property & real estate law

Vertical privity

In business law, vertical privity is the relationship between companies in a distribution chain (e.g. a manufacturer and a distributor). Those in vertical privity are jointly liable for product defects in the vertical chain.

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Vest

A right or an interest in property "vests" when it is secured. This means that the beneficiary of the right or property interest is certain to receive a specific amount, either now or in the future.

Vested

Having an absolute right or title to something, to be enjoyed either now or in the future. A vested right is unconditional; it is no longer dependent on any event even if it was in the past.

See Contingent (contrast).

vested ownership

Vested ownership means complete and unconditional ownership.

See also: conditional ownership, qualified ownership

[Last updated in August of 2021 by the Wex Definitions Team]

Vested remainder

Refers to a remainder with an ascertained taker and with no condition precedent.

See: Future Interest

view ordinance

View ordinance are laws designed to protect a property's view from obstructions. Such ordinances may encompass and regulate a variety of property features, but commonly address trees and vegetation. View ordinances can also be enforced to...

Village of Euclid v. Ambler Realty (1926)

Village of Euclid v. Ambler Realty Co., 272 U.S. 365 (1926), is a U.S. Supreme Court case in which the court held that a zoning ordinance can be a valid exercise of a state's police powers. The Supreme Court raised the bar for declaring a...

voluntary waste

Voluntary waste, also referred to as affirmative waste, refers to overt and willful acts of destruction performed by a tenant or life tenant that lead to the drop in value of a piece of property by harming the property or depleting natural...

Warehouseman's lien

A security interest that may be acquired in property by someone who provides storage services for that property. The failure to pay for services as agreed may allow the lien holder to keep possession of the property involved.

Warranty deed

A type of deed where a grantor guarantees that the grantor holds clear title to a parcel of real estate and has a right to sell it to the grantee.

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