settlement

Act or process of adjusting or determining; an adjusting; an adjustment between persons concerning their dealings or difficulties; an agreement by which parties having disputed matters between them reach or ascertain what is coming from one to the other; arrangement of difficulties; composure of doubts or differences; determination by agreement; and liquidation. Sowers v. Robertson, 144 Kan. 273, 58 P.2d 1105, 1107.

Payment or satisfaction. Ledbetter v. Hall, 191 Ark. 791, 87 S.W.2d 996, 999.

In legal parlance, implies meeting of minds of parties to transaction or controversy; an adjustment of differences or accounts; a coming to an agreement. Ezmirlian v. Otto, 139 Cal.App. 486, 34 P.2d 774, 778.

To fix or resolve conclusively; to make or arrange for final disposition. Wager v. Burlington Elevators, Inc., 116 N.J.Super. 390, 282 A.2d 437, 441.

Agreement to terminate or forestall all or part of a lawsuit. Gorman v. Holte, 2 Dist., 164 C.A.3d 984, 211 CaLRptr. 34, 37.

Closing; the culmination of a particular transaction involving real property, such as the purchase and sale of the property, the execution of a lease or the making of a mortgage loan.

See also closing.

See also adjust

- closing

- liquidate

- Mary Carter agreement

- out-of-court settlement

- settle

Contracts.

Adjustment or liquidation of mutual accounts; the act by which parties who have been dealing together arrange their accounts and strike a balance. Also full and final payment or discharge of an account.

Equity of settlement

The equitable right of a wife, when her husband sues in equity for the reduction of her equitable estate to his own possession, to have the whole or a portion of such estate settled upon herself and her children.

Also a similar right now recognized by the equity courts as directly to be asserted against the husband. Also called the "wife's equity."

Estates.

The settlement of an estate consists in its administration by the executor or administrator carried so far that all debts and legacies have been paid and the individual shares of distributees in the corpus of the estate, or the residuary portion, as the case may be, definitely ascertained and determined, and accounts filed and passed, so that nothing remains but to make final distribution. "Settlement," in reference to a decedent's estate, includes the full process of administration, distribution and closing. Uniform Probate Code, No. 1-201.

See also family settlement.

@ final settlement

This term, as applied to the administration of an estate, is usually understood to have reference to the order of court approving the account which closes the business of the estate, and which finally discharges the executor or administrator from the duties of his trust

+ final settlement

In probate proceeding, a direct adjudication that the estate is fully administered; that the administrator has completely executed his trust and has accounted for all moneys received as the law requires. In re Braun's Estate, 140 Kan. 188, 34 P.2d 94, 95.

The final determination of amount due contractor by proper governmental authority. Consolidated Indemnity & Insurance Co. v. W. A. Smoot & Co., C.C.A.Va., 57 F.2d 995, 996.

With respect to final settlement in a real estate transaction, see closing

@ strict settlement

@ structured settlement

Type of damages settlement whereby defendant agrees to make periodic payments to injured plaintiff over his or her life. Commonly such settlement consists of an initial lump-sum payment with future periodic payments funded with an annuity.

@ voluntary settlement

A settlement of property upon a wife or other beneficiary, made gratuitously or without valuable consideration

@ settlement date

In stock transactions, the date upon which an executed order must be settled by the buyer paying for the securities with cash and by the seller delivering the securities sold

@ settlement option

In life insurance, a provision for payment made by the insurer with the beneficiary or insured such as for lump sum, periodic payments, and the like

@ settlement statement

A statement prepared by an escrow agent or lender, giving a complete breakdown of costs involved in a real estate sale. A separate statement is prepared for the seller and buyer. Such statements are regulated by the federal Real Estate Settlement Procedures Act.

See also closing statement

- RESPA

@