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Explanation of certain Terms.
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1. Any Lands or Tenements held in Fee Farm, or for Live renewable for ever, or for any Term whereof more than Two hundred Years shall be unexpired, shall, if subject to any Rent during the Continuance of such Estate, be deemed Land within the Provisions of this Act; and any Person entitled in possession to such Lands or Tenements, or to the Rents and Profits thereof, under any Will or Settlement for any Term of Years determinable on the dropping of a Life or Lives, or for any greater Estate (not being a Term of Years less than the Term for which such Lands or Tenements may be held), shall be deemed the Owner of such Lands or Tenements; and any Person entitled under any Will or Settlement to an immediate Estate in the said Rent, or in the Reversion to which the same may be incident, for any Term of Years determinable on the dropping of a Life or Lives, or for any greater Estate, shall be deemed the Owner of such Rent; and every Estate in Land or Rent, other than an unincumbered Estate in Fee, shall be deemed a limited Estate, within the Provisions of this Act; and the Words “Lands or Tenements” in this Act shall extend to any divided or undivided Shares thereof respectively; and the Word “Rent” shall extend to any Part or Parts thereof; and the Words “Owner or Person” shall extend to Two or more Persons seised of or entitled to divided or undivided Shares of or Estates in the said Lands and Rents respectively, and shall also include any Corporate Bodies, Aggregate or Sole.
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