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LSDefine

Simple English definitions for legal terms

license in amortization

Read a random definition: vi statuti

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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babycat
16:00
@shaquilleoatmeal: I’ll stop by just for you. I gotta grind out some of my last essays tn.
shaquilleoatmeal
16:02
@soyalmondoatmilk: im weak af, can't handle that spicy cashew lmao
shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
the big W is that i get reimbursed for travel now thank GOD
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