Reversion and Apportionment Rights
Total Page:16
File Type:pdf, Size:1020Kb
 
											Load more
										Recommended publications
									
								- 
												  Guidance NoteGuidance 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.
- 
												  Present Legal Estates in Fee SimpleCHAPTER 3 Present Legal Estates in Fee Simple A. THE ENGLISH LAW T THE beginning of the thirteenth century, when the royal courts of justice were acquiring effective A control of the development of private law, the possible forms of action and their limits were uncertain. It seemed then that a new form of action could be de vised to fit any need which might arise. In the course of that century the courts set themselves to limiting the possible forms of action to a definite list, defining with certainty the scope of permitted actions, and so refusing relief upon states of fact which did not fall within the fixed limits of permitted forms of action. This process, of course, operated to fix and limit the classes of private rights protected by law.101 A parallel process went on with respect to interests in land. At the beginning of the thirteenth century, when alienation of land was becoming possible, it seemed that any sort of interest which ingenuity could devise might be created by apt terms in the transfer creating the interest. Perhaps the form of the gift could create interests of any specified duration, with peculiar rules for descent, with special rights not ordinarily in cident to ownership, or deprived of some of the ordinary incidents of ownership. As in the case of the forms of action, the courts set themselves to limiting the possible interests in land to a definite list, defining with certainty 1o1 Maitland, FoRMS OF ACTION AT CoMMON LAW 51-52 (reprint 1941). 37 38 PERPETUITIES AND OTHER RESTRAINTS the incidents of permitted interests, and refusing to en force provisions of a gift which would add to or subtract from the fixed incidents of the type of interest conveyed.
- 
												  Bundle of S Cks—Real Property Rights and Title Insurance CoverageBundle of Scks—Real Property Rights and Title Insurance Coverage Marc Israel, Esq. What Does Title Insurance “Insure”? • Title is Vested in Named Insured • Title is Free of Liens and Encumbrances • Title is Marketable • Full Legal Use and Access to Property Real Property Defined All land, structures, fixtures, anything growing on the land, and all interests in the property, which may include the right to future ownership (remainder), right to occupy for a period of +me (tenancy or life estate), the right to build up (airspace) and drill down (minerals), the right to get the property back (reversion), or an easement across another's property.” Bundle of Scks—Start with Fee Simple Absolute • Fee Simple Absolute • The Greatest Possible Rights Insured by ALTA 2006 Policy • “The greatest possible estate in land, wherein the owner has the right to use it, exclusively possess it, improve it, dispose of it by deed or will, and take its fruits.” Fee Simple—Lots of Rights • Includes Right to: • Occupy (ALTA 2006) • Use (ALTA 2006) • Lease (Schedule B-Rights of Tenants) • Mortgage (Schedule B-Mortgage) • Subdivide (Subject to Zoning—Insurable in Certain States) • Create a Covenant Running with the Land (Schedule B) • Dispose Life Estate S+ck • Life Estate to Person to Occupy for His Life+me • Life Estate can be Conveyed but Only for the Original Grantee’s Lifeme • Remainderman—Defined in Deed • Right of Reversion—Defined in Deed S+cks Above, On and Below the Ground • Subsurface Rights • Drilling, Removing Minerals • Grazing Rights • Air Rights (Not Development Rights—TDRs) • Canlever Over a Property • Subject to FAA Rules NYC Air Rights –Actually Development Rights • Development Rights are not Real Property • Purely Statutory Rights • Transferrable Development Rights (TDRs) Under the NYC Zoning Resoluon and Department of Buildings Rules • Not Insurable as They are Not Real Property Title Insurance on NYC “Air Rights” • Easement is an Insurable Real Property Interest • Easement for Light and Air Gives the Owner of the Merged Lots Ability to Insure.
