ALLOTEE Meaning and
Definition
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The term "allotee" refers to an individual or entity who has been granted a specific portion or share of something, particularly in the context of land or property. An allotee is typically someone who has been assigned a particular portion or plot of land, typically through a formal allocation process. This allocation can occur for various reasons, such as for the purpose of settlement, development, or investment.
In the realm of real estate, an allotee is different from an allocatee, as an allotee specifically refers to the individual or entity that has been granted the land or property, while an allocatee refers to the action of assigning or distributing the parcels of land. The allocation process may involve government authorities or private entities, and the allotee is bestowed legal rights and ownership over the allocated land or property, subject to specific terms and conditions.
The concept of an allotee is also applicable in other contexts, such as in the distribution of shares or dividends. In this context, an allotee would be someone who has been assigned or allocated a certain number or percentage of shares in a company or organization. The allotee then becomes a shareholder and is entitled to benefits such as dividends and voting rights.
Overall, the term "allotee" refers to an individual or entity that has been granted a specific portion, whether it be land, property, or shares, through a formal allocation process.
Etymology of ALLOTEE
The word "allotee" is derived from the verb "allot", which originated from the Old French word "aloter" in the 15th century. "Aloter" itself came from the Medieval Latin word "allotare", meaning "to distribute by lots". The term "allotee" is then formed by adding the suffix "-ee", which indicates a person receiving or affected by the action of the verb. Therefore, an "allotee" is someone who has been assigned or granted a share or portion, typically in terms of property or land.
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