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LSDefine

Simple English definitions for legal terms

license in amortization

Read a random definition: invito superiore

A quick definition of license in amortization:

A license in amortization is a legal document that allows the transfer of property that would otherwise be invalid under the laws of mortmain. Mortmain is a term used to describe the condition of lands or tenements held in perpetuity by an ecclesiastical or other corporation. This means that the property cannot be sold or inherited, but a license in amortization allows for the transfer of the property. It is important to note that a corporation does not die, so the property will never escheat or pass by inheritance, and no inheritance taxes will ever be paid.

A more thorough explanation:

Definition: A license that allows the transfer of property that would otherwise be invalid under the laws of mortmain. Mortmain refers to the condition of lands or tenements held in perpetuity by an ecclesiastical or other corporation.

Example: Let's say a church wants to sell a piece of land that it owns. However, under the laws of mortmain, the church is not allowed to transfer the land to another party. In this case, the church can obtain a license in amortization, which would allow them to sell the land to a buyer.

This license is important because it allows organizations like churches to sell their property and use the proceeds for other purposes. Without this license, the property would be tied up in perpetuity and could not be sold or transferred.

license fee | license tax

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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