Spendthrift Clause Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Spendthrift Clause, written in plain English, along with examples of how it is used.
What is Spendthrift Clause?
(n) spendthrift clause is a provision included in a will, which dishonor the claims against the property gifted by that will, which has been pledged, mortgaged or otherwise transferred in anticipation, by the person to whom such gifts were proposed in the will. For example a beneficiary in a will agree to sell the property he is going to get as per the will and receives consideration. By spendthrift clause the buyer of such property cannot claim the property even after the will is effected