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Guidance Note
Guidance note The Crown Estate – Escheat All general enquiries regarding escheat should be Burges Salmon LLP represents The Crown Estate in relation addressed in the first instance to property which may be subject to escheat to the Crown by email to escheat.queries@ under common law. This note is a brief explanation of this burges-salmon.com or by complex and arcane aspect of our legal system intended post to Escheats, Burges for the guidance of persons who may be affected by or Salmon LLP, One Glass Wharf, interested in such property. It is not a complete exposition Bristol BS2 0ZX. of the law nor a substitute for legal advice. Basic principles English land law has, since feudal times, vested in the joint tenants upon a trust determine the bankrupt’s interest and been based on a system of tenure. A of land. the trustee’s obligations and liabilities freeholder is not an absolute owner but • Freehold property held subject to a trust. with effect from the date of disclaimer. a“tenant in fee simple” holding, in most The property may then become subject Properties which may be subject to escheat cases, directly from the Sovereign, as lord to escheat. within England, Wales and Northern Ireland paramount of all the land in the realm. fall to be dealt with by Burges Salmon LLP • Disclaimer by liquidator Whenever a “tenancy in fee simple”comes on behalf of The Crown Estate, except for In the case of a company which is being to an end, for whatever reason, the land in properties within the County of Cornwall wound up in England and Wales, the liquidator may, by giving the prescribed question may become subject to escheat or the County Palatine of Lancaster. -
The Law of Property
THE LAW OF PROPERTY SUPPLEMENTAL READINGS Class 14 Professor Robert T. Farley, JD/LLM PROPERTY KEYED TO DUKEMINIER/KRIER/ALEXANDER/SCHILL SIXTH EDITION Calvin Massey Professor of Law, University of California, Hastings College of the Law The Emanuel Lo,w Outlines Series /\SPEN PUBLISHERS 76 Ninth Avenue, New York, NY 10011 http://lawschool.aspenpublishers.com 29 CHAPTER 2 FREEHOLD ESTATES ChapterScope ------------------- This chapter examines the freehold estates - the various ways in which people can own land. Here are the most important points in this chapter. ■ The various freehold estates are contemporary adaptations of medieval ideas about land owner ship. Past notions, even when no longer relevant, persist but ought not do so. ■ Estates are rights to present possession of land. An estate in land is a legal construct, something apart fromthe land itself. Estates are abstract, figments of our legal imagination; land is real and tangible. An estate can, and does, travel from person to person, or change its nature or duration, while the landjust sits there, spinning calmly through space. ■ The fee simple absolute is the most important estate. The feesimple absolute is what we normally think of when we think of ownership. A fee simple absolute is capable of enduringforever though, obviously, no single owner of it will last so long. ■ Other estates endure for a lesser time than forever; they are either capable of expiring sooner or will definitely do so. ■ The life estate is a right to possession forthe life of some living person, usually (but not always) the owner of the life estate. It is sure to expire because none of us lives forever. -
Usufruct Study Guide
Article 562 ± 578 1. Define usufruct. Usufruct is a real right by virtue of which a person is given the right to enjoy the property of another with the obligation of preserving its form and substance, unless the title constituting it or the law provides otherwise. 2. What are the three fundamental Rights Appertaining to Ownership? Ownership consists of three fundamental rights, to wit: - jus disponende (right to dispose) - jus utendi (right to use) - jus fruendi (right to the fruits) 3. Of the above-mentioned fundamental rights, what consists usufruct and naked ownership? The combination of the jus utendi and jus fruendi is called usufruct. The remaining right jus disponendi is really the essence of what is termed ³naked ownership´. 4. What right is transferred to the usufructuary and what right is remained with the owner? In a usufruct, only the jus utendi and jus fruendi over the property is transferred to the usufructuary. The owner of the property maintains the jus disponendi or the power to alienate, encumber, transform, and even destroy the same. (Hemedes vs. CA, 316 SCRA 347 1999). 5. What are the formulae with respect to full ownership, usufruct, and naked ownership? The following are the formulae: - Full Ownership equals Naked Ownership plus Usufruct - Naked Ownership equals Full Ownership minus Usufruct - Usufruct equals Full Ownership minus Naked Ownership 6. What are the characteristics or elements of usufruct? The following are the characteristics or elements of usufruct: ESSENTIAL CHARACTERISTICS: those without which it can not be termed usufruct: (a) It is REAL RIGHT (whether registered in the Registry of Property or not). -
