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consolidation loan federal to another person, for the life of a third person. For example if Joey conveys Blackacre to consolidation loan during the life of Monica, then Rachel owns the land for as long as Monica lives; if Rachel dies before Monica, Rachel's heirs will inherit the consolidation loan and will continue to own it for as long as Monica lives. Second, if Joey conveys Blackacre to Monica for life, Monica can then sell the life estate to Rachel. Again, Rachel and Rachel's heirs will own the land for as long as Monica lives In either consolidation loan once Monica dies, the ownership of the land will revert to Joey. If Joey has died, ownership will revert to Joey's heirs. The right to succeed to ownership of the property upon the expiration of the life estate is called a remainder. The early common law did not recognize a life estate in personal property, but such consolidation loan were cognizable in equity. |
consolidation loan - domain.com
