Lapsed (?), a. 1. Having slipped downward, backward, or away; having lost position, privilege, etc., by neglect; — restricted to figurative uses.
Once more I will renew
His lapsed powers, though forfeit. Milton.
2. 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 other cause. Wharton (Law Dict.).