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  1. Home
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  1. Publications
Restatement of the Law Fourth,

Property

This Restatement seeks to bring comprehensiveness and coherence to American property law. Subjects to be covered include the classification of entitlements, possession, accession, and acquisition; ownership powers; protection of and limits on ownership; divided and shared ownership; title and transfer; easements, servitudes, and land use; and public rights and takings.

Reporter:
Henry E. Smith, Harvard Law School, Cambridge, MA
Associate Reporters:
Maureen Brady, Harvard Law School, Cambridge, MA
Sara Bronin, George Washington University Law School, Washington, DC
John C.P. Goldberg, Harvard Law School, Cambridge, MA
Brian A. Lee, Brooklyn Law School, Brooklyn, NY
Thomas W. Merrill, Columbia Law School, New York, NY
Christopher M. Newman, George Mason University Antonin Scalia Law School, Arlington, VA
Richard R.W. Brooks, New York University Law School, New York, NY [from 2020]
R. Wilson Freyermuth, University of Missouri School of Law, Columbia, MO [from 2020]
Yun-chien Chang, Cornell Law School, Ithaca, NY [from 2022]
James Y. Stern, William & Mary Law School, Williamsburg, VA [from 2026]
Tanya D. Marsh, Wake Forest University School of Law, Winston-Salem, NC [to 2020]
Daniel B. Kelly, University of Notre Dame Law School, Notre Dame, IN [to 2022]

Tentative Draft No. 7 (Electronic PDF)

800 pages, 2026, #1R4PRTD7E

Tentative Draft No. 7 includes material from Volume 4 (Divided and Shared Ownership), on concurrent ownership and leasing, and Volume 5 (Title and Transfers of Ownership), on mortgages on real property. The membership voted to approve this draft at the 2026 Annual Meeting subject to the discussion at the Meeting and editorial prerogative. This material may be cited as representing the Institute’s position until the official text is published.

Table of Contents

Project Status at a Glance

Foreword

Reporters’ Memorandum

Projected Overall Table of Contents

Volume 4. Divided and Shared Ownership

Division II. Concurrent Ownership

Chapter 3. Joint Tenancy: Special Features

Introductory Note

§ 3.1. Creation of Joint Tenancies

§ 3.2. Survivorship

§ 3.3. Severance

§ 3.4. Equal Fractions of Ownership in Terms of Value Presumed

§ 3.5. Unity of Possession

§ 3.6. Transfer and Encumbrance

§ 3.7. Administration of the Entire Property

§ 3.8. Ouster

§ 3.9. Adverse Possession

§ 3.10. Waste

§ 3.11. Accounting and Final Accounting

§ 3.12. Partition

Chapter 4. Tenancy by the Entirety: Special Features

Introductory Note

§ 4.1. Creation During Marriage

§ 4.2. Severance By Dissolution of Marriage Only

§ 4.3. Consent of Both Spouses is Required to Transfer Property Held in Tenancy by the Entirety

§ 4.4. Termination by Death or Transfer to the Other Spouse

§ 4.5. Creditors of One Spouse Holding as Tenant by the Entirety

§ 4.6. Right of Accounting and Contribution

§ 4.7. Unmarried Grantees

§ 4.8. Unity of Possession

§ 4.9. Transfer and Encumbrance

§ 4.10. Administration of the Entire Property

§ 4.11. Ouster

§ 4.12. Adverse Possession

§ 4.13. Waste

§ 4.14. Final Accounting

§ 4.15. Partition

Division III. Leasing

Chapter 3. Formalities Required for the Formation of the Lease Under the Statute of Frauds

