← Back to "C" terms

City FE’. Ins. Co., Conn

Categories: Contracts

Definition (1910 Edition)

20, 76 Am. Dec. 581, —Absolute or conditional. That is an absolute interest in property which is so completely vested in the individual that he can by no contingency be deprived of it without his own consent. So, too, he is the owner of such absolute interest who must necessarily sustain the loss if the property is destroyed. The terms “interest” and “title” are not synonymous. A mortgagor in possession, and a purchaser holding under a deed defectively executed, have, th of them, absolute, as well as insurable, interests in the property, though neither of them has the legal title. “Absolute” is here synonymous with “vested,” and is used in contradistinction to contingent or conditional.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain. UK commentary and modern updates are original additions. This entry is for educational reference only and does not constitute legal advice.