Inequitable Escheat: Reflecting on Unclaimed Property Law and the Supreme Court's Interstate Escheat Framework
Inequitable Escheat?: Reflecting on Unclaimed Property Law and the Supreme Court's Interstate Escheat Framework T. CONRAD BOWER* TABLE OF CONTENTS I. INTRODUCTION .................................... ...... 516 II. UNCLAIMED PROPERTY-ITS ORIGINS AND THE LAW GOVERNING ITS COLLECTION ......................... ..... 519 A. UnclaimedProperty's Origins in the English Doctrines of Escheat and Bona Vacantia ....................... 520 B. An Attempt at Uniformity: The Uniform Disposition of UnclaimedProperty Act ......................... 523 C. Recent Developments in State Enforcement of Unclaimed PropertyStatutes: A Vehicle for Aggressive Revenue Generation ............................ ....... 527 1. Reduced Statutory Dormancy Periods................... 528 2. Expanding the Definition of UnclaimedProperty ............ 530 3. Aggressive Multi-state Use of Contingent-Fee Auditors.................................. 533 a. The Duty to Report........................533 b. Multi-State Audits, Contingent-FeeAuditors, and the Relentless PursuitofRevenue ................ 534 D. Conclusion ........................................ 537 III. THE SUPREME COURT'S DUAL-PRIORITY FRAMEWORK AND THE CONTROVERSIAL EMERGENCE OF THE "THIRD-PRIORITY" RULE .................................................. 537 A. Texas v. New Jersey: The Birth of Interstate Escheat PriorityRules ...................................... 539 B. An Exception to the Dual-PriorityStructure? The Emergence of the Third-PriorityRule ................ 543 *J.D. Candidate, The Ohio State University Moritz College of Law, expected 2013; B.A., Government, Skidmore College, 2006. I am grateful to the members of the Ohio State Law Journal,most especially Kailee Goold, for their encouragement and advice throughout the note-writing process. I would also like to thank Jamie Ryan, member, Bailey Cavalieri LLC, Columbus, Ohio, for his thoughtful feedback on an earlier draft. I dedicate this Note to my wife and best friend, Megan, who has selflessly supported me in all of my pursuits. 516 OHIO STATE LA WJOURNAL [Vol. 74:3 C. -
In Defense of the Fee Simple Katrina M
Notre Dame Law Review Volume 93 | Issue 1 Article 1 11-2017 In Defense of the Fee Simple Katrina M. Wyman New York University School of Law Follow this and additional works at: http://scholarship.law.nd.edu/ndlr Part of the Property Law and Real Estate Commons Recommended Citation 93 Notre Dame L. Rev. 1 (2017) This Article is brought to you for free and open access by the Notre Dame Law Review at NDLScholarship. It has been accepted for inclusion in Notre Dame Law Review by an authorized editor of NDLScholarship. For more information, please contact [email protected]. \\jciprod01\productn\N\NDL\93-1\NDL101.txt unknown Seq: 1 15-NOV-17 13:44 ARTICLES IN DEFENSE OF THE FEE SIMPLE Katrina M. Wyman* Prominent economically oriented legal academics are currently arguing that the fee simple, the dominant form of private landownership in the United States, is an inefficient way for society to allocate land. They maintain that the fee simple blocks transfers of land to higher value uses because it provides property owners with a perpetual monopoly. The critics propose that landown- ership be reformulated to enable private actors to forcibly purchase land from other private own- ers, similar to the way that governments can expropriate land for public uses using eminent domain. While recognizing the significance of the critique, this Article takes issue with it and defends the fee simple. The Article makes two main points in defense of the fee simple. First, addressing the critique on its own economic terms, the Article argues that the critics have not established that there is a robust economic argument for dispensing with the fee simple. -
Future Interests in Property in Minnesota Everett Rf Aser
University of Minnesota Law School Scholarship Repository Minnesota Law Review 1919 Future Interests in Property in Minnesota Everett rF aser Follow this and additional works at: https://scholarship.law.umn.edu/mlr Part of the Law Commons Recommended Citation Fraser, Everett, "Future Interests in Property in Minnesota" (1919). Minnesota Law Review. 1283. https://scholarship.law.umn.edu/mlr/1283 This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in Minnesota Law Review collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. MINNESOTA LAW REVIEW FUTURE INTERESTS IN PROPERTY IN MINNESOTA "ORIGINALLY the creation of future interests at law was greatly restricted, but now, either by the Statutes of Uses and of Wills, or by modern legislation, or by the gradual action of the courts, all restraints on the creation of future interests, except those arising from remoteness, have been done away. This practically reduces the law restricting the creation of future interests to the Rule against Perpetuities,"' Generally in common law jurisdictions today there is but one rule restricting the crea- tion of future interests, and that rule is uniform in its application to real property and to personal property, to legal and equitable interests therein, to interests created by way of trust, and to powers. In 1830 the New York Revised Statutes went into effect in New York state. The revision had been prepared by a commis- sion appointed for the purpose five years before. It contained a code of property law in which "the revisers undertook to re- write the whole law of future estates in land, uses and trusts .. -
