A growing crop. Annual crops are generally considered Personal Property.
Example: Abel, a Tenant planted corn on Baker's land. Three days prior to harvesting, Baker informs Abel that the Land Lease has expired. Abel has the right to emblements and so can harvest the corn.
Table 20 Ellwood Technique
Present value of cash flow:
$10,000
x 5.65 Annuity factor at 12% = $ 56,500
_______
Present value of Reversion:
$100,000
x .322 Present value factor at 12% = 32,200
_______ ______
Value of equity $ 88,700
Add: Mortgage balance 500,000
_______
Property value $588,700