condition subsequent

condition subsequent: condition subsequent see condition

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

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

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.

condition subsequent: n.

   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

Игры ⚽ Нужно сделать НИР?

Look at other dictionaries:

Condition subsequent — refers to an event or state of affairs that brings an end to something else. A condition subsequent is often used in a legal context as a marker bringing an end to one s legal rights or duties. A condition subsequent may be either an event or a… … Wikipedia
condition subsequent — conˌdition ˈsubsequent noun [countable] LAW a condition that exists until a particular event happens, for example payment of a pension until someone dies * * * condition subsequent UK US noun [C] (plural conditions subsequent) ► LAW an event or a … Financial and business terms
condition subsequent — A condition in a contract which follows liability upon the contract and operates to defeat or annul such liability upon the subsequent failure of the other party to comply with its terms. 17 Am J2d Contr § 323: in the law of estates, a condition… … Ballentine's law dictionary
condition subsequent — noun : a condition whose fulfillment invalidates or modifies an estate, right, or contract previously vested or in effect (as when a horse is bought on condition that he prove sound) … Useful english dictionary
condition subsequent — In a contract, an event that terminates the duty of a party to perform or do her or his part. For example, if a company closes a branch, a supplier will not be required to make contracted deliveries to the branch … Business law dictionary
fee simple subject to condition subsequent — fee simple subject to condition subsequent: fee simple on condition subsequent at fee simple Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
fee simple on condition subsequent — see fee simple Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
estate on condition subsequent — See condition subsequent … Ballentine's law dictionary
condition — con·di·tion 1 n 1: an uncertain future act or event whose occurrence or nonoccurrence determines the rights or obligations of a party under a legal instrument and esp. a contract; also: a clause in the instrument describing the act or event and… … Law dictionary
subsequent — sub·se·quent / səb si kwənt, ˌkwent/ adj: following in time, order, or space see also condition subsequent at condition compare precedent Merriam Webster’s Dictionary of Law … Law dictionary

Academic Dictionaries and Encyclopedias

condition subsequent

Look at other dictionaries:

Share the article and excerpts

Academic Dictionaries and Encyclopedias

Law dictionary

condition subsequent

Look at other dictionaries:

Share the article and excerpts

Direct link