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LSDefine

Simple English definitions for legal terms

Owelty

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A quick definition of Owelty:

Term: Owelty

Definition: Owelty is a charge that makes sure everyone gets a fair share of property. Sometimes, when people own property together, it's hard to split it up into equal parts. Owelty is the money one person pays to the other person to make up for the difference in value. It's like sharing a pizza and making sure everyone gets the same amount of toppings.

A more thorough explanation:

Definition: Owelty is a charge that equalizes the value of real estate when it cannot be divided into equal parts. It is the amount paid to another party to make up for the difference in value so that each party receives an equal share of the property.

For example, if two siblings inherit a piece of land and one part of the land has a higher value due to its location or resources, they may decide to sell the land and split the proceeds. However, if they cannot agree on how to divide the land equally, they may use owelty to compensate for the difference in value.

Another example is when a married couple divorces and they own a property together. If the property cannot be divided into equal parts, one spouse may pay owelty to the other to make up for the difference in value.

These examples illustrate how owelty is used to ensure that each party receives an equal share of the property, even when it cannot be divided equally.

Overt act | own recognizance (OR)

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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