FEE-FARM

This is a species of tenure, where land is held of another in perpetuity at a yearly rent, without fealty, homage, or other services than such as are specially comprised in the feoll'ment. It corresponds very nearly to the "emph,yteusis" of the Roman law. Fee-farm is where an estate in fee is granted subject to a rent in fee of at least one-fourth of the value of the lands at the time of its reservation. Such rent appears to be called "fee-farm"- because a grant of lands reserving so considerable a rent is indeed only letting lands to farm in fee-simple, instead of the usual method of life or years. 2 BI. Comm. 43; 1 Stepb. Comm. 676. Fee-farms are 'lands held in fee to ·render for them annually the true value, or more or le ; so called because a farm rent is reserved upon a grant in fee. Such estates are estates of inheritance. They are cla ed among estates in 6 fee-simple. No reversionary interest remains in the le or, and they are therefore subject to the operation of the legal principles which forbid restraints upon alienation in all cases where no feudal relation exists between grunt or and grantee. De Peyster v. Michael, 6 N. Y. -M)7, 57 Am. Dec. 470. H -Fee-farm rent. The rent reserved on granting a fee-farm.. It might be one-fourth the value of the land, according to Cowell; one-third, according to other authors. Spelman; Termes de la Ley; 2 BI. Comm. 43. Fee-farm ren.t is a rent-charge i uing out of an estate in fee; a perpetual rent reserved on I a conveyance in fee-simple. De Peyster v. Michael, 6 N. Y. 467, 495, 57 Am. Dec. 470. FEE,- [s. 493]