A grant , in law , is a transfer of property , generally from a person or other entity giving the property (the grantor ) to a person or entity receiving the property (the grantee ).
46-460: Historically, a grant was a transfer by deed of that which could not be passed by livery , an act evidenced by letters patent under the Great Seal , granting something from the king to a subject, and a technical term made use of in deeds of conveyance of lands to import a transfer. Though the word "grant" was originally made use of, in treating of conveyances of interests in lands, to denote
92-426: A bargain and sale deed , implies that the grantor has the right to convey title but makes no warranties against encumbrances. This type of deed is most commonly used by court officials or fiduciaries that hold the property by force of law rather than title, such as properties seized for unpaid taxes and sold at sheriff's sale , or an executor . A so-called quitclaim deed is (in most jurisdictions) actually not
138-419: A 'property register'. Title deeds are documents showing ownership, as well as rights, obligations, or mortgages on the property. Since around 2000, compulsory registration has been required for all properties mortgaged or transferred. The details of rights, obligations, and covenants referred to in deeds will be transferred to the register, a contract describing the property ownership. The main difference between
184-831: A complete overhaul of company law was promised, the Act seems to leave much of the existing structure in place, and to simplify certain aspects only at the margins. It is the single, longest piece of legislation passed by Parliament, totalling 1,300 sections and 16 schedules. A small portion of the act, including section 43 which transposed the EU Transparency Directive into UK law, came into effect on royal assent in November 2006. The first and second Commencement Orders then brought further provisions into force in January 2007 and April 2007. The implementation timetable for
230-482: A deed "executed by a stranger to the record title hung out in the air like Mahomet's coffin". Mahomet is an archaic spelling of Muhammad . There is a legend that the Prophet Muhammad's coffin was suspended without visible support from the ceiling of his tomb, just as a wild deed just hangs there, not touching the chain of title. Blockchain technology has emerged with the potential to innovate and support
276-425: A deed and an agreement is that the deed is generally signed by only one person / party. Examples of a deed are deeds of hyphenation for creating charge on movable properties in favor of the banks/financial institutions etc. An agreement by its name suggests that there should be at least two parties signing/approving the same. Examples of an agreement are agreement to sale, loan agreement etc. At common law, ownership
322-438: A deed at all—it is actually an estoppel disclaiming rights of the person signing it to property. In some jurisdictions, a deed of trust is used as an alternative to a mortgage . A deed of trust is not used to transfer property directly. It is commonly used in some states — California, for example — to transfer title to land to a “trustee”, usually a trust or title company, which holds the title as security ("in escrow ") for
368-591: A deed is any legal instrument in writing which passes, affirms or confirms an interest , right , or property and that is signed, attested, delivered, and in some jurisdictions , sealed . It is commonly associated with transferring ( conveyancing ) title to property . The deed has a greater presumption of validity and is less rebuttable than an instrument signed by the party to the deed. A deed can be unilateral or bilateral. Deeds include conveyances , commissions , licenses , patents , diplomas , and conditionally powers of attorney if executed as deeds. The deed
414-454: A deed must meet several requirements: Under the law of England and Wales , a deed may be delivered or otherwise handled in one of three ways: Deeds delivered unconditionally are irrevocable. Section 46(2) of the UK's Companies Act 2006 states that a document executed as a deed by a company is presumed to be delivered upon execution, but this presumption can be rebutted if a contrary intention
460-688: A deed would in real estate transactions" While instances like the house sales in South Carolina and Florida have demonstrated the practical application of NFTs functioning like land deeds in real estate, the legal framework surrounding such transactions remains in a state of development. As of now, the use of blockchain and NFTs to serve a deed-like purpose, as in real estate, operates in a legal gray area, with no direct legal statutes explicitly supporting or regulating this method of property transfer. This emerging field continues to evolve, with legal experts, industry stakeholders, and legislators examining
506-549: A loan. When the loan is paid off, title is transferred to the borrower by recording a release of the obligation, and the trustee's contingent ownership is extinguished. Otherwise, upon default, the trustee will liquidate the property with a new deed and offset the lender's loss with the proceeds. Sanad , also spelt as sunnud , was a deed granted to the rulers of native princely states in British India confirming them in their ruling position in return for their allegiance to
