Also known as: firmarius · firmas · farm · lease · tenant
Written by attorneys — see sources below.
2 senses
A lease granting the right to possess and use property for a fixed or computable period. The arrangement requires a transfer of possession and the legal capacity of the parties to create the relationship.
A corporation or partnership formed to conduct business activities. The entity possesses authority to acquire, hold, improve, and dispose of property in the usual course of operations.
A lease granting the right to possess and use property for a fixed or computable period. The arrangement requires a transfer of possession and the legal capacity of the parties to create the relationship.
Fairview Manufacturing leases warehouse space to Fulton Shipping for a five-year term. The parties execute a written agreement transferring possession of the identified space. The arrangement creates a landlord-tenant relationship that endures for the computable five-year period.
Frederick Ferguson conveys Blackacre to his son for life with the remainder to the son's issue. The conveyance creates a fee tail estate in the issue upon the life tenant's death. The limitation satisfies the requirements for creating such an estate in favor of the life tenant's issue.
A corporation or partnership formed to conduct business activities. The entity possesses authority to acquire, hold, improve, and dispose of property in the usual course of operations.
Fidelity Trust owns two manufacturing plants and a small distribution arm. The board approves selling one plant, leaving only the distribution arm that accounts for less than twenty percent of consolidated activity. Shareholders must approve the transaction because the sale leaves the corporation without a significant continuing business activity.
Each sense below has its own examples, sources, and questions.
Finn Fletcher signs a letter expressing interest in leasing land from Flagship Logistics. After negotiations the parties sign a second document that omits the land description. The two signed writings together constitute a sufficient memorandum for the lease agreement.
2 common questions
Firma denotes either a lease or a corporation or partnership. The first sense concerns a property relationship created by transfer of possession. The second sense concerns a business entity authorized to deal in property.
Two or more documents signed by the party to be charged may be read together even if neither refers to the other. The combined writings are tested under the same standard that would apply to a single integrated memorandum.
Francesca Fiore dies owning a joint tenancy interest with her spouse in a commercial building. The building is valued at the date of death while the spouse's fractional interest is valued immediately before death. The valuation determines the amount included in the augmented estate calculation.
Fidelity Trust sells excess inventory in its regular distribution business. The board authorizes the sale without shareholder approval because the transaction occurs in the usual and regular course of business.
2 common questions
Shareholder approval is required when the disposition would leave the corporation without a significant continuing business activity. The statute supplies a conclusive safe harbor when the retained activity meets the twenty-five percent threshold on a consolidated basis.
The property is valued at the decedent's death. The surviving spouse's fractional interest is valued immediately before the death when the decedent was a joint tenant.
…return on its investment. Appellants own the Grand Central Terminal, which has been designated a landmark. They entered into a lease agreement with a third party to construct a multistory office building above the terminal. The Commission rejected the proposed construction, finding that it would destroy the terminal's…