- In English law, terms (usually mortgages), for a long period of years, which are created or kept outstanding for the purpose of attending or waiting upon and protecting the inheritance. A phrase used in conveyancing to denote estates which are kept alive, after the objects for which they were originally created have ceased, so that they might be deemed merged or satisfied, for the purpose of protecting or strengthening the title of the owner. By the Satisfied Terms Act of 1845, any attendant term becoming satisfied after the Act immediately ceased. But the Act did not apply to leaseholds. That Act was repealed and replaced by Sec. 5 of the Law of Property Act of 1925, which applies to terms created out of leaseholds as well as terms created out of freeholds.
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.
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