condition subsequent

condition subsequent
condition subsequent see condition

Merriam-Webster’s Dictionary of Law. . 1996.

condition subsequent
A future event that will end a contractual obligation.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

condition subsequent
An event or state of affairs that, if it happens, defeats or modifies an existing arrangement or discharges an existing duty. In a contract, a condition subsequent can often terminate the duty of one party to perform under the agreement. Compare: condition precedent
Category: Business, LLCs & Corporations

Nolo’s Plain-English Law Dictionary. . 2009.

condition subsequent
England, Wales
In a loan agreement, a condition that must be satisfied by the borrower within a set time period following drawdown.
Where a borrower does not satisfy a condition precedent in time for drawdown, the lender may agree to lend the money as long as the borrower agrees to satisfy the condition by a future date. Usually, a letter (in the form of a condition subsequent or waiver letter) is signed by the parties before drawdown setting out details of the outstanding condition and the date by which the borrower should satisfy it.
Failure to fulfil the condition within the set time period will usually trigger an event of default.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

condition subsequent
   1) in a contract, a happening which terminates the duty of a party to perform or do his/her part.
   2) in a deed to real property, an event which terminates a person's interest in the property. Examples: if the Dingbat Company closes its business, a supplier will not be required to fulfill its contract and deliver gidgets to the company and the contract will terminate; if daughter-in-law Beatrice terminates her marriage to Reggie Fauntleroy, her interest in the real property will terminate and revert to the grantors, Mom and Dad Fauntleroy.
   See also: condition

Law dictionary. . 2013.

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