Reserve Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Reserve, written in plain English, along with examples of how it is used.
What is Reserve?
(v) Reserve is the action by which a portion of the property is en-marked for a special purpose and separated from the rest of the property while effecting any conveyance, assignments or other restructurings
History and Meaning of Reserve
The legal term "reserve" refers to the act of setting aside a portion of a property for a specific purpose and separating it from the rest of the property. This can be done when transferring ownership, assigning rights or restructuring a property. The reserved portion remains distinct from the rest of the property and can only be used for the specific purpose for which it was reserved.
Reserves have been used in property law for many years, and are commonly employed in land transfers and resource management. For example, a landowner may reserve a piece of their property for conservation purposes or as a source of natural resources such as timber or oil. In the context of real estate, a developer may reserve a piece of land for a future phase of development.
Examples of Reserve
- A landowner, when selling a portion of their property, may reserve a strip of land for access or utility purposes.
- A property developer may reserve a portion of land for future use or development.
- A mining company may reserve the mineral rights to a piece of land while selling the surface rights to another party.
Legal Terms Similar to Reserve
- Restriction: Similar to a reserve, a restriction is a legal condition placed upon a property that limits its use in some way.
- Easement: An easement is a right to use or access another person's property for a specific purpose.
- Conveyance: The transfer of ownership of property from one party to another.