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#1732794589914552-509: A number of new requirements are introduced for public companies, some of the provisions of which only apply to companies whose shares are listed on the main board of the London Stock Exchange (but, importantly, not to companies whose shares are listed on AIM ). Part 26 (sections 895–901) refers to arrangements and reconstructions to be applied between a company and its creditors or members. The principle which allows for 75% of
598-430: A property is held in concurrent estate such as "joint tenants with right of survivor-ship" (JTWROS) or "tenants by the entirety". In each case, the title to the property immediately and automatically vests in the named survivor(s) upon the death of the other tenant(s). In most states joint tenancy with the right of survivor-ship requires all owners to have equal interests in the property, meaning upon sale or partition of
644-498: A specialty is enforceable without consideration . In some jurisdictions, specialties have a liability limitation period of double that of a simple contract and allow for a third party beneficiary to enforce an undertaking in the deed, thereby overcoming the doctrine of privity . Specialties, as a form of contract, are bilateral and can therefore be distinguished from covenants , which, being also under seal, are unilateral promises. At common law , to be valid and enforceable,
690-406: A transfer by deed of that which could not be passed by livery, and was applied only to incorporeal hereditaments , it became a generic term, applicable to the transfer of all classes of real property . As distinguished from a mere license , a grant passes some estate or interest, corporeal or incorporeal, in the lands which it embraces; can only he made by an instrument in writing, under seal; and
736-407: Is called a wild deed. The general rule is that a subsequent purchaser is not held to have constructive notice of a wild deed. In the example, Cooper's title is unprotected against subsequent good faith purchasers. Suppose Atwood were to fraudulently sell the same property to another person, Dunn. A court would rule that Dunn has good title to the property, not Cooper. A wild deed has been described as
782-399: Is irrevocable, when made, unless an express power of revocation is reserved. A license is a mere authority; passes no estate or interest whatever; may be made by parol; is revocable at will; and, when revoked, the protection which it gave ceases to exist. In legal conveyancing , the grant is the means by which a party conveys title or encumbrance. In trust law , the grant is the act by which
828-475: Is much easier and cheaper to administer, lowering transaction costs. Some Australian properties are still conveyed using a chain of title deeds – usually properties that have been owned by the same family since the nineteenth century – and these are often referred to as 'Old System' deeds. A deed that is recorded, but is not connected to the chain of title of the property, is called a wild deed . A wild deed does not provide constructive notice to later purchasers of
874-402: Is on corporate social responsibility . There are seven statutory duties placed on directors which are as follows: Although the changes to directors' duties were the most widely publicised (and controversial) feature of the legislation, the Act also affects directors in various other ways: The Act contains various provisions which affect all companies irrespective of their status: This change
920-435: Is proved. Conditions attached to the acceptance of a deed are known as covenants . A deed indented or indenture is one executed in two or more parts according to the number of parties, which were formerly separated by cutting in a curved or indented line known as the chirograph. A deed poll is one executed in one part, by one party, having the edge polled or cut even, and includes simple grants and appointments. In
966-463: Is the modern descendant of the medieval charter , and delivery is thought to symbolically replace the ancient ceremony of livery of seisin . The traditional phrase signed, sealed and delivered refers to the practice of using seals; however, attesting witnesses have replaced seals to some extent. Agreements under seal are also called contracts by deed or specialty ; in the United States,
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#17327945899141012-423: Is the right to use, possess and enjoy the property for a period of time measured by the natural life of a person or persons. When all life tenants are dead, the remainder-man holds full title. When deeds are taken as joint tenants with rights of survivor-ship (JTWROS) or joint tenants in common (TIC), any co-owner can file a petition for partition to dissolve the tenancy relationship. JTWROS deed holders always take
