noun

• A period of an interest in land for a term of years which has expired because the specific purpose for which it was created has been fulfilled.

  For example, when land under a strict settlement is assigned to trustees for a term of years on trust to raise capital sums for members of the settlor’s family, the term is satisfied when the sums have been raised. Under the Law of Property Act 1925, the estate or interest in the land ceases when the purpose is fulfilled.