16:09
Just got my Michigan rejection
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LSDefine
Simple English definitions for legal terms
latent deed
Read a random definition: irrevocable life insurance trust (ILIT)
A quick definition of latent deed:
A deed is a written document that shows who owns a piece of land or property. It can also be used to show that someone has promised to do something, like pay money or take care of the property. There are different types of deeds, like a gift deed which is given for free, or a mortgage deed which is used to borrow money. A latent deed is a special type of deed that is kept secret for a long time.A more thorough explanation:
Definition: A written instrument that conveys some interest in property and is kept in a secret place, usually for 20 years or more.
Example: John inherited a piece of land from his grandfather, but he never registered the deed with the county. Instead, he kept the deed in a strongbox in his attic for over 30 years. This is an example of a latent deed.
Explanation: A latent deed is a type of deed that is kept hidden or secret for a long period of time. It may be kept in a strongbox, safe, or other secure location. The purpose of keeping a deed latent is often to avoid paying taxes or to prevent others from discovering the ownership of the property. However, it is important to note that keeping a deed latent does not affect the validity of the transfer of ownership. The property still belongs to the person who holds the deed, even if it is not registered with the county or publicly known.