Legal Terms

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Encumbrance.

A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The interest of the property owner is reduced by the amount of the encumbrance.

Estate Tax.

A tax payable to the federal government. The amount is based on the value of the estate of the decedent.

Estoppel.

The legal principle whereby a person loses the right to deny that a certain condition exists by virtue of his having acted in such a way as to persuade others that the condition does exist. For example, if an insurer allows an insured to violate one of the conditions of the policy, he cannot at a later date void the policy because the condition was violated. The insurer has acted in such a way as to lead the insured to believe that the violation did not void the coverage.

Exculpatory.

That portion of a contract or agreement which relieves one party to the agreement of the consequences of his or her own acts.

Exemplary Damages.

See Punitive Damages.