1058-633: The British Raj . Since the extinction of the royal bloodline would be a ground for annexation of a principality by the British, some rulers were also granted sanads of adoption. Devised as a reward for loyalty to British rule in India, especially after the Indian rebellion of 1857 , such deeds gave a ruler the right to adopt chosen heirs from local noble families in case of lack of direct issue. Among
1104-431: The recorder of deeds , who acts as a cadastre, to be registered. An unrecorded deed may be valid proof of ownership between the parties, but may have no effect upon third-party claims until disclosed or recorded. A local statute may prescribe a period beyond which unrecorded deeds become void as to third parties, at least as to intervening acts. Ownership transfer may also be crafted within deeds to pass by demise, as where
1150-429: The settlor creates the trust for the interests of the trustee . In an option contract , the right of the optionee to exercise the option is considered a grant on the part of the optionor. In philanthropy , a donor may provide a grant of money . Deed (law) A deed is a legal document that is signed and delivered, especially concerning the ownership of property or legal rights. Specifically, in common law ,
1196-439: The creditors or members (by value owed or held) to determine a workable arrangement is sometimes referred to as "creditor democracy". The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 amended the Act with effect from 1 October 2013 and in respect of reporting years ending on or after 30 September 2013, creating a duty for large companies to prepare a "strategic report" which includes "a fair review of
1242-530: The full scope of legal authority and personal verification typically associated with notarial services. Nevertheless, proposals exist to further develop blockchain infrastructure, potentially expanding its use as a notarial mechanism in certain applications. The New York State Bar Association has stated that blockchain technology can be employed "to hold and secure records to land deeds" John Morton, attorney at Pillsbury Winthrop Shaw Pittman told Fortune Magazine that NFTs "operate "in many respects exactly like
1288-470: The function of deeds in specific contexts. By design, blockchains contain an immutable ledger of transactions, recording transfers of information among users. Within this system, a particular type of transferable object, known as a non-fungible token (NFT) , can be created. These NFTs are unique, verifiable, and protected against arbitrary tampering, thanks to the immutable nature of the blockchain. By incorporating metadata (additional information embedded in
1334-526: The implications and potential need for regulatory measures. The future of NFTs as a deed or similar vehicle of property rights, therefore, represents a dynamic intersection of technology, law, and property rights, warranting close observation and study as it progresses. Companies Act 2006 The Companies Act 2006 (c. 46) is an act of the Parliament of the United Kingdom which forms
1380-457: The improvements actually added substantial value to the property. In the United States, a pardon of the President was once considered to be a deed and thus needed to be accepted by the recipient. This made it impossible to grant a pardon posthumously. However, in the case of Henry Ossian Flipper , this view was altered when President Bill Clinton pardoned him in 1999. Germany operates
1426-403: The land to Cooper, and Cooper records her deed. But because the previous deed (the deed from Atwood to Burns) was not recorded, Cooper's deed is outside the chain of title. In a title search, someone looking up Atwood's name in the grantor index would find no indication that Atwood conveyed the property, and nothing would lead the searcher to Cooper's deed." A deed that is outside the chain of title
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1472-431: The object), NFTs can be tailored to reference and represent a wide range of assets in both digital and physical worlds. The blockchain’s immutability, proof of transfer and data transparency (information on the blockchain is generally publicly available to view) provide functions akin to those of a notary, such as ensuring the integrity and permanence of records. However, it is important to recognize that it does not replicate
1518-604: The primary source of UK company law . The act was brought into force in stages, with the final provision being commenced on 1 October 2009. It largely superseded the Companies Act 1985 . The act provides a comprehensive code of company law for the United Kingdom, and made changes to almost every facet of the law in relation to companies. The key provisions are: The bill for the act was first introduced to Parliament as "the Company Law Reform Bill" and
1564-408: The property in equal shares; therefore, if the partnership is dissolved through partition, the proceeds must be equally distributed between all of the co-owners without regard to how much each co-owner contributed to the purchase price of the property. No credits would be allowed for any excess contributions to the purchase price. For example, if A and B co-own property as JTWROS and A contributed 80% of
