Manhattan Developers, Inc., pays Northeast Trust Company to release its claim to a strip of waterfront property. Northeast gives Manhattan a deed that conveys only whatever interest Northeast has in the strip. This deed is

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26-05-2022
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Manhattan Developers, Inc., pays Northeast Trust Company to release its claim to a strip of waterfront property. Northeast gives Manhattan a deed that conveys only whatever interest Northeast has in the strip. This deed is

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-06-08T13:17:06+02:00

"Manhattan Developers, Inc., pays Northeast Trust Company to release its claim to a strip..." this is a quitclaim deed. This is further explained below.

What is a deed?

Generally, the deed is simply defined as Legal documents that are signed and delivered, particularly those that deal with property or legal rights.

In conclusion, When a company pays another company to relinquish a claim to a strip mine, it is executing a quitclaim deed.