Definition from Nolo’s Plain-English Law Dictionary
Refers to payment, distribution, or substitution of goods or services in lieu of money. Used in wills and trusts, it empowers the executor or trustee to distribute property "in kind" to beneficiaries -- that is regardless of whether the property is money, goods, or services -- as long as property in the correct value is given to each beneficiary.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:17 pm