Lapse
/ˈlæps/
Definitions
- (n.) The termination or expiration of a right, privilege, or agreement due to failure to act within a prescribed time.
The policy went into lapse after the insured failed to pay the premium on time.
- (n.) In property law, the reverting of an estate to the grantor or their heirs when a specified condition is not met.
The grantor held a possibility of reverter if the land use conditions were violated.
Related terms
See also
Commentary
In legal drafting, it is important to specify the triggering event that causes a lapse to avoid ambiguity about when rights or privileges expire.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.