Law Outlines Long Merril & Smith Property Outline
This outline covers the entire Merrill & Smith Property textbook used at most law schools. Great integration between the casebook and professor's clarifications....
The following is a more accessible plain text extract of the PDF sample above, taken from our Long Merril & Smith Property Outline. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Leases: Also known as leasehold, tenancies, the term of years, or landlord-tenant interest. A central assumption is that the lease was a conveyance of a possessory interest in property, including the right to exclude others. Three aspects of leases that account for their enduring appeal:
Leases are a type of defacto financing device. A lease can be thought of as an arrangement in which the owner of the property lends possession to another, in return for periodic payments of money called rent.
Operate as a risk-spreading device. Renting is a way of minimizing the risks of investing in an asset that you might want to unload in a fairly short time period.
Also a risk spreading device for the landlord as well: if the landlord defaults on the rental obligation, it is usually easier to retake possession of the property than it is to foreclose on a mortgage and retake property held as security for a loan.
Leases operate as a mechanism for integrating and managing complexes of assets, and in that sense function as a kind of entity property.
Description | Termination | |
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Term of Years | Has a fixed time at which it terminates or ends | Neither landlord or tenant has to give notice, on stated day of termination, lease ends |
Periodic Tenancy | Automatically rolls over for a stated period of time | Each party must give notice to each other if they want to terminate the lease |
Tenancy at Will | Only last as long as parties wish it to continue | Either party can terminate at any time for any reason. Jurisdictions split over whether notice is required |
Tenancy at Sufferance | Individual, who was once in rightful possession, holds over after the right has ended | Landlord is free to evict, however if tenant at sufferance gives landlord a check, courts have considered it an implied contract to create a new lease (usually periodic tenancy) [Crechaele & Polles v. Smith) |
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Paradine v. Jane: Tennant says he is not in possession because he keeps getting driven out by Prince Rupert making it impossible for him to plant crops and enjoy the benefits of the lease. He refuses to pay rent. Court says that it does not matter, still have to pay rent.
If the lease would have never happened, it would have been the landlord’s issue, but a lease essentially transfers these issues (and legal rights)
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Some jurisdictions have held that impossibility and frustration of purpose may relieve a tenant of his obligations once the premises are destroyed
Others have legislation around this rule. But casualty loss to the tenant is usually the default rule.
Landlord performed in this case, he gave the tenant a real estate interest
Paradine reflects the view that a lease is a conveyance of an interest in land (A REAL ESTATE INTEREST), but it also reflects the view that a lease is a contract – a bundle of covenants or promises, some running from landlord to tenant, others from tenant to landlord
Smith v. McEnany: CASE IS ABOUT PARTIAL EVICTIONS. Landlord built a brick wall that encroached about a foot upon the property that tenant had leased.
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If the tenant cannot take possession because the landlord is still in possession, or because a third party acting under a paramount title given by the landlord (like a previous tenant whose lease has not yet expired), these are treated like wrongful evictions
What if a squatter or a holdover tenant (prior tenant whose lease has expired) is in possession? Divided:
English Rule: landlord is responsible for clearing out any squatters or holdover tenants at the beginning of the lease (Assume then that a failure to do so would be a wrongful eviction)
American Rule: tenant is responsible for getting rid of any squatters or holdover tenants
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Buy the full version of these notes or essay plans and more in our Long Merril & Smith Property Outline.
This outline covers the entire Merrill & Smith Property textbook used at most law schools. Great integration between the casebook and professor's clarifications....
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