A complex trust is one that does not fulfill the IRS conditions of a simple trust. The expression "complex" refers to the trustee's discretion rather than the trust's provisions being more complex. A complex trust must engage in at least one of the following three activities each year to be regarded as such:
The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), codified in 42 U.S.C. Chapter 103, is a large piece of legislation passed in 1980 that gives the Environmental Protection Agency (EPA) the ability to intervene in managing land contaminated with high levels of hazardous materials.
Compulsory license is a statutorily created license that allows the use of copyrighted materials without the explicit permission of the copyright owner. In exchange, a royalty is paid to the copyright holder.
Concurrent estates are estates that are either owned or possessed by two or more individuals simultaneously. Concurrent estates include tenancy in common, joint tenancy, and tenancy by the entirety
Condemn in the legal sense refers to when a government exercises its eminent domain powers to seize private property for public use. Both local/state governments and the Federal Government have the authority to condemn property.
Condemnation in the legal sense refers to when a government exercises its eminent domain powers to seize private property for public use. Both local/state governments and the Federal Government have the authority to condemn property.
A condemnation action is a lawsuit where a government is exercising eminent domain to procure private property for some public use or benefit. In the action, a court will determine how much the procuring government must compensate the private party, and then the government will use the property to build a hospital, school, park, power facility, railroad, or another public benefit.
A condition subsequent is an event or state of affairs that, if it occurs, will terminate one party’s obligation to the other. A condition subsequent differs from the similar condition precedents because they take effect after a party has already assumed a duty or after an interest has already vested.
Conditional bequest is a term added to a gift before the recipient can collect the gift. Conditional bequests usually appear in wills and trusts for people wanting to place requirements on inheritances. These conditions can be almost anything imaginable as long as they do not violate public policy. For example:
Conditional ownership is an interest in property that is subject to some form of condition being fulfilled before the interested party can gain absolute ownership. These conditions can be something required of the person receiving the property interest or can be something unrelated like a year. An individual can sell or gift property with conditions for a variety of reasons, and states differ on how property law should address conditional ownership.
