deferred payment

Dictionary of Australasian Words Phrases and Usages by Edward E. Morris

n.


a legal phrase. «Land ondeferred payment» ; «Deferred payment settler» ; «Pastoraldeferred payment.» These expressions in New Zealand havereference to the mode of statutory alienation of Crown lands,known in other colonies as conditional sale, etc., i.e. saleon time payment, with conditions binding the settler to erectimprovements, ending in his acquiring the fee-simple. Thesystem is obsolete, but many titles are still incomplete.

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