Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Lapse
ub. 1. (Of an estate or right) to pass away or revert to someone else because conditions have not been fulfilled or because a person entitled to possession has failed in some duty. See lapsed policy under INSURANCE POLICY. 2. (Of a devise, grant, etc.) to become void.
antilapse statute
wills & estates. a statute that passes a bequest to the heirs of the beneficiary if the beneficiary dies before the testator dies. - also termed lapse statute; nonlapse statute.
lapse patent
A land patent substituting for an earlier patent to the same land that lapsed because the previous patentee did not claim it. 3. The exclusive right to make, use, or sell an invention for a specified period (usu. 17 years), granted by the federal government to the inventor if the device or process is novel, useful, and nonobvious. 35 USCA ยงยง 101-103.
lapse statute
See ANTILAPSE STATUTE,
lapsed devise
A devise that fails because the devisor outlives the named recipient.
lapsed legacy
A legacy to a legatee who dies either before the testator dies or before the legacy is payable. ( It falls into the residual estate unless the jurisdiction has an antilapse statute. See ANTILAPSE STATUTE.
lapsed policy
1. An insurance policy on which there has been a default in premium payments. 2. An insurance policy that, because of statutory provisions, remains in force after a default in premium payments. ( Statutes normally provide a 30- or 31-day grace period after nonpayment of premiums.
nonlapse statute
See ANTILAPSE STATUTE.