Dictionary

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Vendor

A seller.

Vendor’s Lien

The equitable lien of the grantor upon the land conveyed, in the amount of the unpaid purchase price.

Vested

Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

Vicarious Liability

Imposed in some states upon a person even though he is not a party to the particular occurrence, e.g., the owner of a motor vehicle might be vicariously responsible for injuries even though he is not driving the car at the time of the occurrence.

Void Contract

A contract that has no legal force or effect because it does not meet the essential elements of a contract and therefore is not a contract.

Voidable Contract

A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both parties.

Voluntary Alienation

See Alienation.

Voluntary Lien

A lien that arises because of actions permitted be a person, such as when signing a deed of trust or mortgage.