parent nodes: concurrent estate | duty of loyalty | real property
waste
The holder of an estate is prohibited from the "waste" of his estate if others have an interest in the property. Thus, waste is prohibited for life estates, concurrent tenancies, leases, and guardianships.
"Waste" can either be measured objectively (by the change in economic value of the property) or subjectively (by the personal intent of the grantor). A subjective test may be more acceptable where granted for a limited time. (ex. O to A for A's life, then to remaindermen)
Waste can be "voluntary" [Brokaw v Fairchild], "permissive", or "equitable" (tearing down trees around a mansion).
"Any act of the life tenant which does permanent injury to the inheritance is waste." [Brokaw v Fairchild]. A life tenant may do whatever necessary for "the general use and enjoyment" of his estate, but cannot assert an act of "ownership." [Brokaw v Fairchild].
Cases
[Brokaw v Fairchild] (waste found where old Park Avenue house converted to high-rise)
See real property, life estate, concurrent estate