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 ?
The two main forms of equity release are reverse mortgage schemes ("loan model") and home reversion schemes ("sale model") (see, e.
This strategy enables me to estimate the amount of mean reversion of a stock opening price after controlling for the overall market movement.
This article does not resolve other issues appraisers face when market expectations about reversions drift from rationally plausible to improbable and unsupported.
SOVEREIGN Reversions (01234 356 300); Just Retirement equity release plans are provided through independent financial advisors (IFAs).
Providers of home reversion plans, says the FSA, must give 'clear, concise and consistent information' about products on offer, and best advice.
Equity release schemes and home reversion plans can be great for people who have built up equity in their homes and are looking to release some cash.
The triumph of Telecinco's "Yo soy Bea," a Spanish reversion of Colombia's ugly-duckling telenovela phenom "Yo soy Betty, la fea," over Televisa's Mexican remake, "La fea mas bella," aired by rival Antena 3 TV, will goose the burgeoning biz of Spanish TV fiction redos.
Lisa Scott is appointed to Bridgewater as equity release projects administrator and will be responsible for managing relations with customers; dealing with applications and completions; and the delivery of management information and special projects for the home reversion provider.
Children in both arms of the study, those receiving periodic transfusions and those going without, received close clinical and transcranial Doppler (TCD) surveillance every 8-12 weeks for the first occurrence of reversion of TCD to abnormal.
This, it claims, may result in consumer confusion, and may lead to brokers favouring lifetime mortgages over home reversions due to regulatory reasons and will ultimately reduce overall development of the equity release market.
4980(d)(2), the excise tax on employer reversions from a terminating DB plan is reduced from 50% to 20%, if 25% of the plan's residual assets are transferred to a replacement plan.
The inverse of the mean reversion rate (1/[kappa]) can be interpreted as the number of periods elapsed between reversions, in effect, it measures the speed of reversion.