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Home Dictionary Name: fee simple Page: 3Remainder
Remainder [fr. remanentia, Lat.], that expectant portion, remnant, or residue of interest which, on the creation of a particular estate, is at the same time limited over to another, who is to enjoy it after the determination of such particular estate.After 1925 remainders can operate only as equitable interests, and in that manner they can be created in respect of personality as well as realty. The follow-ing explanation of legal remainders has been retained as relating to titles to land existing before 1926, and see (English) Law of Property Act, 1925, s. 4, as to the construction of equitable interests.A remainder may be limited in all freehold estates, but not strictly and technically in chattels real and personal, although these may be limited over after a previous limitation or a partial interest in them. It may be limited by way of use (which is, in practice, the usual method), as well as by a conveyance deriving its effect from the Common Law.In the same land there may at the sa...
Rent
Rent [fr. reditus Lat.], a certain profit issuing yearly out of lands and tenements corporeal; it may be regarded as of a two fold nature--first, as some-thing issuing out of the land, as a compensation for the possession during the term; and secondly, as an acknowledgment made by the tenant to the lord of his fealty or tenure. It must always be a profit, yet there is no necessity that it should be, as it usually is, a sum of money; for spurs, capons, horses, corn, and other matters, may be, and occasionally are, rendered by way of rent; it may also consist in services or manual operations, as to plough so many acres of ground and the like; which services, in the eye of the law, are profits. The profit must be certain, or that which may be reduced to a certainty by either party; it must issue yearly, though it may be reserved every second, third, or fourth year; it must issue out of the thing granted, and not be part of the land or the thing itself.Consideration paid, usu. periodically...
Tail after possibility of issue extinct, Tenant in
Tail after possibility of issue extinct, Tenant in. This estate arises out of a special entail as to the parentage of the issue, when the express condition has become impossible by reason of death. Thus, if an estate be granted to husband and wife, and their issue, male or female, if either of them die without issue, the survivor is tenant-in-tail after possibility of issue extinct; and even if there have been issue, yet if the issue die without issue, then the surviving parent is also such a tenant; and also if an estate be entailed upon a man and his issue from a particular wife, if she die without issue, the interest of the husband becomes reduced to a tenancy-in-tail after possibility of issue extinct. Only a donee in tail-special can become such a tenant, for if the entail be general, such a tenancy can never arise; for whilst he lives he may have issue, the law not admitting the impossibility of having children at any age. As an estate-tail is originally carved out of a fee-simpl...
Recto, Breve de
Recto, Breve de, a writ of right, which was of so high a nature that, as other writs in real actions were only to recover the possession of the land etc., in question, this aimed to recover the seisin and the property, and thereby both the rights of possession and property were tried together.There were two species: (1) writ of right patent, so called because it was sent open, and was the highest writ lying for him who had a fee-simple in the lands or tenements sued for, against the tenant of the freehold atleast, and in no other case; this writ was likewise called breve magnum de recto; (2) writ of right close, which was brought where one held lands and tenements by charter in ancient demesne in fee-simple, fee-tail, or for term of life, or in dower, and was disseised, Co. Litt. 158 b; Jac. Law Dict. abolished by 3 & 4 Wm. 4, c. 27. See ACTION (POSSESSORY)....
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Fee-farm rent
Fee-farm rent, where an estate in fee is granted in perpetuity, subject to a rent in fee for so much as it is reasonably worth, not being less than one-fourth of the value of the lands at the time of its reservation; and such rent appears to be called fee-farm, because a grant of land reserving so considerable a rent is indeed only letting lands to farm in fee-simple, instead of the usual method of life or years, Steph. Com., 13th Edn. At p. 480. If the rent be in arrear for two years the feoffor or his heirs may have an action to recover the lands as his demesnes. Cowel's Law Dict., citing Britton, cap. 66, num. 4. Formerly it was said that these rents could not be distrained for, but the (English) Landlord and Tenant Act, 1730 (4 Geo. 2, c. 28), s. 5, allowed distress, impounding and sale for the rents if the rents had been paid for three years. for the remedies in case of non-payment of these rents if created after 1881, see s. 121, (English) Law of Property Act, 1925, and for relie...
ownership
ownership : the state, relation, or fact of being an owner ;also : the rights or interests of an owner [reduced their by one third] absolute ownership : ownership esp. by a single person that is free of any encumbrances or limitations other than statutory law compare fee simple absolute at fee simple os·ten·si·ble ownership [Ä -sten-sə-bəl] : ownership that is apparent rather than actual and that sometimes is recognized in cases of purchase of the property by an innocent third party [a dispute arising from the dealer's ostensible ownership and sale of the collateral] NOTE: A purchaser from a person with ostensible ownership of property may be able to defeat the claim to the property of the actual owner who created the ostensible ownership. ownership in in·di·vi·sion in the civil law of Louisiana : ownership by two or more persons each having undivided shares in the property as a whole compare community property at property NOTE: Own...
Copyhold
Copyhold. Tenure in copyhold has been abolished under the (English) L.P. Acts, 1922 and 1925, and the Amending Acts of 1924 and 1926, but the greater part of the former title on this subject has been retained verbatim in view of the importance of the subject in examining titles. In the previous edition of this work, copyhold was described as a base tenure founded upon immemorial custom and usage; its origin is undiscoverable, but it is said to be the ancient villeinage modified and changed by the commutation of base services into specified rents, either in money or money's worth.A copyhold estate is a parcel of the demesnes of a manor held at the lord's will, and according to the custom of such manor. The tenant may have the same quantities of interest in this tenure as he may enjoy in freeholds, as an estate in fee-simple or (by particular custom) fee-tail, or for life, and he may have only a chattel interest of an estate for years in it. By the custom of some manors, the estate devol...
Disentailing Deed
Disentailing Deed. Under the Fines and Recoveries Act, 1833 (3 & 4 Wm. 4, c. 74), a tenant-in-tail can bar his estate tail by disposing of the land for an estate in fee simple or any less estate, and thus defeat the rights of persons claiming under and after him (with certain exceptions) by executing a disentailing deed and (before 1926) enrolling the same within six months in the High Court of Justice (s. 41, and R.S.C., Ord. LXI., r. 9). If there is a protector (q.v.) under the instrument creating the entail, his consent must be obtained, otherwise an equitable interest corresponding to a base fee only will be created. The deed usually consisted of a conveyance to a stranger to such uses as the tenant-in-tail shall appoint, or in default of appointment to the use of him and his heirs. By the L. P. Act, 1925, s. 1, all estates tail were converted into equitable interests, and by the 9th Schedule to the L. P. Act, 1924, the Fines and Recoveries Act, 1833, as amended, remains in force i...
Exchange, Deed of
Exchange, Deed of [fr. excambium, Lat.], an original Common Law conveyance, for the reciprocal transfer of interests ejusdem generis, as fee simple for fee simple, legal estate for legal estate, copyhold for copyhold of the same manor, and the like the one in consideration of the other. It takes place between two distinct contracting parties only, although several persons may compose each party. The operative and indispensable verb was 'exchange,' which no longer implies a general warranty or right of re-entry [(English) L.P. Act, 1925, s. 59, replacing Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4]. An actual entry upon the pro-perty exchanged by the parties themselves to the deed was essential. The exchange was void if either party died before entry, for, under such cir-cumstances, the parties had no freehold in them, for the heir could not enter and take as a purchaser, because he took under the deed, only by way of limitation in course of descent, but by the L.P. Act, 1925, s....
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