Settlement
1. An agreement that ends a dispute and results in the voluntary dismissal of any related litigation. Regardless of the exact terms, parties often choose to keep their settlement agreements private.
2. In business law, the payment, satisfaction, and closing of an account.
3. In wills and estates, the complete execution of an estate by the executor.
4. In wills and estates, the conveyance of property interests to beneficiaries in a way that alters what they would receive as heirs under statutes of descent and distribution.
Definition from Nolo’s Plain-English Law Dictionary
1) The resolution of a dispute or lawsuit. 2) Payment or adjustment. For example, a debtor might settle an account by paying the full amount owed, or an insurance company might settle a property damage claim by paying the insured for the covered damage. 3) The distribution of property and wrapping up of a decedent's affairs by the executor. 4) The transfer of real property from the seller to the buyer (and new owner); closing.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:24 pm
