reversion


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Reversion

Any future interest kept by a person who transfers property to another.

A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property. 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. Upon his death, the property reverts, or goes back, to Sara, or if Sara has died, it goes to her heirs. Shane's interest in the property, in this example, is a life estate. Sara's ownership interest during Shane's life, and her right or the right of her heirs to take back the property upon Shane's death, are called reversionary interests.

A reversion differs from a remainder because a reversion arises through the operation of law rather than by act of the parties. 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. If Sara's transfer had been "to Shane for life, then to Lily," Lily's interest would be a remainder.

Cross-references

Estate.

reversion

n. in real property, the return to the grantor or his/her heirs of real property after all interests in the property given to others has terminated. 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. The property reverts to George's descendants; George wills the property to his sister's children only, who later died without children. When the last grandchild dies the property reverts to George's descendants. Reversion is also called "reverter." (See: reverter)

reversion

(Act of returning), noun about-face, recidivism, regress, regression, relapse, retroaction, retrocession, retrogradation, retrogression, retroversion, return, reversal, reverse, reverting, throwback, turnabout, turnaround

reversion

(Remainder of an estate), noun future innerest, future possession, hereditas, remainder over, residue, right of future enjoyment, right of future possession, right of succession
Associated concepts: equitable reversion, life estate, partial reversion, reversionary interest, right of reversion
See also: continuation, decline, defeasance, devolution, expiration, heritage, lapse, nollo prosequi, recidivism, reconversion, recovery, recrudescence, relapse, remainder, restitution, resumption, resurgence, reversal

reversion

an interest in an estate that reverts to the grantor or his heirs at the end of a period, such as at the end of the life of a grantee; or an estate so reverting.

REVERSION, estates. The residue of an estate left in the grantor, to commence in possession after the determination of some particular estate granted out by him; it is also defined to be the return of land to the grantor, and his heirs, after the grant is over. Co. Litt. 142, b.
     2. The reversion arises by operation of law, and not by deed or will, and it is a vested interest or estate, and in this it differs from a remainder, which can never be limited unless by either deed or devise. 2 Bl. Comm. 175; Cruise, Dig. tit. 17; Plowd. 151; 4 Kent, Comm. 349; 19 Vin. Ab. 217; 4 Com. Dig. 27; 7 Com. Dig. 289: 1 Bro. Civil Law, 213 Wood's Inst. 151 2 Lill. Ab. 483. A reversion is said to be an incorporeal hereditament. Vide 4 Kent, Com. 354. See, generally, 1 Hill. Ab. c. 52, p. 418; 2 Bouv. Inst. n. 1850, et seq.

References in periodicals archive ?
1% to HK$596 million compared with HK$567 million in the first half of 2016 on the back of further positive rental reversion.
US copyright law clearly states that songwriters are permitted to apply for a reversion of their copyrights after a 35-year period.
Home reversion has existed for a long time in the form of private arrangements, for example, in France, Portugal, and Poland (Reifner et al.
Las tasas de exito de la reversion de la vasectomia disminuyen con cada ano que transcurre desde la vasectomia hasta alrededor de 12 o 15 anos, punto en el que las tasas de exito se toman planas.
Limitations of this study include that reversion and incidence of the condition were secondary endpoints making the analyses exploratory.
Primal Groudon possesses the ability to control the weather, primed and improved once Primal Reversion is achieved.
It was found that reversion resistance decreases with vulcanization temperature for both compounds.
El proceso de tramitacion de las concesiones esta marcado por el tema de la reversion de activos, que para el gobierno de Santos constituye "una papa caliente porque es algo que no esperaba", sostiene Prieto.
Reversion is defined as the loss of crosslink network structures, which occurs during non-oxidative (or anaerobic) thermal aging (ref.
This strategy enables me to estimate the amount of mean reversion of a stock opening price after controlling for the overall market movement.
However, the United States administered the Diaoyu Islands after the war ended until June 17, 1971, when the United States inked the Okinawa Reversion Treaty with Japan, which illegally handed the power of administration over the islands to Japan.
the application to the Senkakus (Diaoyu Islands) of the 1971 "Treaty Between Japan and the United States of America Concerning the Ryukyu Islands and the Daito Islands"--commonly known as the Okinawa Reversion Treaty, approved by the Senate in 1971 and entered into force the following year (the Daito Islands lie to the east of Okinawa);