Legal Definitions - devest

Devest

The term "devest" refers to the legal act of removing or taking away a right, title, property, or possession from an individual or entity. It signifies the formal cessation or transfer of a legal interest or ownership.

Here are some examples illustrating how "devest" is used:

• Example 1: Property Forfeiture
  A local government obtains a court order against a property owner who has consistently failed to pay property taxes over several years. The court's ruling declares that the property will be seized and sold to cover the outstanding debt.

  This action would devest the original owner of their legal title and possession of the property, transferring it to the government or a new buyer.

• Example 2: Corporate Charter Revocation
  A state regulatory body discovers that a corporation has repeatedly violated environmental protection laws and engaged in fraudulent business practices. Following an investigation and hearing, the state decides to revoke the corporation's operating charter.

  The revocation of the charter would devest the corporation of its legal right to conduct business within the state and its associated corporate privileges.

• Example 3: Trust Interest Termination
  A will establishes a trust for a beneficiary, but includes a condition stating that if the beneficiary attempts to challenge the will in court, their interest in the trust's assets will be immediately forfeited.

  If the beneficiary were to pursue a legal challenge, they would be devested of their future claim and beneficial interest in the trust's property as per the terms of the will.