Introductory Note

§ 3.1. Oral Lease

§ 3.2. Formal Requirements of a Writing Under the Statute of Frauds

§ 3.3. Effect of an Invalid Lease

§ 3.4. Oral Modification of Lease

§ 3.5. Agreement for a Lease

Chapter 11. Transfers of Lessor’s Interest in Leased Property

§ 11.1. Freedom of Transfer

§ 11.2. Restraints on Alienation of Lessor’s Transfer of Interest

§ 11.3. Effect of Lessor’s Transfer of Interest on Relations with Lessee

§ 11.4. Lease Provisions Binding under Privity of Estate

§ 11.5. Lessor’s Continuing Liability Based on Privity of Contract

§ 11.6. Mortgages by Lessor Secured by Leased Property

Chapter 12. Transfers of Lessee’s Interest in Leased Property

§ 12.1. Freedom of Transfer

§ 12.2. Restraints on Alienation of Lessee’s Transfer of Interest

§ 12.3. Assignment and Sublease

§ 12.4. Effect of an Assignment by the Lessee on Relations with the Lessor

§ 12.5. Effect of a Sublease by the Lessee on Relations with the Lessor

§ 12.6. Mortgages by Lessee Secured by the Leasehold Interest

Volume 5. Title and Transfers of Ownership

Division V. Mortgages on Real Property

Chapter 1. Creation of Mortgages

Introductory Note

§ 1.1. The Mortgage Concept; No Personal Liability Required

§ 1.2. No Consideration Required

§ 1.3. Mortgages Securing Obligations of Nonmortgagors

§ 1.4. Obligation Must Be Measurable in Monetary Terms

§ 1.5. Description of the Mortgagee and the Mortgage Obligation

§ 1.6. Mortgagee’s Duty to Disclose Balance and Status of Obligation

Chapter 2. Future Advances

Introductory Note

§ 2.1. Future Advances

§ 2.2. Expenditures for Protection of the Security

§ 2.3. Priority of Future Advances

§ 2.4. Mortgages Securing Other Debt Not Specifically Described (“Dragnet Clauses”)

Chapter 3. Mortgagor’s Equity of Redemption and Mortgage Substitutes

Introductory Note

§ 3.1. The Mortgagor’s Equity of Redemption and Agreements Limiting It

§ 3.2. When Absolute Deed Creates a Mortgage

§ 3.3. Contract for Deed Creates a Mortgage

§ 3.4. Negative Covenant Does Not Create a Mortgage

Chapter 4. Rights and Duties of the Parties Prior to Foreclosure

Introductory Note

§ 4.1. Mortgage Creates Security Interest Only

§ 4.2. Security in Rents

§ 4.3. Appointment of a Receiver

§ 4.4. Appointment of a Receiver—Effect on Existing Leases

§ 4.5. Priorities Between Competing Receivers

§ 4.6. Waste

§ 4.7. Mortgagee’s Right to Funds Paid Under Casualty Insurance or Governmental Taking

§ 4.8. Effect of Foreclosure on Mortgagee’s Right to Funds Paid Under Casualty Insurance or Governmental Taking

Appendix A. Black Letter of Tentative Draft No. 7

Appendix B. Black Letter of Sections Approved by Membership

$10.00

Tentative Draft No. 7 (softbound)

800 pages, 2026, #1R4PRTD7

Tentative Draft No. 7 includes material from Volume 4 (Divided and Shared Ownership), on concurrent ownership and leasing, and Volume 5 (Title and Transfers of Ownership), on mortgages on real property. The membership voted to approve this draft at the 2026 Annual Meeting subject to the discussion at the Meeting and editorial prerogative. This material may be cited as representing the Institute’s position until the official text is published.

Table of Contents

Project Status at a Glance

Foreword

Reporters’ Memorandum

Projected Overall Table of Contents

Volume 4. Divided and Shared Ownership

Division II. Concurrent Ownership

Chapter 3. Joint Tenancy: Special Features

Introductory Note

§ 3.1. Creation of Joint Tenancies

§ 3.2. Survivorship

§ 3.3. Severance

§ 3.4. Equal Fractions of Ownership in Terms of Value Presumed

§ 3.5. Unity of Possession

§ 3.6. Transfer and Encumbrance

§ 3.7. Administration of the Entire Property

§ 3.8. Ouster

§ 3.9. Adverse Possession

§ 3.10. Waste

§ 3.11. Accounting and Final Accounting

§ 3.12. Partition

Chapter 4. Tenancy by the Entirety: Special Features

Introductory Note

§ 4.1. Creation During Marriage

§ 4.2. Severance By Dissolution of Marriage Only

§ 4.3. Consent of Both Spouses is Required to Transfer Property Held in Tenancy by the Entirety

