What is a reversionary interest?

In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.

What does it mean if a property is reversionary?

A lease that takes effect when an existing lease has expired. However, the expression "reversionary lease" is also used to mean any lease where possession is delayed to a future date. A reversionary lease is not the same as a lease of the reversion.

What is an example of reversionary interest?

In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.

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North Carolina
Wake
Notice of Payout by Party Entitled to Reversionary Interest

Wake North Carolina Notice of Payout by Party Entitled to Reversionary Interest

Name: Wake North Carolina Notice of Payout by Party Entitled to Reversionary Interest
Brand: US Legal Forms
Rating: 4.76 (207 reviews)

Category:

Oil Gas and Minerals - Notices

State:

Multi-State

County:

Wake

Control #:

US-OG-354

Format:

Instant download

Description

This form is used when Assignee has recovered certain costs out of Assignee's share of the proceeds of production of oil and gas from producing wells on the Lease, and Assignee's interest in the Lease is reduced. Assignor will be vested with title to an interest in the Lease, the "Reversionary Interest".

Wake North Carolina Notice of Payout by Party Entitled to Diversionary Interest is a legal document that outlines the process by which a party entitled to diversionary interest is notified of an upcoming payout. This notice serves as a detailed description of the payout and includes all relevant information for the recipient. The Wake North Carolina Notice of Payout by Party Entitled to Diversionary Interest provides important details such as the date of the payout, the amount to be paid, and the source from which the funds will be disbursed. It also specifies the party entitled to the diversionary interest and highlights their legal rights and obligations. This document is typically used in cases where a property or asset has been subject to a diversionary interest arrangement. Diversionary interest refers to the right of a party to reclaim ownership or control over a property or asset after a specified event or period has occurred. Different types of Wake North Carolina Notice of Payout by Party Entitled to Diversionary Interest may include: 1. Wake North Carolina Notice of Payout by Party Entitled to Diversionary Interest — Real Estate: This type of notice is related to diversionary interest in real estate properties. It outlines the terms and conditions associated with the payout and provides necessary information regarding the property in question. 2. Wake North Carolina Notice of Payout by Party Entitled to Diversionary Interest — Financial Investments: This notice is specifically related to diversionary interest in financial investments such as stocks, bonds, or mutual funds. It details the terms of the payout and includes relevant financial information. 3. Wake North Carolina Notice of Payout by Party Entitled to Diversionary Interest — Estate Planning: This type of notice pertains to diversionary interest within the context of estate planning. It outlines the distribution of assets or property in the event of a specified occurrence, such as the death of a beneficiary. In conclusion, the Wake North Carolina Notice of Payout by Party Entitled to Diversionary Interest is a crucial legal document that ensures transparency and compliance in cases involving diversionary interest. It provides a detailed description of the payout process and highlights the rights and obligations of the party entitled to the diversionary interest.

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How to fill out Wake North Carolina Notice Of Payout By Party Entitled To Reversionary Interest?

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FAQ

With reversionary interest, the property reverts to the owner after the death of the life tenant. With remainder interest, the title to the property goes to a named third party following the death of the life tenant.

Remainder, in Anglo-American law, a future interest held by one person in the property of another, which, upon the happening of a certain event, will become his own. The holder of this interest is known in legal terms as a remainderman.

The lessor typically retains a reversion interest in the property which will mature after the lease expires. A common example of this transaction is the leasing of an apartment to a tenant for a one-year period.

The definition of a reversion is a turn around, reversal or return to a prior condition. An example of a reversion is a couple getting married again after being divorced. A return to a former condition, belief, or interest.

In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.

The provision in a deed transfer where the property transferred is reverted to the grantor if a deed condition becomes violated.

Reversionary interest in the context of real property or wills and estates means a reservation created in a real property conveyance that the property will revert back to the original owner upon the happening of a certain event.

A lease that takes effect when an existing lease has expired. However, the expression "reversionary lease" is also used to mean any lease where possession is delayed to a future date. A reversionary lease is not the same as a lease of the reversion.

Any future interest kept by a person who transfers property to another. A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property.

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Petition must include written notice in a "manner reasonably calculated to make the respondent aware" of: 1. Welfare benefit plans provide benefits such as medical, dental, life insurance, apprenticeship and training, scholarship funds, severance pay, disability, etc.Grave though they were, these congressional intrusions on preexisting treaty rights fell short of eliminating all tribal interests in the land. The total land area in the Vannelle NW WHL BL Unit is approximately 511. Conveyances and Reservations of Mineral and Royalty Interests. As bills are introduced during the legislative session, the bill number and short description are included in the list below. To why the amendment was reasonable and in the public interest. No, except that a requester who prevails in a civil suit brought pursuant to the Public Records Law may seek an award of attorney fees. Article II. INTESTACY, WILLS, AND DONATIVE TRANSFERS (1990). Unlike in an assignment, the mortgagor here has a reversionary interest in the mortgaged property.

Wake North Carolina Notice of Payout by Party Entitled to Reversionary Interest

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What is the difference between a remainder interest and a reversionary interest?

Who holds the future interest known as a remainder?

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