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gift definition - legal

n

v

  1. Property given as a present.
  2. The action of making a present of property.
class gift
A gift made to a group of persons, the number of whom is determined at the time of the gift.
gift causa mortis. (Latin.)
A gift made by a donor in the expectation that he or she will die soon after.
gift over
A gift that becomes effective only upon the expiration of a prior transfer (such as a life estate).
inter vivos gift
An irrevocable gift made during the ownerÂ’s lifetime.
testamentary gift
A gift made by will.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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