Fief

A fief (also feoff or fee) is the land controlled by a Lord in a feudal society by grant of a greater lord, often a King. A fief would be given with explicit instructions as to the obligations of both fief-giver and fief-holder.

Anything of value could be given "in fief", such as offices or the rights to exploit a particular resource, for example: hunting rights in a certain stream or the right to charge tolls on a given bridge, or merely revenues from a particular industry.

Along with the privilege of (and material benefits to) holding a fief, the fief-holder would often be obliged to pay a fief-rent to his overlord.