Peppercorn

Peppercorn. When it is desired to reserve only a nominal rent for any period, a 'peppercorn, if demanded,' is usually reserved. A writing showing that a peppercorn has been handed over is not 'a receipt for the last payment due for rent' within s. 3 (4) of the (English) Conveyancing Act, 1881. See now (English) Law of Property Act, 1925, s. 45 (2) and (3) (Re Moody and Yates, (1885) 30 Ch D 344). These rents may be reserved in building leases by mortgagors and mortgagees [(English) Law of Property Act, 1925, s. 99], and in building and forestry leases by tenants for life. [(English) Settled Land Act, 1925, ss. 44 and 48]