Business, Legal & Accounting Glossary
A lapse in succession during which there is no person in whom title is vested. In the law of estates, the condition of a freehold when there is no person in whom it is vested. In such cases, the freehold has been said to be in nubibus (in the clouds), in pendenti (in suspension), and in gremio legis (in the bosom of the law). Where there is a tenant of the freehold, the remainder or reversion in fee may exist for a time without any particular owner, in which case it is said to be in abeyance. A condition of being undetermined or in state of suspension or inactivity. In regard to sales to third parties of property acquired by county at tax sale, being held in abeyance means that certain rights or conditions are in expectancy.
For example, until an order of foreclosure is granted by a court, a mortgagee does not have title to the property of a delinquent debtor that is the subject of a mortgage in those jurisdictions that follow the lien theory of mortgages.
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This glossary post was last updated: 8th October, 2021 | 7 Views.