What does bound up mean in law?

The legal definition of “bound up” is “to join together or unite”. Bound up in a transfer deed is all the rights and interests that the transferor previously held in the property, including the right to use and possess the property, the right to transfer the property, and the right to transfer the property’s title. In other words, the transferor still has some interest in the property, even after the property is transferred to the new owner.

What does bound up mean in contract law?

One of the main reasons that people enter into a contract is because they want to transfer property to one party in exchange for a good or service. However, there are some types of property that can't be transferred by contract alone. If property is bound up with a person or an organization, the individual or organization can't transfer the property without the owner's consent.

What does bound up mean in real estate law?

When a person sells orleases property, a deed of trust is typically required. A deed of trust is a legal document created when a lender pledges a piece of real estate as collateral until the loan is repaid. The lender can ask the owner to hold the deed of trust until the loan is repaid. If the buyer fails to repay the loan, the lender can legally take the property back and hold the owner liable for the outstanding balance. The deed of trust also gives the lender the right to foreclose

What does bound up mean in criminal law?

When someone is bound up, they are restrained. There are two types of restraint: physical and psychological. A physical restraint is something tangible like handcuffs, shackles, or ropes. A psychological restraint is more intangible. An example of this is when someone is forced to be submissive because of an abusive relationship. This is bound up in domestic violence.

What does bound up mean in estate planning?

This refers to the transfer of an individual's assets to their heirs. For example, when you pass away, the state will place the value of your estate in an individual account for each of your heirs. Bound up in this process is an understanding of the value of your estate and what each asset is worth. This will vary widely depending on the type of assets in your estate, such as cash value life insurance, retirement accounts, and real estate.