The Business Mans Legal Adviser volume 1

Cover The Business Mans Legal Adviser volume 1
The Business Mans Legal Adviser volume 1
Albert Sidney Bolles
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CHAPTER IV MODES OF LIMITED OWNERSHIP i. BY TENANT OR OCCUPANT FOR LIFE 1. Mode of creating an estate for life.
2. For whom it is created.
3. Rights and duties of life-owner: a. Improvements, b. Payment of interest on mortgages, c. Taxes.
4. Relation between life-tenant and reversioner: a. Rents, b. Crops, c. Effect of purchase of outstanding title by life-occupant, d. Sale of interest by life-occupant, e. Valuation of life-occupant's interest, 5. Waste.
6. How land must be improved: a. Repairs
..., b. Insurance.
7. Division of income from stock between life-occu- pant and reversioner.
8. Remedies for wrongs committed by life-owner.
150 MODES OF LIMITED OWNERSHIP 151 1. NEXT to absolute or entire ownership may be mentioned ownership for life. Such ownership is often created by will, the testator giving the use of his land to a son during his lifetime, and, after his death, then to the son's child or some other person. This is the most usual way in which estates for life are created. They are very common, though perhaps less so than formerly.


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