§ 4.4. Termination by Death or Transfer to the Other Spouse

§ 4.5. Creditors of One Spouse Holding as Tenant by the Entirety

§ 4.6. Right of Accounting and Contribution

§ 4.7. Unmarried Grantees

§ 4.8. Unity of Possession

§ 4.9. Transfer and Encumbrance

§ 4.10. Administration of the Entire Property

§ 4.11. Ouster

§ 4.12. Adverse Possession

§ 4.13. Waste

§ 4.14. Final Accounting

§ 4.15. Partition

Division III. Leasing

Chapter 3. Formalities Required for the Formation of the Lease Under the Statute of Frauds

Introductory Note

§ 3.1. Oral Lease

§ 3.2. Formal Requirements of a Writing Under the Statute of Frauds

§ 3.3. Effect of an Invalid Lease

§ 3.4. Oral Modification of Lease

§ 3.5. Agreement for a Lease

Chapter 11. Transfers of Lessor’s Interest in Leased Property

§ 11.1. Freedom of Transfer

§ 11.2. Restraints on Alienation of Lessor’s Transfer of Interest

§ 11.3. Effect of Lessor’s Transfer of Interest on Relations with Lessee

§ 11.4. Lease Provisions Binding under Privity of Estate

§ 11.5. Lessor’s Continuing Liability Based on Privity of Contract

§ 11.6. Mortgages by Lessor Secured by Leased Property

Chapter 12. Transfers of Lessee’s Interest in Leased Property

§ 12.1. Freedom of Transfer

§ 12.2. Restraints on Alienation of Lessee’s Transfer of Interest

§ 12.3. Assignment and Sublease

§ 12.4. Effect of an Assignment by the Lessee on Relations with the Lessor

§ 12.5. Effect of a Sublease by the Lessee on Relations with the Lessor

§ 12.6. Mortgages by Lessee Secured by the Leasehold Interest

Volume 5. Title and Transfers of Ownership

Division V. Mortgages on Real Property

Chapter 1. Creation of Mortgages

Introductory Note

§ 1.1. The Mortgage Concept; No Personal Liability Required

§ 1.2. No Consideration Required

§ 1.3. Mortgages Securing Obligations of Nonmortgagors

§ 1.4. Obligation Must Be Measurable in Monetary Terms

§ 1.5. Description of the Mortgagee and the Mortgage Obligation

§ 1.6. Mortgagee’s Duty to Disclose Balance and Status of Obligation

Chapter 2. Future Advances

Introductory Note

§ 2.1. Future Advances

§ 2.2. Expenditures for Protection of the Security

§ 2.3. Priority of Future Advances

§ 2.4. Mortgages Securing Other Debt Not Specifically Described (“Dragnet Clauses”)

Chapter 3. Mortgagor’s Equity of Redemption and Mortgage Substitutes

Introductory Note

§ 3.1. The Mortgagor’s Equity of Redemption and Agreements Limiting It

§ 3.2. When Absolute Deed Creates a Mortgage

§ 3.3. Contract for Deed Creates a Mortgage

§ 3.4. Negative Covenant Does Not Create a Mortgage

Chapter 4. Rights and Duties of the Parties Prior to Foreclosure

Introductory Note

§ 4.1. Mortgage Creates Security Interest Only

§ 4.2. Security in Rents

§ 4.3. Appointment of a Receiver

§ 4.4. Appointment of a Receiver—Effect on Existing Leases

§ 4.5. Priorities Between Competing Receivers

§ 4.6. Waste

§ 4.7. Mortgagee’s Right to Funds Paid Under Casualty Insurance or Governmental Taking

§ 4.8. Effect of Foreclosure on Mortgagee’s Right to Funds Paid Under Casualty Insurance or Governmental Taking

Appendix A. Black Letter of Tentative Draft No. 7

Appendix B. Black Letter of Sections Approved by Membership

$75.00

Tentative Draft No. 6 (Electronic PDF)

464 pages, 2025, #1R4PRTD6E

Tentative Draft No. 6 includes material from Volume 2 (Interferences with, and Limits on, Ownership and Possession), on ejectment, and Volume 4 (Divided and Shared Ownership), on concurrent ownership and leasing. The membership voted to approve this draft at the 2025 Annual Meeting subject to the discussion at the Meeting and editorial prerogative. This material may be cited as representing the Institute’s position until the official text is published.

