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LSDefine

Simple English definitions for legal terms

Reversion

Read a random definition: enrichment

A quick definition of Reversion:

Reversion: When someone gives away their property but keeps the right to get it back in the future, it's called a reversion. This happens after the person who received the property has finished using it for a certain amount of time or after they pass away. It's different from a remainder, which is when someone else gets the property after the first person is done using it.

A more thorough explanation:

Definition: Reversion is a type of future interest that the grantor (the person who transfers ownership of a property) keeps for themselves. It comes into effect after the end of a fee tail estate, life estate, or term of years. It is different from remainders, which are future interests that are given to someone else.

Example: Let's say that John owns a piece of land and he wants to transfer ownership to his daughter, Sarah. However, he wants to make sure that he still has some control over the land after he gives it to her. So, he decides to give her a life estate, which means that she can use and enjoy the land for the rest of her life. But when she dies, the land will go back to John. This is an example of a reversion.

Another example: Mary owns a rental property and she wants to sell it to her son, Tom. However, she wants to make sure that if Tom ever decides to sell the property, it will go back to her instead of someone else. So, she decides to give him a term of years, which means that he can own and rent out the property for a certain number of years. But when the term is up, the property will revert back to Mary. This is another example of a reversion.

These examples illustrate how a reversion works. It is a way for the grantor to keep some control over the property even after they have transferred ownership to someone else. It can be useful for estate planning or for situations where the grantor wants to make sure that the property stays in the family.

reversible error | Reverter

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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