76-101. Terms, defined.

355 words·~2 min read·/ne/chapter-76/76-101

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in sections 76-101 to 76-123 and unless a different meaning appears from the context:

(a)The term property means one or more interests either legal or equitable, possessory or nonpossessory, present or future, in land, or in things other than land, including choses in action, but excluding powers of appointment, powers of sale and powers of revocation, except when specifically mentioned;

(b)the term future interest is applicable equally to property interests in land and in things other than land, and is limited to all varieties of remainders, reversions, executory interests, powers of termination (otherwise known as rights of entry for condition broken), and possibilities of reverter;

(c)the term conveyance means an act by which it is intended to create one or more property interests, irrespective of whether the act is effective to create such interests, and irrespective of whether the act is intended to have inter vivos or testamentary operation;

(d)the term otherwise effective conveyance means that the conveyance in question satisfies all the requirements of law other than the particular matter dealt with in the section of sections 76-101 to 76-123 in which the term is used; and

(e)an intent is effectively manifested when it is manifested by the evidence of intent admissible according to the applicable rules of law with respect to the admissibility of evidence.

Vendee under a land contract on real estate, holding a vested interest thereby, may generally assign such equitable interest to a third party assignee. Beren Corp. v. Spader, 198 Neb. 677, 255 N.W.2d 247 (1977).

The provisions of the Uniform Property Act supersede conflicting provisions of the law of property existing prior to the effective date of the act. Cast v. National Bank of Commerce T. & S. Assn., 186 Neb. 385, 183 N.W.2d 485 (1971).

Joint tenancy in personal property could be created. Crowell v. Milligan, 157 Neb. 127, 59 N.W.2d 346 (1953).

In absence of Nebraska decision construing Uniform Property Act, federal district court was required to exercise independent judgment in construing it. United States v. 12,800 Acres of Land in Hall County, 69 F.Supp. 767 (D. Neb. 1947).