financial events

Ademption

The failure of a bequest from a will because the property is no longer in the estate. For example, if the decedent leaves "My car to my niece", but owns no car at the time of death.

What the beneficiary actually receives in these situations...

Ademption by Extinction

Ademption by extinction occurs when a testator devises a specific piece of property in his will and the testator no longer owns that property at his death. That specifically devised property is therefore adeemed, and the devise fails.

Ademption by Satisfaction

The doctrine of ademption by satisfaction provides for the situation in which a testator decides to change the timing of a gift in order to permit the beneficiary to enjoy the benefits of the gift before the testator’s death. If a pecuniary gift is...

Adjustable Rate Mortgage (ARM)

A mortgage loan where the interest rate may change in accordance with designated market indicator (such as the LIBOR), as opposed to a set interest rate (such at 6% annually).

Adjustment Date

Adjustment date is the date on which a financial term of a contract or transaction is set to change. In real estate, it usually refers to the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM’s interest rate...

Adjustment Period

Adjustment period is the time within which the interest rate on an adjustable-rate mortgage (ARM) can reset. It is the scheduled amount of time between each adjustment date.

Adjustment periods are set at month-to-month, semi-...

Administer

Administer means to carry out a task or give something to someone. Administer appears in a variety of contexts in the legal field. For example:

A trustee administers the assets of an estate by dispersing, selling, or managing the...

Administration (of an Estate)

Administration of an estate means the management of the assets and liabilities of someone who has died. When a person has not designated a personal representative by will to deal with their estate upon death, the court will appoint an administrator to...

Administrative Expenses

§507(a)(1) of the Bankruptcy Code states that claims that are given first priority distribution are those claims allowed as administrative expenses under §503(b). Administrative expenses have the highest priority among creditor claims...

Administrator

Someone appointed by a court to manage the assets and liabilities of someone who died intestate.

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