15:27
cant spell windy without WIN
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
derivative conveyance
Read a random definition: effective assistance of counsel
A quick definition of derivative conveyance:
Term: DERIVATIVE CONVEYANCE
Definition: A derivative conveyance is a type of transfer of property ownership that is based on a previous conveyance. It is also known as a secondary conveyance. This means that the new owner is receiving the property from someone who already received it from the original owner. A derivative deed is a legal document that is used to transfer ownership in a derivative conveyance.
A more thorough explanation:
A derivative conveyance is a type of secondary conveyance, which means it is a transfer of property rights that is based on a previous conveyance. This type of conveyance is also known as a derivative deed.
For example, if John sells his house to Jane, and then Jane sells the same house to Tom, the conveyance from Jane to Tom is a derivative conveyance because it is based on the previous conveyance from John to Jane.
Another example would be if a developer buys a large piece of land and then subdivides it into smaller lots to sell to individual buyers. The conveyances from the developer to the individual buyers would be derivative conveyances because they are based on the original conveyance from the developer.
These examples illustrate how a derivative conveyance is a transfer of property rights that is based on a previous conveyance. It is important to note that a derivative conveyance cannot exist without a primary conveyance, which is the original transfer of property rights.