10:27
I'm trying to quit nicotine
Warning
Info
LSDefine
Simple English definitions for legal terms
release to uses
Read a random definition: store-receiver exemption
A quick definition of release to uses:
Release to Uses: When someone gives their property to someone else through a legal document called a "deed of release," it's called a release to uses. This is done so that the person giving the property can benefit from it or so that a third party can benefit from it. It's important to note that this type of transfer is subject to certain laws and regulations, such as the Statute of Uses and Use(4).
A more thorough explanation:
Definition: Release to uses refers to the transfer of property from one party to another through a deed of release. This transfer is made for the benefit of the grantor or a third party.
For example, if John owns a piece of land and wants to transfer it to his son, he can use a release to uses. John would transfer the land to a third party, who would then hold the land for the benefit of John's son. This allows John's son to receive the land without having to pay any taxes or fees associated with the transfer.
Another example of release to uses is when a company transfers its assets to a trust for the benefit of its employees. The company would use a release to uses to transfer the assets to the trust, which would then hold the assets for the benefit of the employees.
These examples illustrate how release to uses can be used to transfer property for the benefit of a third party. It is a useful tool for estate planning, asset protection, and charitable giving.