Alex owns 35 acres of vacant land that he would like to deed to a local wildlife conservancy. However, a title search reveals that timber rights and an easement to use the property were sold to Giant Lumber Company in 1963. Since this lumber company went out of business in 1987, Alex should:
A. cancel the transaction, because the lumber company went bankrupt
B. seek advice from an attorney, since the easement may still be valid
C. claim a prescriptive easement, since the requisite number of years has passed
D. cancel the transaction, because the easement will still be vaild
Answer: B. seek advice from an attorney, since the easement may still be valid
Even though the original easement holder no longer exists, a commercial easement in gross can be assigned. So the easement rights may have been transferred to another company, and it would be prudent to ask an attorney to investigate.
You might also like to view...
Which of the following documents would normally trigger the process to record a customer payment?
A) Remittance advice B) Customer monthly statement C) Deposit slip D) Sales invoice
An operating agreement can be amended orally
Indicate whether the statement is true or false