V

In feudalism, an individual who swore fealty to a lord.

The place of a trial.

A declaration swearing that the pleadings or statements made in a document are true. NY CPLR 3020(a)defines a verification as a “statement under oath that the pleading is true to the knowledge of the deponent, except as to matters alleged on information and belief, and as to those matters he believes it to be true.”

When a beneficiary meets all of the conditions that are necessary for an interest in trust to take effect. • An unborn beneficiary’s interest is always unvested because being born is one of the conditions that are necessary for vesting. • C.f. abeyance.

In thirteenth century England, someone who was a serf, not a slave. A villein had no rights against the villein’s lord (other than protection) but had the rights of a free man against third persons. A villein could not leave the manor, which the villein worked for the lord. The villein had a humble dwelling on the manor. The villein’s rights were protected only in the manorial courts, not the royal courts. • In fourteenth century England, a villein gradually changed into someone who was a free man whose land holding was fixed by manorial customs and no longer dependent on the lord’s will. • This customary tenure eventually became known as “copyhold tenure” because the title to land was recorded on the rolls of the manorial court, and a copy of the rolls was delivered to the tenant. Land held by “copyhold tenure” was transferable only by surrender and admittance, not by the common-law methods of feoffment and grant that were available to free tenants. “The tenant could, by custom, surrender the lands to the lord of the manor to the use of another person designated by the tenant, and the lord was bound to admit such person into the tenancy. The surrender and admittance were recorded on the rolls of the manorial court, and a copy of the rolls were delivered to the new tenant as evidence of his title. Hence, the tenant was said to hold by a copy of court roll, and the form of holding was labeled copyhold tenure.” Cornelius J. Moynihan & Sheldon F. Kurtz, Introduction to the Law of Real Property 14 (7th ed. 2020). • The Law of Property Act, 1922, abolished copyhold tenure, as of January 1, 1926, and converted it into free and common socage.

“Virtual currency is defined in Notice 2014-21, 2014-16 I.R.B. 938 (April 14, 2014) (Notice 2014-21 or Notice), for Federal income tax purposes as a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value other than the U.S. dollar or a foreign currency (fiat currency). The Notice provides that convertible virtual currency (that is, virtual currency that has an equivalent value in real currency or that acts as a substitute for real currency) is treated as property for Federal income tax purposes.” Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions, Proposed Rule by the IRS, Aug. 2023.

In feudal times, the ability of a tenant to call in his lord to defend the tenant’s title to the land.

Incident to one’s office; stemming from one’s office. • “All real estate no disposed of by the will descends to the heirs, and many difficult questions of construction formerly arose in deciding whether the title was devised by the will to the executor or whether he had merely a naked power to sell land, the title to which was in the heir or devisee. So also it was frequently important to determine whether the power of sale was a power incident to the office of executor, a power virtute officii, or whether it was a collateral trust.” Powers of Sale in an Executor in Pennsylvania.

See volatility index.

“The VIX ‘fear’ index, a measure of stock market volatility that shoots up when investors grow anxious . . . .” Michael Hiltzik, Column: The Fed’s anti-inflation work is almost done, with an assist from the banking crisis, Los Angeles Times, March 22, 2023 (Apple News link).