Terms For Years - Definition - Law Dictionary Home Dictionary Definition terms-for-years

Definition :

Terms for years. An estate for years is denominated a term, because its enjoyment is strictly fixed, for by 'term' is meant not only the interest which passes, but also the period for which it is held. It is a chattel real: chattel, because the estate passes to the owner's executors at his death, and did not pass to his heir-at-law, and so far partakes of the nature of personalty; real, because it is an interest in lands, and therefore partakes of the nature of real property.

A term is usually created by a deed or speciality contract, called a lease or demise under the Common Law (see LEASE), and the appropriate operative verbs therein are 'demise,' or 'grant, lease, and to farm let'; but any wards showing the intent of the parties that the one (the lessor) shall divest himself of the possession, and the other (the lessee) come into it for a determinate time, are generally sufficient for the purpose.

Terms could not be limited in succession or by way of remainder except by way of trust or by will as executory devises and an estate tail could not be limited in a term at all. It vested in the first tenant-in-tail in possession absolutely: see now (English) Law of Property Act, 192, ss. 130 et seq. See also TERM OF YEARS; LEASE; LEASES, RENEWAL OF