Fee-Farm

This is a species of tenure, where land is held of another in perpetuity at a yearly rent, without fealty, homage or other services than such as are specially comprised In the feoffment. It corresponds very nearly to the "emphyteusis" of the Roman law. Fee-farm is where an estate iu fee is granted subject to a rent in fee of at least one-fourth of the value of the lands at the time of its reservation. Such rent appears to be called "fee-farm" because a grant of lands reserving so considerable a rent is indeed only letting lands to farm in fee-simple, instead of the usual method of life or years.

2 Bl. Comm. 43; 1 Steph. Comm. 676.

Fee-farms are lands held in fee to render for them annually the true value, or more or less; so calied because a farm rent is reserved upon a grant in fee. Such estates are estates of inheritance. They are classed among estates in fee-simple. No reversionary interest remains in the lessor, and they are therefore subject to the operation of the legal principles which forbid restrnints upon alienation in ali cases where no feudal relation exists between grantor and grantee.

De Peyster v. Michael, 6 N. Y. 497, 57 Am. Dee, 470.

Fee-farm rent

The rent reserved on granting a fee-farm. Itmight be one-fourth the value of the land, according to Cowell: one-third, according to other authors.

Spelman ; Termes de la Ley; 2 Bl. Comm. 48.

Fee-farm rent is a rent-charge issuing out of a