Reversion: Difference between revisions

Revision as of 01:05, 27 May 2024

n.) That which reverts or returns; residue.

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	n. ~~in real property, the return to the grantor or his/her heirs of real property after all interests in the property given to others have terminated. Examples: a~~) ~~George deeded property to the local hospital district for "use for health facilities only", and the hospital is eventually torn down and the property is now vacant. The property~~ reverts to George's descendants. b) George wills the property to his sister's children only, who later died without children. When the last grandchild dies the property reverts to George's descendants. Reversion is also called "reverter".		n.) That which reverts or returns; residue.