Table of Contents

Project Status at a Glance

Foreword

Reporters’ Memorandum

Projected Overall Table of Contents

Volume 2. Interferences with, and Limits on, Ownership and Possession

Division I. Property Torts

Chapter 1. Ejectment and Trespass to Land

Introductory Note

Topic 0. Ejectment

§ 0.1. Ejectment

Volume 4. Divided and Shared Ownership

Division II. Concurrent Ownership

Introductory Note

Chapter 1. Basic Provisions

§ 1.1. Concurrent Ownership

§ 1.2. Establishing Concurrent Ownership

§ 1.3. Terminating Concurrent Ownership

§ 1.4. Tenancy in Common Presumed

§ 1.5. Tenancy in Common: The Basic Form of Concurrent Ownership

§ 1.6. Joint Tenancy

§ 1.7. Tenancy by the Entirety

§ 1.8. Community Property

Chapter 2. The Basic Form of Concurrent Ownership: Tenancy in Common

Introductory Note

§ 2.1. Unity of Possession

§ 2.2. Transfer and Encumbrance

§ 2.3. Limitation on the Power to Alienate Shares

§ 2.4. Administration of the Entire Property

§ 2.5. Ouster

§ 2.6. Adverse Possession

§ 2.7. Waste

§ 2.8. Contribution: Necessary Expenses

§ 2.9. Accounting

§ 2.10. Voluntary and Judicial Partition

§ 2.11. Judicial Partition in Kind

§ 2.12. Partition by Sale

§ 2.13. Owelty, Partition by Allotment, and Partial Partition

§ 2.14. Co-tenant Buyout

§ 2.15. No-Partition Agreement

§ 2.16. Equitable Power to Delay or Deny Partition

§ 2.17. Final Accounting in a Partition Action

Division III. Leasing

Chapter 9. Lessee’s Essential Obligations

§ 9.1. Lessee’s Obligations—Generally

§ 9.2. Lessee’s Duty to Pay Rent

§ 9.3. Lessee’s Obligation Not to Commit Waste

§ 9.4. Lessee’s Right to Remove Annexations

§ 9.5. Time Within Which Leased Property Must Be Restored or Annexation Removed

Chapter 10. Lessor Remedies

Introductory Note

§ 10.1. Lessor Remedies for Breach by Lessee—in General

§ 10.2. Procedures for Terminating Lessor’s Performance

§ 10.3. The Measure of Damages

§ 10.4. Equitable and Statutory Damages for Lessee’s Commission of Waste

§ 10.5. Holdovers

Appendix A. Black Letter of Tentative Draft No. 6

Appendix B. Black Letter of Sections Approved by Membership

$10.00

Tentative Draft No. 5 (Electronic PDF)

586 pages, 2024, #1R4PRTD5E

Tentative Draft No. 5 includes portions of Volume 4 on Divided and Shared Ownership, Volume 5 on Title and Transfers of Ownership, and Volume 7 on Public Local Land-Use Regulation. The membership voted to approve this draft at the 2024 Annual Meeting subject to the discussion at the Meeting and editorial prerogative. This material may be cited as representing the Institute’s position until the official text is published.

Table of Contents

Project Status at a Glance

Foreword

Reporters’ Memorandum

Projected Overall Table of Contents

Volume 4. Divided and Shared Ownership

Division III. Leases

Introductory Note

Chapter 1. Basic Provisions

§ 1.1. Definition of a Lease

§ 1.2. Comparison of Leases and Rentals

§ 1.3. Leases as a Hybrid of Property and Contract Elements 

Chapter 2. Forms of Leases

§ 2.1. Permissible Forms of Leases

§ 2.2. Term of Years

§ 2.3. Periodic Lease

§ 2.4. Lease at Will

§ 2.5. Lease Determinable on Some Event Other Than Breach or Default by One of the Parties

§ 2.6. Lease Not to Begin Until Occurrence of an Event

Chapter 3. Formalities Required for Creating a Lease Relationship

[To Come]