- 
												  Upper Hiwassee/Coker Creek AssessmentCherokee National Forest USDA Forest Service Southern Region Roads Analysis Report Upper Hiwassee/Coker Creek Assessment September 2005 BACKGROUND On January 12, 2001, the National Forest System Road Management rule was published in the Federal Register. The adoption of the final rule revised the regulations concerning the management, use, and maintenance of the National Forest Transportation System. The purpose of this road analysis is to provide line officers with critical information to develop road systems that are safe and responsive to public needs and desires, are affordable and efficiently managed, have minimal negative ecological effects on the land, and are in balance with available funding for needed management actions. SCOPE The Upper Hiwassee/Coker Creek Assessment area is approximately 44,747 acres in size with approximately 21,468 of those acres National Forest System land (48% ownership). The majority of the assessment area (17,754 ac) is in Management Prescription (MP) 9.H of the Cherokee National Forest Revised Land and Resource Management Plan. Other MPs represented include: 4.F (443 ac), 7.B (2,126 ac), and 8.B (1,145 ac). Figure 1 displays the location of the analysis area within the Ocoee/Hiwassee Ranger District of the Cherokee National Forest. OBJECTIVES The main objectives of this road analysis are to: • Identify the need for change by comparing the current road system to the desired condition. • Inform the line officer of important ecological, social, and economic issues related to roads within the analysis area. EXISTING SYSTEM ROAD CONDITIONS Most of the study area is on National Forest System land, and of the roads assessed in and near the boundary of this study area, most are National Forest System Roads (NFSRs) under the jurisdiction and maintenance of the Forest Service.
- 
												  New Reasons to Remember the Estate Taxation of ReversionsScholars Crossing Faculty Publications and Presentations Liberty University School of Law Summer 2009 New Reasons to Remember the Estate Taxation of Reversions F. Philip Manns Liberty University, [email protected] Follow this and additional works at: https://digitalcommons.liberty.edu/lusol_fac_pubs Part of the Law Commons Recommended Citation Manns, F. Philip, "New Reasons to Remember the Estate Taxation of Reversions" (2009). Faculty Publications and Presentations. 4. https://digitalcommons.liberty.edu/lusol_fac_pubs/4 This Article is brought to you for free and open access by the Liberty University School of Law at Scholars Crossing. It has been accepted for inclusion in Faculty Publications and Presentations by an authorized administrator of Scholars Crossing. For more information, please contact [email protected]. NEW REASONS TO REMEMBER THE ESTATE TAXATION OF REVERSIONS F. Philip Manns, Jr.∗ Editors’ Synopsis: When a transfer of real property creates a future interest in a party without expressly providing whether that party must survive all others in possession prior, the common law has traditionally refused to imply such a requirement. Recently, various reform movements have proposed reversing this rule. Where such a reversal fails to likewise negate the reversion created by the change, the transferor-possessor of the reversion faces complicated tax issues as a result. In this Article, the author provides an overview of the various attempts to reverse the rule and goes through the complicated actuarial mathematics that are required to assess the tax liability of the possessor of the reversion. I. INTRODUCTION................................................................... 324 II. THE NICS RULE AND ITS NEGATION BY UPC SECTION 2-707 ................................................................... 330 III.
- 
												  Common Ways to Hold TitleCommon Ways to Hold Title HOW YOU TAKE TITLE - ADVANTAGES AND LIMITATIONS: Title to real property may be held by individuals, either in Sole Ownership or in Co-Ownership. Co-Ownership of real property occurs when title is held by two or more persons. There are several variations as to how title may be held in each type of ownership. The following brief summaries reference seven of the more common examples of Sole Ownership and Co-Ownership. SOLE OWNERSHIP A man or woman who is not married. Example: John Doe, a single man. An Unmarried Man/Woman: A man or woman, who having been married, is legally divorced. Example: John Doe, an unmarried man. A Married Man/Woman, as His/Her Sole and Separate Property: When a married man or woman wishes to acquire title as their sole and separate property, the spouse must consent and relinquish all right, title and interest in the property by deed or other written agreement. Example: John Doe, a married man, as his sole and separate property. CO-OWNERSHIP Community Property: Property acquired by husband and wife, or either during marriage, other than by gift, bequest, devise, descent or as the separate property of either is presumed community property. Example: John Doe and Mary Doe, husband and wife, as community property. Example: John Doe and Mary Doe, husband and wife. Example: John Doe, a married man Joint Tenancy: Joint and equal interests in land owned by two or more individuals created under a single instrument with right of survivorship. Example: John Doe and Mary Doe, husband and wife, as joint tenants.
