Lease

^ A conveyance of. any lands or tenements (usually in consideration! of rent ■ Acts 5 June, 1T94, 20 April, 1818; 1 Story, L^W3,353; 3 id. 1694. » Cory V. Boylston Ins. Co., 107 Mass. 144 (1871). = See First Nat. Bank of Kansas City v. Hartford Fire or other annual recompense,) made for life, for years, or at will, but always for a less time than the, lessor has in the premises.^ A conveyance of the whole interest constitutes an assignment. 2 Also, to convey the use of realty by a lease.

See Let, 3.

A contract for the possession and profits of land and tenements on the one side, and a recompense of rent or other income on the other; in other words, a conveyance to a person for life, or years, or at will, in consideration of a return of rent or other recompense.' The creation of an estate for years, commonly called a term. While this is both the ordinary and the strictly legal signification, the word may be used in a different sense.* A lease for years is a contract for the possession and profits of lands for a determinate period, with the recompense of rent.' A conveyance by the owner of an estate to another of a portion of his interest therein, for a term less than his own, in consideration of a certain annual or stated rent, or other recompeuse.6 Lessor. A person who grants a lease.

Lessee.

He to whom a lease is made. The usual words are "demise, grant, and to farm let,'" It is not necessary that " lease " be used. Whatever is equivalent will be equally available, if the words assume the form of a license, covenant, or agreement, and the other requisites of a lease as a contract are present.^ A lessee entering into possession under a lease is estopped, while retaining possession, to deny his landlord's title. This arises from the nature of the contract of lease, which is for the possession and use, for a, prescribed period, of the lessor's property, under considerations to him by way of rent or otherwise. It implies an obligation to surrender the premises to the lessor on the termination of the lease, that is, at the expiration of the time during which the owner has stipulated that the lessee may have the use and possession of his property. The lessee cannot be allowed 1 3 Bl. Com. 317. = 3 Bl. Com. 317; 105 Pa. 473; 13 B. L 358. = Branch v. Doane, 17 Conn. *411 (1845), Storrs.

J., quoting 4 Cruise, Dig. 67. See also 24 Me. 645; 21 N. J. L. 388; 43 N. J. E. 383; 7 Cow. 326; 1 Pars. Contr. SOS. < Jamaica Pond Aqueduct Corporation v. Chandler, 9 Allen, 167-69 (1864), Bigelow, C. J. " United States v. Gratiot, 14 Pet. S38 (1840), Thompson, J.; Thomas v. West Jersey E. Co., 101 XJ.

S. 78 (1879). "Gray v. La Fayette County, 6B Wis. 570 Lyon, J. to controvert the title ot the lessor without disparaging his own, and he cannot set up the title of another without violating that contract by which he obtained and holds possession, and breaking that faith which he has pledged, and the obligation of which is still continuing and in full operation. ^ A lease may be at will, for years, for life, of perpetual duration, — for any period which will not exceed the interest of the lessor, and subject to a condition, which is a qualification annexed to the estate by the grantor, or lessor, whereby the estate or term granted may, among other things, be defeated or terminated.' A lease not to exceed three years from the making need not be in writing. But in Maine, Massachusetts, New Hajnpshire, Ohio, Vermont, and perhaps in other States, a parol lease creates merely a tenancy at will.' Iioase and release. A conveyance for transferring a fee-simple. Invented after the Statute of t Tses was enacted. A lease (a bargain and sale) for years was made by the tenant of the freehold. This, unrecorded, made the bargainor stand seized to the use of the bargainee, and vested in the latter the use of the term; whereupon the statute immediately vested the possession. The bargainee, being in possession, could receive a release of the freehold and reversion, which was made the next day — and this supplied the place of livery of seizin, and amounted to a feof Ement.* Leasehold. An estate in land for a fixed term of years. The disposition has been to assimilate leaseholds, at least for long terms, to real estate. The courts have sometimes construed the words '* realty " and " lands " to include them. Some of the States have by statute made them real estate.^ At common law, a leasehold interest in land is personal property, and subject to levy and sale as such," Perpetual lease. A lease unlimited in respect to length of term; a fee-farm. See Farm. Short lease; long lease. In common speech, refer, somewhat indefinitely, to the period of time a lease is to run. Sublease; underlease. A lease of premises already leased, made by the first lessee. ' Robertson v. Pickrell, 109 U. S. 614-15 (1883), Field, Justice.

Quotes Marshall, C. J., in Blight's Lessee v. Eochester, 7 Wheat. 547 (1882). See also Rector v. Gibbon, 111 U.' S. 284 (1884); Tilyou v. Reynolds, 108 N. T. 563 (1888), cases. "Wain^r v. Tanner, 38 Ohio St. 120 (1888), cases,- Okey, C. J. 5 1 Washb. E. P. 614. < 2 Bl. Com. 339; 4 Kent, 482. 5 Dawson v. Daniel, 2 Flip. 317, 313 (1878), Hammond, Judge. " Freeman v. Dawson, 110 U. S. 270 (1884), cases.

Effect of destruction of the estate, 94 Am. Dec. 662-65, Whence sub-lessee, under-lessee: a sub-tenant, an under-tenant.

1 See Condition; Cbop; Demise; En.ioyment; Flooh; Grant, 2, 3; Landlord; Mineral; Month; Nuisance; Parties; Release; Rent; Surrender, 3; Waiver; Years; Yielding.