The Statute of Uses
From early on, legislation interfered with uses where they were employed for purposes that were regarded as improper. During the 14th and 15th centuries, legislation was passed which was designed to prevent uses being created so as to defraud creditors.
As the lord at the top of the feudal pyramid, the King suffered most from the employment of uses and evasion of tenurial incidents. The Statute of Uses (1536) was the culmination of various attempts by Henry VIII to solve the problem. The statute operated to execute the use so that the interest of the cestui que use, which was previously an equitable interest, was converted into a legal interest.
Read more about this topic: Use (law)
Famous quotes containing the word statute:
“Amidst the downward tendency and proneness of things, when every voice is raised for a new road or another statute or a subscription of stock; for an improvement in dress, or in dentistry; for a new house or a larger business; for a political party, or the division of an estate;Mwill you not tolerate one or two solitary voices in the land, speaking for thoughts and principles not marketable or perishable?”
—Ralph Waldo Emerson (1803–1882)