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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 than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
The possibility of reverter can only follow a fee simple determinable. Example: "O grants Blackacre to A as long as A refrains from drinking alcohol." Analysis: If A never drinks after the grant (and never sells the property), then Blackacre will belong to A at O's death, and be distributed according to the rules of probate .
The interest will revert to the grantor or the heirs of the grantor. Normally, a possibility of reverter follows a fee simple determinable. However, a possibility of reverter does not follow a fee simple determinable subject to an executory interest, because a possibility of reverter is in the grantor while an executory interest is in a third ...
For example, the grant "For A so long as alcohol is not sold on the premises, then to B" would violate the rule as to B. The conveyance to B would be stricken, leaving "To A so long as alcohol is not sold on the premises." This would create a fee simple determinable in A, with a possibility of reverter in the grantor (or the grantor's heirs ...
Another kind of acceptable reversion is an incidental one. A Wikipedia editor is not expected to investigate the history of an article to find out if an edit being considered is a reversion of some prior edit. The rule against reversions applies only to cases where the reverter is aware that the edit is a reversion of another edit.
The Tax Cuts and Jobs Act of 2017 lowered individual income tax rates, boosted standard deductions and eliminated personal exemptions, among other changes. However, the Trump tax cuts are due to...
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument. [1]