I read the term ‘bona vacantia’ when I was reading a piece of literature. After checking out the dictionary I learned what is bona vacantia meaning. Let me share with you what I have learned.
Need help drafting Will for your property? Let NoBroker lawyers help you outBona vacantia definition:
The term Bona Vacantia means ‘Vacant Goods’ or ‘ownerless goods’. It is a Latin term and it is generally used when a property is stolen without any clear owner. The term bona vacantia refers to the situation when a property or an asset has been abandoned, misled or forgotten by the owner. It also refers to a condition when a property is stolen after the owner dies without any legal heir.
Common moments when the property becomes bona vacantia includes:
When an owner dies without making a Will and with no legal heirs.
When a business is dissolved and the assets are not distributed equally.
When trust fails.
When the owner of the property disappears without leaving any contact information.
I learned this about bona vacantia and I wonder if an adverse property can be considered bona vacantia. Anyways this is a term used mostly by the British but it's better to know the importance of this term in the real estate domain. I hope you know the bona vacantia meaning now.
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Authors Of The Question
What is bona vacantia?
Amish
520 Views
1 Answers
2 Year
2022-07-20T10:25:52+00:00 2022-07-20T10:49:53+00:00Comment
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