Lending Policy
Origin Mortgage Management Services Lending Policy (Version 3.6 – 22 July 2019) commercial-in-confidence Origin MMS Lending Policy Table of Contents 1. Introduction ......................................................................... 1 1.1 Purpose of the Lending Policy .......................................................... 1 1.2 Responsibilities ................................................................................ 2 1.3 National Credit Code ........................................................................ 3 1.3.1 Introduction .................................................................................................... 3 1.3.2 Responsible Lending Obligations .................................................................. 4 1.3.2 Regulated and Unregulated Loans ................................................................ 5 1.3.3 Financial Obligations ..................................................................................... 7 1.3.4 Substantial Hardship ...................................................................................... 7 1.4 Lenders Mortgage Insurance (LMI) .................................................. 8 1.4.1 Purpose of Lenders Mortgage Insurance ....................................................... 8 1.4.2 Lenders Mortgage Insurance Approvals ........................................................ 8 1.4.3 Lenders Mortgage Insurance Policy .............................................................. 8 2.0 Products ............................................................................ -
Lending with Boq
LENDING WITH BOQ Version Number: 20 Effective Date: 20 July 2020 Important: This is NOT a full version of the Bank of Queensland’s home loan policy. It is a guide only. Acceptance of any loan application is always at Bank of Queensland’s lending discretion, and this document is not to be relied upon or represented as the bank’s current policy. Bank of Queensland Limited ABN 32 009 656 740 (BOQ). Important: This is NOT a full version of the Bank of Queensland’s home loan policy. It is a guide only. Acceptance of any loan application is always at Bank of Queensland’s lending discretion, and this document is not to be relied upon or represented as the bank’s current policy. Bank of Queensland Limited ABN 32 009 656 740 (BOQ). TABLE OF CONTENTS Introduction 1 Forms of acceptable income 2 Validating income 4 Validating Savings, account conduct & expenses 9 Security 13 Established Multiple Units 4 TO 6 17 Guarantees 18 Property valuations 19 Important: This is NOT a full version of the Bank of Queensland’s home loan policy. It is a guide only. Acceptance of any loan application is always at Bank of Queensland’s lending discretion, and this document is not to be relied upon or represented as the bank’s current policy. Bank of Queensland Limited ABN 32 009 656 740 (BOQ). INTRODUCTION Loan Interviews • Conduct face-to-face loan interviews with all new Borrowers and Guarantor/s. • Obtain identification and verify inline with group Customer Identification Guidelines. Note: Face to Face loan interviews can be conducted via video conferencing facilities. -
Real Rights in Louisiana and Comparartive Law: Part I A
Louisiana Law Review Volume 23 | Number 2 The Work of the Louisiana Appellate Courts for the 1961-1962 Term: A Symposium February 1963 Real Rights in Louisiana and Comparartive Law: Part I A. N. Yiannopoulos Repository Citation A. N. Yiannopoulos, Real Rights in Louisiana and Comparartive Law: Part I, 23 La. L. Rev. (1963) Available at: https://digitalcommons.law.lsu.edu/lalrev/vol23/iss2/3 This Article is brought to you for free and open access by the Law Reviews and Journals at LSU Law Digital Commons. It has been accepted for inclusion in Louisiana Law Review by an authorized editor of LSU Law Digital Commons. For more information, please contact [email protected]. LOUISIANALOUSINAFebruary, Volume XXIII1963 LAW REVIEW Number 2 REAL RIGHTS IN LOUISIANA AND COMPARATIVE LAW: PART I A. N. Yiannopoulos* R ights, whatever this word may mean in the framework of a concrete legal system,' may be classified according to a variety of criteria. Philosophically inclined jurists in various parts of the world have established in their efforts at sys- tematization of the law classifications of rights varying from: the abstractions of a purely analytical jurisprudence to the crea- tion of working concepts tested by the functional method. 2 Modern American scholars postulate a classification of "in- terests" (rather than "rights") into the broad categories of interests in personality, interests in property, and interests in relations. 3 This tripartite division could, perhaps, be adopted for the purpose of a meaningful analysis of civilian institutions. 4 Civilian commentators, however, have not as yet fully explored this lucid approach. -
