Two Main Types of Settlement
- Under a trust for sale, the property, which can be real or personal (land or goods), is transferred by the owner by deed or will to trustees who are obliged to sell the property and hold the proceeds of sale for the beneficiaries.
- A strict settlement can only be created over land and it was a device which was used by a landowner to keep the land within his family.
By using the device of the strict settlement the ownership of the property was divided over time by using limited freehold estates.
Read more about this topic: Settled Land Acts
Famous quotes containing the words main, types and/or settlement:
“Whoever considers morality the main objective of human existence, seems to me like a person who defines the purpose of a clock as not going wrong. The first objective for a clock, is, however, that it does run; not going wrong is an additional regulative function. If not a watch’s greatest accomplishment were not going wrong, unwound watches might be the best.”
—Franz Grillparzer (1791–1872)
“He types his laboured column—weary drudge!
Senile fudge and solemn:
Spare, editor, to condemn
These dry leaves of his autumn.”
—Robertson Davies (b. 1913)
“I always consider the settlement of America with reverence and wonder, as the opening of a grand scene and design in providence, for the illumination of the ignorant and the emancipation of the slavish part of mankind all over the earth.”
—John Adams (1735–1826)