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The implication is that such other corporations are not given the entire freedom of action and contract conferred by this Business Corporation Act. Where the State creates a monopoly, it puts the public at the mercy of the grantee of that franchise. Therefore, it is logical and just that it should regulate the rates.
Captain Isaac Caton was granted a licence "to traffick with the Indians on Saint John's river and the Bay of Fundy," on Nov'r. 9, 1765. He probably made his headquarters at the old French trading post on the historic Island of Emenemic, in Long Reach, of which he was a grantee about thus time, and which has since been called Caton's Island.
In the ninth year of Henry VI. /1/ it was doubted whether an heir having the reversion by descent could have debt, and it was held that a grantee of the reversion, although he had the rent, could not have that remedy for it.
It enacted that, when part of an estate was alienated by its lord, the grantee should not be permitted to become the subtenant of the grantor, but should stand to the ultimate lord of the fief in the same feudal relation as the grantor himself.
In the general warranty deed the grantor agrees for himself, "his heirs, executors, administrators, and assigns," that at the time of making the deed he is lawfully in possession, "seized" is the legal term, of the estate described in the deed, that it is free from all incumbrance, and that he will warrant and defend the grantee and his heirs and assigns against all claims whatsoever.
The grantee to plant, cultivate and improve, or inclose, one-third part within ten years, one-third part within twenty years and the remaining third part within thirty years from the date of the grant, or otherwise to forfeit such lands as shall not be actually under improvement and cultivation. Third.
Thus, if a man owns lot A and lot B, and he used a way from lot A, over lot B, to a mill, or to a river; and if he sells lot A with all ways and easements, the grantee will have the same privilege of passing over lot B as the grantor had. A right of way may arise from necessity.
The Testator was the grantor; the five witnesses and the libripens were present; and the place of grantee was taken by a person known technically as the familiæ emptor, the Purchaser of the Family. The ordinary ceremony of a Mancipation was then proceeded with. Certain formal gestures were made and sentences pronounced.
Again, the fact is clear that the assign got the benefit of the warranty to the first grantee, not of a new one to himself, as has been shown, and Bracton's explanation of how this was worked out falls in with what has been seen of the course of the German and Anglo-Saxon law, and with the pervading thought of the Roman law.
When, after the death of Charlemagne, men began to combine the idea of the comitatus with the idea of the beneficium, and to grant the usufruct of parcels of their land on condition that the grantee should be true, loyal, and helpful to them, that is, become their vassal, we may consider that the feudal system of landowning was coming into existence.
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