Louisiana and Texas Oil & Gas Law: an Overview of the Differences
Louisiana Law Review Volume 52 | Number 4 March 1992 Louisiana and Texas Oil & Gas Law: An Overview of the Differences Patrick H. Martin Louisiana State University Law Center J. Lanier Yeates Repository Citation Patrick H. Martin and J. Lanier Yeates, Louisiana and Texas Oil & Gas Law: An Overview of the Differences, 52 La. L. Rev. (1992) Available at: https://digitalcommons.law.lsu.edu/lalrev/vol52/iss4/3 This Article is brought to you for free and open access by the Law Reviews and Journals at LSU Law Digital Commons. It has been accepted for inclusion in Louisiana Law Review by an authorized editor of LSU Law Digital Commons. For more information, please contact [email protected]. Louisiana and Texas Oil & Gas Law: An Overview of the Differences* Patrick H. Martin** and J. Lanier Yeates*** I. INTRODUCTION-SCOPE OF ARTICLE There is more that separates Louisiana and Texas than the Sabine River. Our two states have followed different paths to the law, as is soon discovered by any attorney who attempts to practice across state lines. Such attorneys find they must confront new terminology. Louisiana lawyers new to Texas may think a remainder is an after-Christmas sales item at Neiman-Marcus. A Texas lawyer, when faced with reference to a naked owner in Louisiana law, perhaps will conjure up the sort of legal practice that William Hurt had in drafting a will for Kathleen Turner in Body Heat. The terms apply to types of interest which are virtually the same. Our purpose in this presentation is to highlight certain features of the legal systems of the two states that make them distinct from one another, and also to go over certain areas in which they are not terribly different. -
Treasurer's Manual
Massachusetts Collectors and Treasurers Association TREASURER’S MANUAL Revised 2017 Chapter 1 Overview and Legal Basis of Municipal Finance in Massachusetts Legal Foundation of Municipal Finance The development of the powers and duties of Massachusetts cities and towns has evolved since colonial times. The Massachusetts General Laws set out the legal foundation of municipal finance, but new statutes, court decisions, agency regulations, and guidelines are constantly changing. Knowledge of where to find the statutes and regulations, and keeping up with changes is of great importance for all treasurers. More detail can be found on the Division of Local Services publication “A Guide to Financial Management for Town Officials” www.mass.gov/dor/docs/dls/publ/misc/town.pdf. Sources of Legal Information The Division of Local Services (DLS) of the State Department of Revenue (DOR) has statutory responsibilities regarding the assessment and collection of property and other local taxes, municipal budgets and debt, and municipal accounting and other financial practices. The Bureau of Municipal Finance Law serves as the legal bureau of the DLS and is available to municipal treasurers for legal advice and assistance. (See Bulletin 2006- 02B titled Bureau of Municipal Finance Law online at www.mass.gov/dls.) Treasurers can call to speak to one of the assigned “attorneys of the day” at 617-626-2400 or email a question to [email protected]. In an email request, a treasurer needs to include name, community, position, telephone number, and best time to reach you in case follow up is needed. The DLS has a website (www.mass.gov/dls) which is invaluable to municipal treasurers looking for legal information pertinent to their jobs. -
Tenancy by the Entirety in North Carolina Robert E
NORTH CAROLINA LAW REVIEW Volume 41 | Number 1 Article 8 12-1-1962 Tenancy by the Entirety in North Carolina Robert E. Lee Follow this and additional works at: http://scholarship.law.unc.edu/nclr Part of the Law Commons Recommended Citation Robert E. Lee, Tenancy by the Entirety in North Carolina, 41 N.C. L. Rev. 67 (1962). Available at: http://scholarship.law.unc.edu/nclr/vol41/iss1/8 This Article is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North Carolina Law Review by an authorized administrator of Carolina Law Scholarship Repository. For more information, please contact [email protected]. TENANCY BY THE ENTIRETY IN NORTH CAROLINA* ROBERT E. LEEf NATURE OF TENANCY BY THE ENTIRETY Where real property is conveyed by deed or by will to two persons who are at the time husband and wife, a "tenancy by the entirety" is created. Sometimes it is referred to as an "estate by the entirety." The husband and wife take the whole estate as one person. Each has the whole; neither has a separate estate or interest; but the survivor, whether husband or wife, is entitled to the entire estate, and the right of the survivor cannot be defeated by the other's conveyance of the property by deed or will to a stranger. The title to the land cannot be conveyed during the existence of the marriage without the signature of both the husband and the wife. Neither tenant can defeat or in any way affect the right of survivorship of the other.