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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
In cases of partial vesting, a "vesting schedule" is a table or chart showing the portion of a right that is vested over time; typically the schedule provides for equal portions to vest on periodic vesting dates, usually once per day, month, quarter, or year, in stairstep fashion over the course of the vesting period.
In title-theory states, a mortgage continues to be a conveyance of legal title to secure a debt, while the mortgagor still retains equitable title. [23] In lien-theory states, mortgages and deeds of trust have been redesigned so that they now impose a nonpossessory lien on the title to the mortgaged property, while the mortgagor still holds ...
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee. [1]
Today's NYT Connections puzzle for Wednesday, January 8, 2025The New York Times
The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
New Android Application Released by Michigan Secretary of State Gives Mobile Users Access to State of Michigan Campaign Finance Filings NIC Technologies LLC Partners with Michigan to Deliver ...
Vesting of title and legal description to the property; Judicial district or city where the land is located; The foreclosure proceedings newspaper qualified publications; Addresses/names of the entities/people who must be provided with the foreclosure proceedings notice; Bankruptcies and property taxes; Liens and encumbrances on the property ...
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