Abeyance - Definition
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Abeyance simply refers to the suspension of the right to the ownership of a property, title or office. It is a situation in which the right to own a property or title is not vested in any individual but the right is held in abeyance or suspended until the rightful owner is determined. The term is mostly used in real estate or mortgage contracts. When there are claims to the ownership of a property or title but the claim cannot be validates or confirmed true, such property will be held in abeyance until the true owner is determined. The suspension or cessation of right to ownership is abeyance.
A Little More on What is Abeyance
Abeyance has its origin in an old freach word, abeyance which means have a longing or a future expectation. In real estate or mortgage contracts, if the true owner of a property, title or office cannot be determined, such property will be held in abeyance, that it ownership to it will be suspended until all matters are resolved. For example, if the current owner of the property fails to declare a single beneficiary to the property, issues can arise regarding claim to ownership. This issue can be resolved in the future but until it is resolved and the true owner determined, the property will be in abeyance. Also, abeyance can occur in a case where an individual declares a future ownership of a property for an individual who is not yet existent. A barren woman can set up a trust that her property would be owned by a child, she has no children yet, then the property will be in abeyance.
Abeyance order is the decree given by an authority that the claim of ownership to a property or asset is temporarily suspended or on hold, until the legitimate owner is determined. This order is also applicable in advertising if an advertising slot is unavailable. A slot on the television or radio is held in abeyance until it becomes available. Abeyance order can also be used in marital cases. In a dissolved marriage, the custody of children or property is held in abeyance until the condition of ownership is concluded. Organizations use the abeyance order in settling claims on ownership or claim to a property. Abeyance orders are also used in divorce proceedings where the court declares a demand to the custody, guardianship, and maintenance of children in abeyance because the legal custodian of the child is undetermined.
Abeyance in Testamentary Trusts
Wills are created as forms of testamentary trusts, if this legal document is made, a trust can also be set to safeguard the assets or properties involved. Four parties are involved in a testamentary trust. They are; the individual creating the trust, usually called the trustor, the trustee who is responsible for carrying out the terms of their trust, the beneficiary and a probate court that ensures that the activities of the trust are properly done. Testamentary trusts often have expiration time such as when a beneficiary reaches a certain age or when the current owner passes away. A trustee is them appointed to oversee the assets unto the set time (expiration period).
Reference for Abeyance