Under the general rule a trust cannot be created in a right of reverter, because only valuable property that can.be assigned may be the subject-matter of a trust. Browse our lawyers and teams below. (a) In the event that, following Close of Escrow on Phase 1 or Phase 2, this Agreement is terminated pursuant to Section 12.05 and such termination occurs prior to issuance of a Certificate of Completion for any Phase of the Project the Agency shall have the right subject to the provisions of Article 13 below, to re . endobj A Primer on Michigan Right of Way Law - DocsLib state the name and address of the owner of such right of termination." endobj Language links are at the top of the page across from the title. o' ?kO>/}O""uyeJi xPW]~Z,+Ws9 snaVK}dC`zpItY^DTp3zTW}"gOo%GfnJ9raLs+V{2A& #6gWp.gr8UJOLKmO>6QYg?~kd Possibility of reverter Definition | Law Insider The lessor typically retains a reversion interest in the property which will mature after the lease expires. Reversion should not be confused with the possibility of reverter created in the grant of a fee simple determinable. Id. Plaintiffs alleged below that they were the equitable owners of certain real property located in Dexter Township, which we will refer to as lot 43, and which is part of a subdivision that Portage Lake Land Company developed. A condition subsequent is some event or contingency that occurs after the transfer. Private restrictions are classified generally as covenants and conditions. Nor did our review of the lower court record provide any evidence that parcel 2 was subject to an easement. Reversed and remanded. Access our payment portal for quick and secure transactions. <> 26 0 obj The right of reversion arises when the original owner of the property sells or leases it to another person for a term of years, and the term expires. endobj 14 0 obj manage brochure 3 0 obj With over 500 lawyers we would expect to be able to provide the specialist skill and experience that you need. However, the court . former owner. Defendants filed a counterclaim in which they alleged that plaintiffs violated certain deed restrictions. A wealth of valuable resources for technology businesses. Although both result in the return of the land to the original grantor or his heirs, reversions occur upon the natural expiration of the grantee's estate, while the possibility of reverter actively ends the grantee's otherwise-indefinite estate as a consequence of the grantee's failure to comply with the condition contained in the grant. 505 (1954), where the author contends that the conditions subsequent has never been a valid device for imposing use restrictions on a fee simple in private ownership in England. Lease: Transfer of possession and use only, for a set; period of time. Our real estate lawyers identifying new trends in the industry. Plaintiffs began purchasing the property from Lesly Lochner through a land contract in 1995. Justia US Law US Codes and Statutes Michigan Compiled Laws 2010 Michigan Compiled Laws Chapter 554 - REAL AND PERSONAL PROPERTY Act 13 of 1968 - POSSIBILITIES OF REVERTER AND RIGHTS OF ENTRY (554.61 - 554.65) Section 554.65 - Right of termination; preservation; notice, recording.

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