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thank you, come again!
Froogle 1.1.1.7
Froogled By:
Elias Makere, FSA, MAAA
Last Froogled:

USE

1. the right to enjoy the benefits that flow from real property (or personal property);

2. equitable ownership as distinct from legal title.
Historically – in the law of property – the term referred to every form of beneficial ownership that was enforceable in the courts of chancery. Moreover, uses have historically been created by:
• provision in a deed,

• implication to the conveyer – when property is transferred without consideration [called a resulting use];

bargain and sale deed; OR

• a covenant to stand seised.
Under the Statute of Uses, the party for whom a use was created was deemed to be the owner of legal title [to a like estate as he had in the use]. Hence “John to Jane for the use of barnyard for life” was operative – under the statute – to convey to Jane a life estate.

An important effect of the Statute of Uses was the validation at law of executory interests (a species of future interests) that had previously been recognized only in equity.
SHIFTING USE
a use that arises in derogation of another (ie, a use that shifts from one beneficiary to another – depending on some future contingency).
SPRINGING USE
a use that:
(a) arises upon the occurrence of a future event;

(b) does not take effect in derogation of any interest [other than one that results to the grantor]; and

(c) remains in – the meantime – with the grantor.
Thus, a shifting use is one that cuts short a prior use estate – in a person other than the conveyor; while a springing use is one that cuts short a use estate – in the conveyor.

In patent law, use refers to the rights of the licensee of the patent.
see public use.
Congratulations! You're now Froogled Up™ on what "Use" means!

Feel free to use it throughout your financial/insurance life.

Sincerely,



www.FroogleMe.com
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