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Simple English definitions for legal terms
remainor
Read a random definition: graduated lease
A quick definition of remainor:
Term: REMAINOR
Definition: A remainor is a person who holds or is entitled to receive a remainder, which is a future interest in a property. They are also known as remaindermen or remainderers. An ulterior remainderman is a third party whose future interest in a property only becomes valid if all the preceding interests expire.
A more thorough explanation:
Definition: A remainor is a person who holds or is entitled to receive a remainder. It is also known as a remainderman or remainderer.
For example, if a person leaves their property to their son for his lifetime and then to their granddaughter, the son is the life tenant and the granddaughter is the remainor or remainderman. The granddaughter will only receive the property after the son's death.
Another example is when a person leaves their property to a charity for a certain period of time and then to their nephew. The charity is the life tenant and the nephew is the remainor or remainderman. The nephew will only receive the property after the charity's period of ownership ends.
The term "remainor" is often used in legal documents and discussions related to property ownership and inheritance.