- 
												  Common Ways of Holding Title to Real PropertyNORTH AMERICAN TITLE COMPANY Common Ways of Holding Title to Real Property Tenancy in Common Joint Tenancy Parties Any number of persons. Any number of persons. (Can be husband and wife) (Can be husband and wife) Division Ownership can be divided into any number of Ownership interests cannot be divided. interests, equal or unequal. Title Each co-owner has a separate legal title to his There is only one title to the entire property. undivided interest. Possession Equal right of possession. Equal right of possession. Conveyance Each co-owner’s interest may be conveyed Conveyance by one co-owner without the separately by its owner. others breaks the joint tenancy. Purchaser’s Status Purchaser becomes a tenant in common with Purchaser becomes a tenant in common with other co-owners. other co-owners. Death On co-owner’s death, his interest passes by On co-owner’s death, his interest ends and will or intestate succession to his devisees or cannot be willed. Surviving joint tenants heirs. No survivorship right. own the property by survivorship. Successor’s Status Devisees or heirs become tenants in common. Last survivor owns property in severalty. Creditor’s Rights Co-owner’s interest may be sold on execution Co-owner’s interest may be sold on execu- sale to satisfy his creditor. Creditor becomes a tion sale to satisfy creditor. Joint tenancy is tenant in common. broken, creditor becomes tenant in common. Presumption Favored in doubtful cases. None. Must be expressly declared. This is provided for informational puposes only. Specific questions for actual real property transactions should be directed to your attorney or C.P.A.
- 
												  The Law of PropertyTHE 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.
- 
												  Property Ownership for Women Enriches, Empowers and ProtectsICRW Millennium Development Goals Series PROPERTY OWNERSHIP FOR WOMEN ENRICHES, EMPOWERS AND PROTECTS Toward Achieving the Third Millennium Development Goal to Promote Gender Equality and Empower Women It is widely recognized that if women are to improve their lives and escape poverty, they need the appropriate skills and tools to do so. Yet women in many countries are far less likely than men to own property and otherwise control assets—key tools to gaining eco- nomic security and earning higher incomes. Women’s lack of property ownership is important because it contributes to women’s low social status and their vulnerability to poverty. It also increasingly is linked to development-related problems, including HIV and AIDS, hunger, urbanization, migration, and domestic violence. Women who do not own property are far less likely to take economic risks and realize their full economic potential. The international community and policymakers increasingly are aware that guaranteeing women’s property and inheritance rights must be part of any development agenda. But no single global blueprint can address the complex landscape of property and inheritance practices—practices that are country- and culture-specific. For international development efforts to succeed—be they focused on reducing poverty broadly or empowering women purposely—women need effective land and housing rights as well as equal access to credit, technical information and other inputs. ENRICH, EMPOWER, PROTECT Women who own property or otherwise con- and tools—assets taken trol assets are better positioned to improve away when these women their lives and cope should they experience and their children need them most.
- 
												  Water Law in Real Estate TransactionsDenver Bar Association Real Estate Section Luncheon November 6, 2014 Water Law in Real Estate Transactions by Paul Noto, Esq. [email protected] Prior Appropriation Doctrine • Prior Appropriation Doctrine – First in Time, First in Right • Water allocated exclusively based on priority dates • Earliest priorities divert all they need (subject to terms in decree) • Shortages of water are not shared • “Pure” prior appropriation in CO A historical sketch of Colorado water law • Early rejection of the Riparian Doctrine, which holds that landowners adjacent to a stream can make a reasonable use of the water flowing through your land. – This policy was ill-suited to Colorado and would have hindered growth, given that climate and geography necessitate transporting water far from a stream to make land productive. • In 1861 the Territorial Legislature provided that water could be taken from the streams to lands not adjacent to streams. • In 1872, the Colorado Territorial Supreme Court recognized rights of way (easements), citing custom and necessity, through the lands of others for ditches carrying irrigation water to its place of use. Yunker v. Nichols, 1 Colo. 551, 570 (1872) A historical sketch of Colorado water law • In 1876 the Colorado Constitution declared: – “The water of every natural stream, not heretofore appropriated, within the state of Colorado, is hereby declared to be the property of the public, and the same is dedicated to the use of the people of the state, subject to appropriation as hereinafter provided.” Const. of Colo., Art. XVI, Sec. 5. – “The right to divert the unappropriated waters of any natural stream to beneficial uses shall never be denied.
