The transfer or transition from one person to another of a right,liability, title, estate, or office. Francisco v. Aguirre, 94 Cal. ISO, 29 Pac. 495; Owen v.Insurance Co., 50 Hun, 455, 10 N. Y. Supp. 75.Iu ecclesiastical law . The forfeiture of a right or power (as the right of presentationto a living) in consequence of its non-user by the person holding it, or of some other actor omission on his part, and its resulting transfer to the person next entitled.In Scotch law. The transference of the right of purchase, from the highest bidder atan auction sale, to the next highest, when the former fails to pay his bid or furnish securityfor its payment within the time appointed. Also, the reference of a matter incontroversy to a third person (called “overs- man”) by two arbitrators to whom it hasbeen submitted and who are unable to agree.
Black’s Law Online Dictionary
