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SETTEE Definition & Legal Meaning

Definition & Citations:

To adjust ascertain, or liquidate ; to pay. Parties are said to nettle an account when they go over its items and ascertain and agree upon the balance due from one to the other. Aud, when the party indebted pays such balance, he is also said to settle it Auzerais v. Naglee, 74 Cal. 00, 15 Pac. 371; Jackson v. Ely, 57 Ohio St. 450, 49 N. E. 792; People v. Green, 5 Daly (N. Y.) 201; Lynch v. Nugent, 80 Iowa, 422, 40 N. W. 01. To settle property is to limit it, or the income of it to several persons in succession, so that the person for the time beiug in the possession or enjoyment of it has no power to deprive the others of their right of future enjoyment Sweet. To settle a document is to make it right in form and in substance. Documents of difficulty or complexity, such as mining leases, settlements by will or deed, partnership agreements, etc., are generally settled by counsel. Id. The term “settle” is also applied to paupers. Settle np. A term, colloquial rather than legal, which is applied to the final collection, adjustment, and distribution of the estate of a decedent, a bankrupt, or an insolvent corporation. It includes the processes of collecting the property, paying debts and charges, and turning over the balance to those entitled to receive it


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