17:13
@llama: it would only be 17,000 ish per year
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Simple English definitions for legal terms
frank-tenement
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A quick definition of frank-tenement:
A frank-tenement is a type of land ownership where the owner has complete control over the property and can pass it down to their heirs. It is also known as a freehold. This type of ownership is different from a leasehold, where the owner only has the right to use the property for a limited time. In the past, some people tried to create a perpetual freehold, which would keep the land in their family forever, but this was not allowed by the courts.
A more thorough explanation:
Definition: A free tenement; a freehold. This term described both the tenure and the estate. Also spelled franktenement. See FREEHOLD.
Freehold: An estate in land held in fee simple, in fee tail, or for term of life; any real-property interest that is or may become possessory.
Examples:
- Determinable freehold: An estate that is subject to a condition that, if it occurs, will terminate the estate. For example, a lease that ends if the tenant violates a certain rule.
- Movable freehold: The land a seashore owner acquires or loses as water recedes or approaches.
- Perpetual freehold: An estate given to a grantee for life, and then successively to the grantee's heirs for life. This type of freehold was used to keep land within a family in perpetuity.
The examples illustrate different types of freehold estates. A determinable freehold is an estate that can be terminated if a certain condition is met. A movable freehold is a type of estate that changes as the water level changes. A perpetual freehold is an estate that is given to a grantee for life and then passed down to their heirs for life, keeping the land within the family for generations.