N.Y. Real Property Law 240 – Definitions and use of terms
§ 240. Definitions and use of terms. 1. The term "heirs," or other words of inheritance, are not requisite to create or convey an estate in fee.
Terms Used In N.Y. Real Property Law 240
- 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
- interest in real property: include every such estate and interest, freehold or chattel, legal or equitable, present or future, vested or contingent. See N.Y. Real Property Law 240
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The term "conveyance," as used in this article, includes every instrument, in writing, except a will, by which any estate or interest in real property is created, transferred, assigned or surrendered.
3. Every instrument creating, transferring, assigning or surrendering an estate or interest in real property must be construed according to the intent of the parties, so far as such intent can be gathered from the whole instrument, and is consistent with the rules of law.
4. The terms "estate" and "interest in real property" include every such estate and interest, freehold or chattel, legal or equitable, present or future, vested or contingent.