- 
												  REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Real Estate Law Outline LESSON 1 PgREAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Real Estate Law Outline LESSON 1 Pg Ownership Rights (In Property) 3 Real vs Personal Property 5 . Personal Property 5 . Real Property 6 . Components of Real Property 6 . Subsurface Rights 6 . Air Rights 6 . Improvements 7 . Fixtures 7 The Four Tests of Intention 7 Manner of Attachment 7 Adaptation of the Object 8 Existence of an Agreement 8 Relationships of the Parties 8 Ownership of Plants and Trees 9 Severance 9 Water Rights 9 Appurtenances 10 Interest in Land 11 Estates in Land 11 Allodial System 11 Kinds of Estates 12 Freehold Estates 12 Fee Simple Absolute 12 Defeasible Fee 13 Fee Simple Determinable 13 Fee Simple Subject to Condition Subsequent 14 Fee Simple Subject to Condition Precedent 14 Fee Simple Subject to an Executory Limitation 15 Fee Tail 15 Life Estates 16 Legal Life Estates 17 Homestead Protection 17 Non-Freehold Estates 18 Estates for Years 19 Periodic Estate 19 Estates at Will 19 Estate at Sufferance 19 Common Law and Statutory Law 19 Copyright by Tony Portararo REV. 08-2014 1 REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Types of Ownership 20 Sole Ownership (An Estate in Severalty) 20 Partnerships 21 General Partnerships 21 Limited Partnerships 21 Joint Ventures 22 Syndications 22 Corporations 22 Concurrent Ownership 23 Tenants in Common 23 Joint Tenancy 24 Tenancy by the Entirety 25 Community Property 26 Trusts 26 Real Estate Investment Trusts 27 Intervivos and Testamentary Trusts 27 Land Trust 27 TEST ONE 29 TEST TWO (ANNOTATED) 39 Copyright by Tony Portararo REV.
- 
												  The Dual-System of Water Rights in Nebraska George Rozmarin University of Nebraska College of LawNebraska Law Review Volume 48 | Issue 2 Article 6 1968 The Dual-System of Water Rights in Nebraska George Rozmarin University of Nebraska College of Law Follow this and additional works at: https://digitalcommons.unl.edu/nlr Recommended Citation George Rozmarin, The Dual-System of Water Rights in Nebraska, 48 Neb. L. Rev. 488 (1969) Available at: https://digitalcommons.unl.edu/nlr/vol48/iss2/6 This Article is brought to you for free and open access by the Law, College of at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Nebraska Law Review by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. 488 NEBRASKA LAW REVIEW-VOL. 48, NO. 2 (1969) Co'mment THE DUAL-SYSTEM OF WATER RIGHTS IN NEBRASKA I. INTRODUCTION In Nebraska, rights to waters in streams and lakes have been regulated through a dual-system which utilizes both the riparian doctrine of the common law and the statutory scheme of appropri- ative rights. Although the two doctrines are divergent in many instances, the judiciary has recognized this and attempted to main- tain a balance between them. Despite these efforts, however, inconsistent principles of law developed over the years until finally in Wasserburgerv. Coffee1 the Nebraska Supreme Court attempted to reconcile the relative status of riparians and appropriators. In doing so the court prescribed a flexible method of equitable balance rather than a static formula of distribution. This article will give a brief introduction to some of the problems faced in distributing water rights under this dual-system, and will attempt to determine what effect Wasserburger may have on these rights that are so intimately linked with the prosperity of the state and Eill of its citizens.