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LSDefine

Simple English definitions for legal terms

Reversion

Read a random definition: taxable gift

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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HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
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