Right of Option

Right of Option
Right of Option: • In canon law, a way of obtaining a benefice or a title, by the choice of the new titulary himself.
Right of Option:     Right of Option

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    In canon law an option is a way of obtaining a benefice or a title, by the choice of the new titulary himself. Many chapters enjoyed this right formerly and it is still the privilege of some: the canon, who has held his office for the longest time may, in conformity with the statutory regulation, resign the prebend he enjoys to accept another that has become vacant. A second right of option existed in France before 1789: by virtue of a custom a prebendary, who was appointed to and had entered into possession of a benefice incompatible with one he already held, was entitled to select whichever of the two he preferred, when, according to the common law, he had already lost the incompatible benefice which he had previously held. The right of option still exists with regard to cardinalitial titles (see CARDINAL).

    SCHNEIDER, Die bischoflichen Domkapitel (Mayence, 1885); VAN ESPEN, Jus ecclesiasticum universum (Cologne, 1778), part II, s. III, tit. 3, c. 4, t. I, 691; HINSCHIUS, System des katholischen, Kirchenrechts, II (Berlin, 1878), 615, 701.

    A. VAN HOVE

    Transcribed by Joseph E. O'Connor

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Right of Option — In canon law, Right of Option is a way of obtaining a benefice or a title, by the choice of the new titulary himself. Many chapters enjoyed this right formerly and it is still the privilege of some: the canon, who has held his office for the… … Wikipedia
option — op·tion 1 / äp shən/ n 1: the power or right to choose; also: a choice made or available 2: a privilege of demanding fulfillment of a contract on any day within a specified time 3: a contract conveying in exchange for the payment of a premium a… … Law dictionary
option — Right of election to exercise a privilege. Contract made for consideration to keep an offer open for prescribed period. A right, which acts as a continuing offer, given for consideration, to purchase or lease property at an agreed upon price and… … Black's law dictionary
Option (finance) — Option Une option est un produit dérivé, en finance de marché, qui donne le droit, lorsqu on l achète, ou l obligation, lorsqu on la vend, d acheter ou de vendre un actif financier à un prix fixé à l avance (strike) pendant un temps donné ou à… … Wikipédia en Français
Option américaine — Option Une option est un produit dérivé, en finance de marché, qui donne le droit, lorsqu on l achète, ou l obligation, lorsqu on la vend, d acheter ou de vendre un actif financier à un prix fixé à l avance (strike) pendant un temps donné ou à… … Wikipédia en Français
Option européenne — Option Une option est un produit dérivé, en finance de marché, qui donne le droit, lorsqu on l achète, ou l obligation, lorsqu on la vend, d acheter ou de vendre un actif financier à un prix fixé à l avance (strike) pendant un temps donné ou à… … Wikipédia en Français
Option réelle — Option Une option est un produit dérivé, en finance de marché, qui donne le droit, lorsqu on l achète, ou l obligation, lorsqu on la vend, d acheter ou de vendre un actif financier à un prix fixé à l avance (strike) pendant un temps donné ou à… … Wikipédia en Français
Right of first refusal — (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party. In… … Wikipedia
Option — Op tion, n. [L. optio; akin to optare to choose, wish, optimus best, and perh. to E. apt: cf. F. option.] 1. The power of choosing; the right of choice or election; an alternative. [1913 Webster] There is an option left to the United States of… … The Collaborative International Dictionary of English
Option-adjusted spread — (OAS) is the flat spread which has to be added to the treasury yield curve in a pricing model (that accounts for embedded options) to discount a security payment to match its market price. OAS is hence model dependent. This concept can be applied … Wikipedia

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Right of Option

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