Vermont Statutes Title 10 Sec. 6303
Terms Used In Vermont Statutes Title 10 Sec. 6303
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Grantor: The person who establishes a trust and places property into it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Qualified organization: means :
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- State agency: means the Agency of Natural Resources or any of its departments, Agency of Transportation, Agency of Agriculture, Food and Markets, or Vermont Housing and Conservation Board. See
§ 6303. Interests that may be acquired
(a) The rights and interests in real property that may be acquired, used, encumbered, and conveyed by a municipality, State agency, or qualified organization shall include the following:
(1) Fee simple.
(2) Fee simple subject to right of occupancy and use, which may be defined as full and complete title subject only to a right of occupancy and use of the subject real property or part thereof by the grantor for residential or agricultural purposes, subject to the provisions of section 6304 of this title and to such other terms as the legislative body of the municipality, the qualified organization, or the State agency may fix.
(3) Fee simple and resale of rights and interests, which may be defined as the acquisition of real property in fee simple and the subsequent reconveyance of rights and interests in such property to the former owner or to others, subject to the provisions of section 6304 of this title and to specified covenants, restrictions, conditions, or affirmative requirements fixed by the legislative body of the municipality, the qualified organization, or the State agency in its discretion and designed to accomplish the purposes set forth in section 6301 of this title.
(4) Fee simple and lease back, which may be defined as the acquisition of real property in fee simple and the lease for the life of a person or for a term of years of rights and interests in the real property, subject to the provisions of section 6304 of this title and to specified covenants, restrictions, conditions, or affirmative requirements fixed by the legislative body of the municipality, the qualified organization, or the State agency in its discretion and designed to accomplish the purposes set forth in section 6301 of this title.
(5) Less than fee simple. The acquisition and retention of any rights and interests in real property less than fee simple.
(6) Lease. The lease of land or rights and interests in land for a term, with or without an option to purchase.
(7) Preemptive rights and options to purchase. The acquisition of preemptive rights such as a right of first refusal or an option to purchase land or rights and interests in the land.
(b) The legislative body of a municipality, a State agency, or a qualified organization, as the case may be, shall determine the types of rights and interests in real property to be acquired, including licenses, equitable servitudes, profits, rights under covenants, easements, development rights, or any other rights and interests in real property of whatever character.
(c) Where less than fee simple ownership is acquired or retained, such right and interest may, in the discretion of the legislative body of the municipality, the State agency, or the qualified organization, include a right to enter in order to accomplish the purposes of section 6301 of this title. (Added 1969, No. 229 (Adj. Sess.), § 4; amended 1987, No. 200 (Adj. Sess.), § 44; 2011, No. 118 (Adj. Sess.), § 7; 2019, No. 131 (Adj. Sess.), § 19.)