legal estate
Definition
Right to hold the legal title (ownership) to an asset or property. A lender holds a legal estate in the asset mortgaged as collateral, while the borrower retains only the right of redemption. A trustee holds a legal estate in the trust assets for the benefit of its beneficiaries.
legal estate is in the Corporate, Commercial, & General Law and Real Estate & Buildings subjects.
legal estate appears in the definitions of the following terms: equitable right, life estate, tenure and fee simple absolute in possession
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