The most important legal concept in the feudal period in relation to land was seisin. Current legal status Seisin is now confined to possession of the freehold, though at one time it appears to have been used for simple possession without regard to the estate of the possessor. Its importance is considerably less than it was at one time, owing to the old form of conveyance by feoffment with livery of seisin having been superseded by a deed of grant, and the old rule of descent from the person last seised having been abolished in favour of descent from the purchaser. Lord Denning controversially supported the abolition of the concept of seisin, however the common law has since decided to maintain the concept of seisin. At one time the right of the wife to dower and of the husband to an estate by curtesy depended upon the doctrine of seisin. The Dower Act (1833–1834), however, rendered the fact of the seisin of the husband of no importance, and the Married Women's Property Act 1882 practically abolished the old law of curtesy. Modern legal interpretation Modern courts have interpreted seisin as approximating to modern "freehold" ownership of land (Deshong v. Deshong, 186 Pa. 227, 40 A.402.) or the right to immediate possession (Williams v. Swango, 365 Ill. 549, 7 N.E.2d 306, 309.). Seian is the important understanding that property owned in fee simple consists of two different parts; namely, 1) the naked legal title, and 2) the equitable (i.e., beneficial) title and that these two properties may not be forever separated. Hence in Landlord and Tenant law the owner of the fee is well seised because he owns both the naked legal title and the equitable title. When the landlord rents his property the Lessee is vested with equitable title and the peaceable enjoyment of the property during his or her tenure. When the Lessee moves out, the equitable title is joined with the naked legal title and the gap in seisin is closed and the owner regains fee simple title. Commonly when trusts are created the trustee owns (takes) legal title; the trustee administers the property for the benefit of the beneficiaries who are said to have equitable (beneficial) title. Upon trust termination, the trustee conveys (distributes) legal title to the beneficiary, and again gap in seisin ends. The Merrill Lynch Ready Asset Trust, the first of the money market