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lease and release Procedure formerly employed at common law for conveyancing. Vendor (V) bargained and sold land for one year (i.e., as leasehold) to purchaser (P.) V was then seised to Ps use on the payment of the purchase price. P received legal estate, reversion remained in V. Then V extinguished his reversion on the next day by deed of release and, as a result, Ps leasehold was transformed into fee simple. |