What does "lapsed" mean?

Lapsed: Ineffectual, void, or forfeited; as, a lapsed policy of insurance; a lapsed legacy. 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 ether cause. Wharton (Law Dict.).

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