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Dictionary of Law Terms: Leasehold

Lease. A conveyance or demise of lands or tenements for life, or years, or at will, but always for a less term than the party conveying has in the premises. Lease and Release. The form of conveyance, until recently commonly used for conveying land; but a lease, commonly called a lease for a year, is no longer necessary; the release alone being now as effectual as a lease and release were formerly.

Leasehold. Lands held on lease, which (however long the term) are considered as chattels real, and go to the next of kin, and not to the heir, on the death of the owner intestate.

Legacy. A gift or bequest of money, goods, or other personal property by will. The person to whom it is given is styled the legatee, and if the gift is of the residue, after payment of debts and legacies, he is then styled the residuary legatee.

Lessor and Lessee. The person who grants a lease is called the lessor; the party to whom it is granted, the lessee; and the person to whom either of them assigns, the assignee.