Setback means the areas, measured from the property line to any structure, within which building is prohibited, but which may include driveway areas or other similar surface improvements. In other words, it is the distance a building must be...
property law
settlement
A settlement is an agreement that ends a dispute and results in the voluntary dismissal of any related litigation. Regardless of the exact terms, many parties choose to keep their settlement agreements private.
In business...
settlor
The settlor is the party that creates a trust, usually the donor. The settlor transfers legal title in some asset to the trustee. The settlor then provides in the trust instrument how that trust property is to be used for the beneficiaries....
Shelley's case
See: Rule in Shelley’s Case.
[Last updated in June of 2024 by the Wex Definitions Team]
shifting executory interest
Shifting executory interest is a future interest in a third-party transferee that divests or cuts short another transferee’s possessory or future interest. It transfers part or all of the rights in property from a previous transferee to the...
simple trust
Simple trust is one of three general types of trust that must meet three requirements set by the IRS: all the income must be distributed to the beneficiaries yearly, the trust fund must not payout any of its corpus (better known as principal...
simultaneous death act
Simultaneous death acts are state probate laws that alter how assets are to be allocated when two people become deceased within a short amount of time. The laws apply to individuals whose passing alters how assets would be allocated under...
skip person
A skip person refers to a family member that someone gifts or bequests assets to, that is two or more generations younger than them. This term arose when, prior to the generation-skipping transfer tax, wealthy individuals passed their wealth...
slayer rule
The slayer rule prevents a murderer from retaining a property interest in their victim’s estate. The slayer rule is found in trust and estates law and was designed to prevent people from committing murder to receive their inheritance. The...
small entity
Under U.S. patent law, the fees to be paid to the patent office (USPTO) depend on the applicant’s status. For the purposes of paying patent fees, 37 CFR 1.27, explains that to qualify as a small entity, one must either be:
An...