Suddenly
18th September 2003, 10:30 AM
I was reading a thread, which one I don't remember, but sombody posted that liberals think that all property belongs to the state. For some reason I had a Property Law I flashback.
Maybe it is true, at least for real property.
Back in in "Olde England," from where much of our law comes from, all property was owned by the state. It allowed some people to have leaseholds, or estates in the land in exchange for money, military support etc. As time went on these estates granted more and more rights to the leaseholder, and it evolved slowly into the system of law we have today.
Our property laws have changed little in the past 500 years. In theory, when you own a piece of property, you own an interest that is called an "estate." There are several kinds of estates, each with different degrees of ownership, which are indicated by the exact language on a deed. For example:
"To Nie for 30 years": This establishes a term of years. Nie would own the property for that time.
"To Nie for life": Establishes a life estate. Nie owns the land for life.
"To Nie and his heirs": This is the biggie. This is a "fee simple" estate. This means not only does Nie own the land for his life, the land will after he dies go to his heirs. If he has a will, it goes to whom he chooses. If he doesn't, there the law of intestate succession picks his heirs for him. This is what most people are buying when they buy a house.
Importantly, when an estate ends, the right of possession reverts to the greater or bigger estate. If Franko owns a fee simple estate and sells a life estate to Nie, when Nie dies, Franko's greater estate retakes possession. Franko through this whole episode would have a "ownership interest" in that he had the right to take the land back when Nie dies. What Franko does not maintain is the right to possess that land while Nie lives, because Nie "owned" the right to possess it until his demise.
This is a brief and simple illustration. Property law can be complicated to the point where it can make people cry. In fact, if you want to see a lawyer cry, just ask him or her to explain "The Rule Against Perpetuities" to you.
OK, so whats the point of this beyond an excuse to write "when Nie dies" over and over? Here we go:
What happens when the "fee simple" estate fails? Lets say Nie has a fee simple estate. Nie then dies. He leaves no will. He was never married. He had no offspring. It appears he has no relatives. What happens to the property?
It is forfeited to the state
Therefore, the state maintains an ownership interest in all property. It has no possessory interest, so it can't tell you what to do with the land, but there is a possible future right to do so should you (the owner) or your heirs die with out an identifiable "heir."
Just a thought.
Maybe it is true, at least for real property.
Back in in "Olde England," from where much of our law comes from, all property was owned by the state. It allowed some people to have leaseholds, or estates in the land in exchange for money, military support etc. As time went on these estates granted more and more rights to the leaseholder, and it evolved slowly into the system of law we have today.
Our property laws have changed little in the past 500 years. In theory, when you own a piece of property, you own an interest that is called an "estate." There are several kinds of estates, each with different degrees of ownership, which are indicated by the exact language on a deed. For example:
"To Nie for 30 years": This establishes a term of years. Nie would own the property for that time.
"To Nie for life": Establishes a life estate. Nie owns the land for life.
"To Nie and his heirs": This is the biggie. This is a "fee simple" estate. This means not only does Nie own the land for his life, the land will after he dies go to his heirs. If he has a will, it goes to whom he chooses. If he doesn't, there the law of intestate succession picks his heirs for him. This is what most people are buying when they buy a house.
Importantly, when an estate ends, the right of possession reverts to the greater or bigger estate. If Franko owns a fee simple estate and sells a life estate to Nie, when Nie dies, Franko's greater estate retakes possession. Franko through this whole episode would have a "ownership interest" in that he had the right to take the land back when Nie dies. What Franko does not maintain is the right to possess that land while Nie lives, because Nie "owned" the right to possess it until his demise.
This is a brief and simple illustration. Property law can be complicated to the point where it can make people cry. In fact, if you want to see a lawyer cry, just ask him or her to explain "The Rule Against Perpetuities" to you.
OK, so whats the point of this beyond an excuse to write "when Nie dies" over and over? Here we go:
What happens when the "fee simple" estate fails? Lets say Nie has a fee simple estate. Nie then dies. He leaves no will. He was never married. He had no offspring. It appears he has no relatives. What happens to the property?
It is forfeited to the state
Therefore, the state maintains an ownership interest in all property. It has no possessory interest, so it can't tell you what to do with the land, but there is a possible future right to do so should you (the owner) or your heirs die with out an identifiable "heir."
Just a thought.