22:31
yeah there are so many good cuisines in ithaca
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LSDefine
Simple English definitions for legal terms
possibility of a reverter
Read a random definition: evidence of insurability
A quick definition of possibility of a reverter:
The possibility of reverter is a legal term that means if someone gives property to another person, but with a condition that must be met, and that condition is not met, then the property goes back to the original owner. For example, if someone gives a piece of land to someone else, but only if they use it for a specific purpose, and that person uses it for something else, then the land goes back to the original owner. This is called the possibility of reverter.
A more thorough explanation:
The possibility of reverter is a legal term that refers to a future interest held by a property owner, known as the grantor or transferor. This interest is held in a type of property ownership called a fee simple determinable, which means that the property will automatically revert back to the grantor if a certain condition is not met.
For example, if a property owner grants a piece of land to a school district "so long as the land is used for educational purposes," the grantor retains the possibility of reverter. If the school district stops using the land for educational purposes, the property will automatically revert back to the grantor.
The possibility of reverter is different from the right of entry, which is another type of future interest held by a grantor. The right of entry allows the grantor to reclaim the property if a certain condition is not met, but it is not automatic like the possibility of reverter.
Overall, the possibility of reverter is a legal tool that allows property owners to ensure that their property is used in a certain way, and to reclaim the property if that condition is not met.