Difference between revisions of "Reversion"
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| − | A reversion is a property interest retained by an owner when he conveys less than an absolute interest in the property. A reversion is established automatically by law based on a condition of use or termination of an interest by someone else. | + | A '''reversion''' is a property interest retained by an owner when he conveys less than an absolute interest in the property. A reversion is established automatically by law based on a condition of use or termination of an interest by someone else. |
For example, a donation of a field to a town so long as it is used for Little League creates a reversion by operation of law if the specified use ceases. | For example, a donation of a field to a town so long as it is used for Little League creates a reversion by operation of law if the specified use ceases. | ||
Reversions are not subject to the [[Rule Against Perpetuities]] because they are vested interests. | Reversions are not subject to the [[Rule Against Perpetuities]] because they are vested interests. | ||
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| + | [[Category:Law]] | ||
Latest revision as of 20:39, June 23, 2016
A reversion is a property interest retained by an owner when he conveys less than an absolute interest in the property. A reversion is established automatically by law based on a condition of use or termination of an interest by someone else.
For example, a donation of a field to a town so long as it is used for Little League creates a reversion by operation of law if the specified use ceases.
Reversions are not subject to the Rule Against Perpetuities because they are vested interests.