Reversion
A future interest that the grantor keeps. Follows fee tail estates, life estates, and terms of years. Contrast with remainders.
Definition from Nolo’s Plain-English Law Dictionary
The return to an original owner, or to that person's heirs, of real estate after all interests in the property given to others have terminated. Example: George deeds property to the local hospital district for "use for health facilities only." Eventually, the hospital is torn down, and the property is now vacant. The property reverts to George's descendants. Also called reverter.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:23 pm
