Property and Ownership - Ologies & -Isms Definition
See also land.abstraction the taking of another’s property for one’s own use. amortization, amortizement the transfer or sale of property in mortmain. burgage British, Obsolete, a form of land tenure under which land was held in return for payment of a fixed sum of money in rent or for rendering of service. Also called socage. devisal the act of devising or bequeathing real property (as contrasted with personal property). Cf. devise. devise 1. the bequeathing of real property by will. 2. the clause in a will devising real property. disseizin, disseisin the process of wrongfully or unlawfully dispossessing a person of his rightful real property; deprivation of seizin. dotation that which is endowed; an endowment. enfeoffment 1. the act of investing with an estate held in fee. 2. the deed that enfeoffs. 3. the possession of a fief or estate held in fee. entailment 1. the process of limiting an inheritance to a specific sequence of heirs, usually applied to large estates. 2. the estate entailed. escheatment reversion of ownership of property, especially real property, to the crown in the absence of persons legally qualified to inherit. Also called escheat. —escheatable, adj. expropriation the process of taking over property, especially real property, of another by any process, lawful or not. feoff fief. feoffment the granting of land to be held in fief. feud fief. fief Feudal System, heritable land in return for service as a vassal. The right to hold. Also called feoff, feud. foreclosure the process by which mortgaged property enters into the possession of the mortgagee without right of redemption by the mortgagor, usually for reason of delinquency in mortgage payments. freehold 1. ownership of property with the right to pass it on through inheritance. 2. the property held in this way. Cf. leasehold. —freeholder, n. gavelkind British. Obsolete. 1. the equal division of the land of an intestate deceased among his sons. 2. a tenant’s right to dispose of his land by feoffment at age fifteen. 3. land not escheating in the event the tenant was convicted as a felon. heirship the state or condition of an heir; the right to inherit property; heirdom. impoundment the process of taking into legal custody, especially property. —impounder, n. infeudation Feudalism. 1. the process of granting an estate in fee; enfeoffment. 2. the granting of tithes to laymen. leasehold 1. the holding of property by lease. 2. the property held in this way. Cf. freehold. lessee a person or entity to whom a lease is given; a person or entity that leases property as a tenant. lessor a person or entity that grants a lease to another; a person or entity that leases property as a landlord. mortgage 1. the giving of property, usually real property, as security to a creditor for payment of a debt. 2. the deed pledging the security. mortgagee the person to whom property is mortgaged; the creditor in a mortgage transaction. mortgagor a person who mortgages property or gives the property as security; the borrower in a mortgage transaction. mortmain transfer or ownership of real property in perpetuity, as transfer to or ownership by a corporate body like a school, college, or church. nonage formerly, a ninth part of a parishioner’s movable property, which was claimed upon his death by the clergy in England. See also law. ownership 1. the state or quality of being an owner. 2. the state of owning. 3. right of possession or proprietorship. parcenary coheirship, or the joint and undivided holding of inherited land by two or more coheirs. parcener a coheir or joint heir; a person who holds property jointly by inheritance. peculium Roman Law. property that might be held by a son, wife, or slave. revaluation the assigning of a new, usually higher value, as to money, real estate, etc. seizin, seisin 1. possession of a freehold estate. 2. the estate so possessed. serjeanty, sergeanty (in medieval England) a form of land tenure in which a tenant holding land from the king owed services only to him. severalty the ownership or holding of property by separate and individual right. See also separation. socage burgage socager, socman a tenant by socage. squatterism 1. the state or practice of being a squatter, or one who settles on government land, thereby establishing ownership. 2. the state or practice of settling in vacant or abandoned property, either for shelter or in an attempt to establish ownership. —squatter, n. superfeudation, superinfeudation creation of a feudal estate out of or upon another feudal estate. usucaption Roman Law. right to or ownership of property on the basis of possession of it for a prescribed period of time. —usucapient, n. usufruct the right to enjoy benefits or profits from something, as real property, while not being the owner of it. —usufructuary, n., ad]. vassalage 1. the condition of land tenure of a vassal. 2. the fief or lands held. villeinage the type of tenure under which a villein held his land. Also called villanage.