Chapter 4. Illegal Leases

§ 4.1. Property Leased for Illegal Use

§ 4.2. Lessee’s Rights When Intended Use Becomes Illegal

§ 4.3. Lessee’s Rights When Governmental Action Frustrates Intended Use

§ 4.4. Lessee’s Use of Leased Property for an Illegal Purpose

Chapter 5. Lessee’s Right to Possession

Introductory Note

§ 5.1. Lessor Action that Deprives Lessee of Physical Access to Leased Asset

§ 5.2. What Constitutes a Paramount Title 

§ 5.3. Breach of Lessee’s Right to Possession by Paramount Title 

§ 5.4. Third Party Improperly in Possession of Leased Property on Date Lessee Entitled to Possession

§ 5.5. Effect of Taking by Eminent Domain on Lease 

§ 5.6. Amount of the Condemnation Award Lessee Entitled to Receive

§ 5.7. Destruction or Damage of Property by Force of Nature or Act of Third Party

Chapter 6. Interference with Lessee’s Right to Use: Residential Tenancies

Introductory Note

§ 6.1. Lease for Residential Use—Implied Warranty of Habitability

§ 6.2. Remedies for Breach of Implied Warranty of Habitability

§ 6.3. Residential Leases—Obligations of Repair and Maintenance

§ 6.4. Residential Leases—Lessor’s Violation of Antidiscrimination Laws

Chapter 7. Interference with Permissible Use

Introductory Note

§ 7.1. Lessor’s Interference with Permissible Use

§ 7.2. Remedies for Lessor’s Interference with Permissible Use

Chapter 8. Procedures for Invoking Lessee’s Remedies

Introductory Note

§ 8.1. Termination of Further Performance Under Lease

§ 8.2. Damages

§ 8.3. Rent Abatement

§ 8.4. Rent Withholding

Volume 5. Title and Transfers of Ownership

Introductory Note

Division I. Title

Chapter 1. Foundations

§ 1.1. Right to Transfer an Interest in Property (Nemo Dat) 

§ 1.2. Bona Fide Purchaser

§ 1.3. Transferee’s Status When Transferor Has Priority (Shelter Principle) 

§ 1.4. Encumbrance Defined 

§ 1.5. Doctrine of After-Acquired Title 

Division III. Deeds of Conveyance

Chapter 1. Effect and Types of Deeds

Introductory Note 

§ 1.1. Effect of Deed 

§ 1.2. General Warranty Deed 

§ 1.3. Special Warranty Deed 

§ 1.4. Quitclaim Deed 

Chapter 2. Delivery and Acceptance

§ 2.1. Delivery Required 

§ 2.2. Delivery into Escrow 

§ 2.3. Acceptance Presumed 

Chapter 3. The Doctrine of Merger by Deed

Introductory Note 

§ 3.1. General Rule 

§ 3.2. Exceptions 

Chapter 4. Present Warranties of Title

Introductory Note 

§ 4.1. Meaning of Present Covenant 

§ 4.2. Covenant of Seisin 

§ 4.3. Covenant of Authority to Convey 

§ 4.4. Covenant Against Encumbrances 

Chapter 5. Future Warranties of Title

Introductory Note 

§ 5.1. Meaning of Future Covenant 

§ 5.2. Covenant of General Warranty 

§ 5.3. Covenant of Quiet Enjoyment 

§ 5.4. Covenant of Further Assurances 

Chapter 6. Remedies for Breaches of Warranties of Title

Introductory Note 

§ 6.1. Remedies for Breaches of Covenants of Seisin and Authority to Convey 

§ 6.2. Remedies for Breach of Covenant Against Encumbrances 

§ 6.3. Remedies for Breaches of Covenant of General Warranty and Covenant of Quiet Enjoyment 

§ 6.4. Remedies for Breach of Covenant of Further Assurances 

Chapter 7. Deed Requirements

Introductory Note 

§ 7.1. Identification of Grantor and Grantee 

§ 7.2. Words of Grant 

§ 7.3. Sufficient Description of Property 

§ 7.4. Signature of the Grantor 

§ 7.5. Notary Unnecessary Unless Recording 

Division IV. Recording

Chapter 2. Types of Recording Acts

Introductory Note

§ 2.1. Race Statute 

§ 2.2. Notice Statute 

§ 2.3. Race-Notice Statute 

Chapter 3. Types of Notice

§ 3.1. Actual Notice 

§ 3.2. Constructive Notice 

Chapter 4. Recording Errors Affecting Constructive Notice

§ 4.1. Chain of Title 

§ 4.2. Incorrectly Indexed Documents 

§ 4.3. Deeds Recorded Too Early 

§ 4.4. Deeds Recorded Too Late 

§ 4.5. Wild Deeds 

Chapter 5. Forgeries, Frauds, and Incapacities Affecting Validity of Record Title

