Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    Assignment of dower; settling property or money upon an institution to provide for its support. See 116 Pa. 555, 11 Atl. 402.

  • Black's Law Dictionary: 2nd Edition

    1. The assignment of dower; the setting off a woman's dower. 2 Bl. Comm. 135.
    2. In appropriations of churches, (in English law,) the setting off a sufficient maintenance for the vicar in perpetuity. 1 Bl. Comm. 387.
    3. The act of settling a fund, or permanent pecuniary provision, for the mainte-nanco of a publlc institution, charity, college, etc.
    4. A fund settled upon a publlc Institution, etc., for its maintenance or use. The words "endowment" and "fund," in a stafute exempting from taxation the real estate, the furniture and personal property, and the "endowment or fund" of religious and educational corporations, are ejusdem generis, and intended to comprehend a class of property different from the other two, not real estate or chattels. The difference bstween the words is that "fund" is a general term, including the endowment, while "endowment" means that particular fund, or part of the fund, of the institution, bestowed for its more permanent uses, and usually kept sacred for the pur-poses intended. Tbs word "endowment" does not, in such an enactment, include reni estate. See First Reformed Dutch Church v. Lyon, 32 N. J. Law, 360; Appeal of Wagner Institute, 116 Pa. 555, 11 Atl. 402; Floyd v. Rankin, 86 Cal. 159, 24 Pac. 936; Liggett v. Ladd, 17 Or. 89, 21 Pac. 133.
    —Endowment policy. In life insurance. A policy which is payable when the insured reaches a given age, or upon his decease, if that occurs earlier. Carr v. Hamilton, 129 U. S. 252, 9 Sun. Ct. 295. 32 L. Eld. 669; State v. Orear, 144 Mo. 157, 45 S. W. 1081.