1610-403: The property, all owners would receive an equal distribution of the proceeds. Joint ownership may also be by tenants in common (TIC). In some states, joint ownership is presumed to be as tenants in common unless the parties are married and the deed so states or the deed sets for joint tenants with right of survivor-ship. Upon death, the decedent's share passes to his or her estate. A life estate
1656-416: The property, because subsequent bona fide purchasers cannot reasonably be expected to locate the deed while investigating the chain of title to the property. Haupt has stated that Because title searching relies on the grantor/grantee indexes, it's possible that a deed won't be discovered even though it was recorded. "Example: Atwood sells his land to Burns, but Burns does not record his deed. Burns later sells
1702-487: The purchase price, A and B would still receive equal distributions upon partition. On the other hand, TIC deed holders may be granted at partition a credit for unequal contributions to purchase price. During either partition, credits may be awarded to any co-owner who may have contributed in excess of his share to the property expenses after taking deed to the property. Credits may be allowed for utilities and maintenance; however, credits for improvements may not be allowed unless
1748-656: The remainder of the Act was announced in February 2007, by Margaret Hodge, Minister for Industry and the Regions. The third and fourth Commencement Orders brought a further tranche of provisions into force in October 2007, and the fifth, sixth and seventh in April and October 2008. The eighth commencement order, made in November 2008, brought the remainder of the Act into force with effect from October 2009. The staggered timetable
1794-472: The responsibility of the Department for Business, Innovation and Skills . The act replaced and codified the principal common law and equitable duties of directors, but it does not purport to provide an exhaustive statement of their duties, and so it is likely that the common law duties survive in a reduced form. Traditional common law notions of corporate benefit have been swept away, and the new emphasis
1840-470: The rulers that were given sanads of adoption, Takht Singh , Jaswant Singh of Bharatpur , as well as the rulers of Nagod State , Samthar State and the Chaube Jagirs are worth mentioning. The main clauses of a deed of conveyance are: Usually the transfer of ownership of real estate is registered at a cadastre in the United Kingdom. In most parts of the United States, deeds must be submitted to
1886-406: The transfer of real estate, a deed conveys ownership from the old owner (the grantor) to the new owner (the grantee), and can include various warranties . The precise name and nature of these warranties differ by jurisdiction. Often, however, the basic differences between them is the degree to which the grantor warrants the title. The grantor may give a general warranty of title against any claims, or
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1932-409: The warranty may be limited to only claims which occurred after the grantor obtained the real estate. The latter type of deed is usually known as a special warranty deed . While a general warranty deed was normally used for residential real estate sales and transfers, special warranty deeds are becoming more common and are more commonly used in commercial transactions. A third type of deed, known as
1978-402: Was intended to give companies sufficient time to prepare for the new regime under the act, rather than implementing all 1,300 sections of the act on one day. Another reason for the staggered implementation is that, despite the act's size, a great many sections provide for subsidiary legislation to be brought in by Secretary of State, which required time to draft. Implementation of the act was
2024-451: Was intended to make wide-ranging amendments to existing statutes. Lobbying from directors and the legal profession ensured that the bill was changed into a consolidating act , avoiding the need for cross-referencing between numerous statutes. The reception of the act by the legal professions in the United Kingdom has been lukewarm. Concerns have been expressed that too much detail has been inserted to seek to cover every eventuality. Whereas
2070-407: Was made after intensive lobbying by the accounting profession in the United Kingdom. One of the more touted aspects of the new legislation was the simplification of the corporate regime for small privately held companies. A number of the changes brought about by the Act apply only to private companies. Significant changes include: The Act also seeks to promote greater shareholder involvement, and
2116-573: Was proven via an unbroken chain of title deeds. The Torrens title system is an alternative way of proving ownership. First introduced in South Australia in 1858 by Sir Robert Torrens and adopted later by the other Australian states and other countries, ownership under Torrens title is proven by possession of a certificate of title and the corresponding entry in the property register. This system removes risks associated with unregistered deeds and fraudulent or otherwise incorrect transactions. It
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