAAR LAMA
23:00
Ropes wen we get dat bama a wanna throw a party
[] c0bra1
23:01
biking is fun but theres also crazy ppl on the citibikes im scared of them
23:01
yesss let's havva a partty
23:01
are those the shared bikes u can rent (from da country middle of BFE)
[] c0bra1
23:01
glad theres bike lanes tho at home u just get run over by cars
[] c0bra1
23:02
yes the rentable ones
[] c0bra1
23:03
i walk/train mostly though i am actually a fan of the mta
23:03
There is this dood on utube who does uber eats in DC and I fear for his life every day
23:04
@c0bra1: oh nice. Yeh
[] c0bra1
23:05
i love that guy! bikingdc!
[] c0bra1
23:05
but yeah he does objectively dangerous stuff sometimes lol esp in the snow
23:10
yeah he plays with fire then wonders why he gets burned
23:10
he has such a good heart, like half his customers deserve no food
23:11
they mad disrespectful and rude
NarrowFaithfulCougar
23:39
@llama: Ehh most people are not aware of how they come off or how selfish they really are. I think if you are heating up a metaphorical crack pipe of convenience filled with gluttony and sloth, the majority of the people you attract are going to be like that. I hope RFK bans doordash/grubhub/uber eats etc. I have good stories from when I did that shit and I have the worst. The biking DC guy honestly gets average people. The average person just sucks.
NarrowFaithfulCougar
23:40
No faith in humanity man. I got absolutely none :(
NarrowFaithfulCougar
23:40
My brother got into a knife fight with some asian guy in Irvine, CA during COVID cus he wasn't wearing a mask in his car.
NarrowFaithfulCougar
23:42
"It's a real knife fight out there" - https://www.youtube.com/watch?v=48TySs8x2Dk
23:59
bro wants to ban doordash
NarrowFaithfulCougar
0:08
Shii I would ban people from eating fast food if I could but you would literally have to have the national guard outside of kfc to do that.
NarrowFaithfulCougar
0:10
Never gunna have universal healthcare in this country if this shit exists.
Damn bruh sound like a you problem to me
Bro never heard of a diet he mad cus mcdonalds be putting dem pouuuunds on him
NarrowFaithfulCougar
0:16
I have never ate there lol. What puts the pounds on me is the fucking izakaya yakitori.
0:24
@MrThickRopes: yeah bro after they launched the app I be buying err thang
MrThickRopes
0:58
same bruh
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