from
The Collaborative International Dictionary of English v.0.48
Lapsed \Lapsed\, a.
1. Having slipped downward, backward, or away; having lost
position, privilege, etc., by neglect; -- restricted to
figurative uses.
[1913 Webster]
Once more I will renew
His lapsed powers, though forfeit. --Milton.
[1913 Webster]
2. Ineffectual, void, or forfeited; as, a lapsed policy of
insurance; a lapsed legacy.
[1913 Webster]
{Lapsed devise}, {Lapsed legacy} (Law), a devise, or legacy,
which fails to take effect in consequence of the death of
the devisee, or legatee, before that of the testator, or
for other cause. --Wharton (Law Dict.).
[1913 Webster]
from
Bouvier's Law Dictionary, Revised 6th Ed (1856)
LAPSED LEGACY. One which is extinguished. The extinguishment may take place
for various reasons. See Legacy, Lapsed.
2. A distinction has been made between a lapsed devise of real estate
and a lapsed legacy of personal estate. The real estate which is lapsed does
not fall into the residue, unless so provided by the will, but descends to
the heir at law; on the contrary, personal property passes by the residuary
clause where it is not otherwise disposed of. 2 Bouv. Inst. 2154-6.