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Simple English definitions for legal terms
qualified ownership
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A quick definition of qualified ownership:
Qualified ownership is when someone owns something, but there are rules or limits on how they can use it or how long they can keep it. For example, they might have to share it with someone else, or they might only be allowed to use it for a certain amount of time. The opposite of qualified ownership is absolute ownership, where someone can do whatever they want with what they own.
A more thorough explanation:
Qualified ownership refers to a type of ownership that comes with certain restrictions or requirements. These restrictions can be related to time, the interests of a third party, or the usage or shares of the property.
For example, a person may own a piece of land, but the ownership may be qualified by a restriction that prevents them from building any structures on the land. Another example could be a joint tenancy, where multiple people own a property together, but their ownership is qualified by the requirement that they all have equal shares and cannot sell their share without the consent of the other owners.
Qualified ownership is different from absolute ownership, which is ownership without any restrictions or requirements.
Overall, qualified ownership means that while a person may own a property, they may not have complete control over it due to certain limitations or requirements.
qualified medical child support order (QMCSO) | qualified personal residence trust (QPRT)