Introductory Note 

§ 5.1. Void Title 

§ 5.2. Voidable Title 

§ 5.3. Forged Deeds 

§ 5.4. Deed Procured by Fraud in the Execution 

§ 5.5. Deed Procured by Fraud in the Inducement 

§ 5.6. Deed Obtained by Duress or Undue Influence 

§ 5.7. Deed Executed by Mentally Incapacitated Grantor 

§ 5.8. Deed Executed by Intoxicated Grantor 

§ 5.9. Deed Executed by Minor Grantor 

§ 5.10. Deed Executed by Legally Disabled Grantor 

Volume 7. Public Local Land-Use Regulation

Division I. Zoning

Chapter 6. Flexibility Tools

Introductory Note 

§ 6.1. Rezonings 

§ 6.2. Rezonings—Spot Zoning 

§ 6.3. Rezonings—Contract Zoning 

§ 6.4. Variances 

§ 6.5. Variances—Undue Hardship 

§ 6.6. Special Zoning Districts 

§ 6.7. Incentive Zoning 

Chapter 7. Nonconformities

Introductory Note 

§ 7.1. Nonconformity Defined 

§ 7.2. Protection of Nonconformities 

§ 7.3. No Expansion or Substantial Alteration 

§ 7.4. Runs with the Land 

§ 7.5. Nonconforming Accessory Uses 

Appendix A. Black Letter of Tentative Draft No. 5

Appendix B. Black Letter of Sections Approved by Membership

$10.00

Tentative Draft No. 4 (Electronic PDF)

308 pages, 2023, #1R4PRTD4E

Tentative Draft No. 4 includes portions of Volume 1 on The Basics of Property, Volume 2 on Interferences with, and Limits on, Ownership and Possession, and Volume 7 on Public Local Land-Use Regulation. At the 2023 Annual Meeting, the membership voted to approve the draft through Volume 7, Division 1, Chapter 5, subject to the discussion at the Meeting and editorial prerogative. This material may be cited as representing the Institute’s position until the official text is published. There was insufficient time to discuss Chapters 6 and 7 of Volume 7, Division I.

$10.00

Tentative Draft No. 3 (Electronic PDF)

510 pages, 2022, #1R4PRTD3E

Tentative Draft No. 3 includes material on Nuisance, Bailments, the  Estate System and Related Matters, and Zoning, Planning, and Subdivision. The membership voted to approve this draft at the 2022 Annual Meeting, subject to the discussion at the Meeting and editorial prerogative. This material may be cited as representing the Institute’s position until the official text is published.

$10.00

Tentative Draft No. 2 (Electronic PDF)

136 pages, 2021, #1R4PRTD2E

Tentative Draft No. 2 includes material from Volumes 1, 2, and 3 on Possession, Trespass to Land, and Bailments. The membership voted to approve this draft at the 2021 Annual Meeting, subject to the discussion at the Meeting and editorial prerogative. This material may be cited as representing the Institute’s position until the official text is published.

$10.00

Tentative Draft No. 1 (Electronic PDF)

2020, #1R4PRTD1E

Tentative Draft No. 1 contains §§ 1.1 and 1.8 of Volume 1, Division Two, Chapter 1, Possession; §§ 1.1, 1.3-1.5 of Volume 2, Division One, Chapter 1, Topic 1, Trespass to Land; and §§ 1 and 2 of Volume 3, Division Three Bailments. This draft was prepared for consideration at the 2020 Annual Meeting, which was cancelled. The draft has not been considered by the membership of ALI and therefore does not represent the position of the Institute on any of the issues with which it deals. The draft may be revised or supplemented prior to consideration by the membership in 2021.

$10.00

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