Written by attorneys · grounded in primary & secondary sources — see below
An attribute of property interests or ownership rights permitting their conveyance to another party without legal impediment or the need for consent from third parties, subject to any valid contractual or statutory restrictions.
Sources & Authorities
How it applies
Common Examples
2
Lease Assignment by Tenant
Freya Freeman holds a month-to-month lease on warehouse space from Flagship Logistics. She notifies the landlord of her plan to assign the lease to Foxfire Biotech. Because the tenancy is at will, the assignment requires the landlord's consent and cannot proceed unilaterally.
Transfer of Servitude Benefit
Fabian Flynn holds a benefit in gross allowing access across Foster Forge's land. He sells that benefit outright to Frostline Textiles. The buyer receives the full right to use the access without any requirement that the benefit attach to other land.
Put it into practice
Test Yourself
10
Practice Questions5
· 9 sources
Select any source to read its text and confirm it supports the definition.
Restatements
Casebooks
Hornbooks
Study Supplements
Common questions
Frequently Asked
3
Does free transferability of a partnership interest allow the transferee to participate in management?+
No. A partner's transferable interest consists only of the right to receive distributions. The transferee acquires no management or voting rights unless admitted as a partner under the agreement or by consent of the other partners.
Supporting sources
When does a lease interest lose free transferability under the Restatement rule?+
A lease interest loses free transferability when the tenancy is at will, when the lease requires significant personal services that would be impaired by transfer, or when the parties have validly agreed to restrict transfer.
Supporting sources
Are benefits in gross under servitudes freely transferable by default?+
Yes. A benefit in gross is freely transferable unless the creating instrument or surrounding circumstances indicate that the parties intended limited transferability.
Supporting sources
Business Associations Agency and PartnershipRights of partners among themselves · Profits and lossesUBEFoundational