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LSDefine

Simple English definitions for legal terms

reverter guarantee

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A quick definition of reverter guarantee:

A reverter guarantee is a clause in a mortgage that protects the lender from losing money if a certain event happens that would cause the property to revert back to the original owner. This event is called a possibility of reverter, which is when the owner of the property has a future interest in the property that will automatically take effect if a specific condition is met. This interest is often called a reverter and is attached to a special limitation that benefits the original owner.

A more thorough explanation:

A reverter guarantee is a clause in a mortgage that protects the lender from losing money if a terminating event occurs under a possibility of reverter. A possibility of reverter is a reversionary interest that is subject to a condition precedent. This means that if a certain event happens, the property will automatically revert back to the original owner.

For example, if a property owner sells a piece of land to a developer with the condition that the land must be used for a specific purpose, such as building a park, and if the developer fails to use the land for that purpose, the property will revert back to the original owner. In this case, the original owner would have a possibility of reverter.

The reverter guarantee in a mortgage protects the lender from losing money if the property reverts back to the original owner. This is because the lender would no longer have a claim on the property and would not be able to recoup their investment.

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Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
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.
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