483. 217; 4 Com. remainder, which can never be limited unless by either deed or devise. Shane's interest in the property, in this example, is a life estate. The things may be tangible, such as…, Remainder, in Anglo-American law, a future interest held by one person in the property of another, which, upon the happening of a certain event, will become his own. One retains a reversion when he gives his property to another for that person’s use during his life only, and at his death the property reverts to the prior owner; or one may give his property to another to possess and use as his own only until the operation of a certain condition.
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There are 3 types of future interests that can be retained by the grantor: 1. reversion, 2. right of reverter, 3. right of entry. 2 Lill. Any future interest kept by a person who transfers property to another. In law the term refers to the complex of jural relationships between and among persons with respect to things.
Ab. https://legal-dictionary.thefreedictionary.com/reversion, Three Garden Road will continue to achieve strong positive rental, (2014) compare the cash flows and risk profile of stylized reverse mortgage and home, Primal Groudon possesses the ability to control the weather, primed and improved once Primal, This strategy enables me to estimate the amount of mean, However, the United States administered the Diaoyu Islands after the war ended until June 17, 1971, when the United States inked the Okinawa, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Pampi in a bind as BOC reverts tariff of imported MDM of chicken to 40%, The Impact of Assumptions on the CECL Estimate, Champion REIT Announces 2017 Interim Results. Convenient, Affordable Legal Help - Because We Care! Once the lesser estate comes to an end (the lease expires or the life e Reversion, in Anglo-American law, interest held by a prior owner in property given to another, which, upon the happening of some future event, will return to that prior owner. 17; Plowd. For most purposes reversions have the same characteristics as remainders. For example, if Sara transfers a piece of property to Shane for life, Shane has the use of the property for the rest of his life. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only.
Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree.... …retained interest is called a reversion. Once the lesser estate comes to an end (the lease expires or the life estate tenant dies), the property automatically reverts (hence reversion) back to the grantor. A reversion is itself specific property, and it can be sold or disposed of as property by the reversion owner. A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he has (such as the owner of a fee simple granting a life estate or a leasehold estate). 27; 7 Com. One who holds property subject to a reversion interest held by another is under certain obligations as to the use of that property. Generally, such an owner must reasonably protect the property from spoilage or diminution in value, for the sake of the future owner. Vide n. 1850, et seq. Follows fee tail estates, life estates, and terms of years. Ab. 151; 4 Kent, Comm. See, generally, 1 Hill.
A reversion is said to be an incorporeal hereditament. of real and tangible personal property upon which property taxes remain Examples: George Generous deeded property to the local hospital district for "use for health facilities only," and the hospital is eventually torn down and the property is now vacant. A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property. property owner transfers a vested estate of lesser quantum than he started Co. Litt. Reversion occurs when the By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. with. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. The holder of this interest is known in legal terms as a remainderman. A remainder is a future interest that is created in some person other than the grantor or transferor, whereas a reversion creates a future interest in the grantor or his or her heirs. Reversion occurs when the property owner transfers a vested estate of …
151 A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property. Get the USLegal Last Will Combo Legacy Package and protect your family today.
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