lapsed legacy

2 definitions found

lapsed legacy - Collaborative International Dictionary of English v.0.48 :

  Lapsed \Lapsed\, a.
     1. Having slipped downward, backward, or away; having lost
        position, privilege, etc., by neglect; -- restricted to
        figurative uses.
        [1913 Webster]
  
              Once more I will renew
              His lapsed powers, though forfeit.    --Milton.
        [1913 Webster]
  
     2. Ineffectual, void, or forfeited; as, a lapsed policy of
        insurance; a lapsed legacy.
        [1913 Webster]
  
     Lapsed devise, Lapsed legacy (Law), a devise, or legacy,
        which fails to take effect in consequence of the death of
        the devisee, or legatee, before that of the testator, or
        for other cause. --Wharton (Law Dict.).
        [1913 Webster]

lapsed legacy - Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  LAPSED LEGACY. One which is extinguished. The extinguishment may take place 
  for various reasons. See Legacy, Lapsed. 
       2. A distinction has been made between a lapsed devise of real estate 
  and a lapsed legacy of personal estate. The real estate which is lapsed does 
  not fall into the residue, unless so provided by the will, but descends to 
  the heir at law; on the contrary, personal property passes by the residuary 
  clause where it is not otherwise disposed of. 2 Bouv. Inst. 2154-6.