REVERSION

In real property law. A reversion is the residue of an estate left by operation of law in the grantor or his heirs, or in the heirs of a testator, commencing in possession on the determination of a particular estate granted or devised. When a person has an interest in lands, and grants a portion of that interest, or, in other terms, a less estate than he has in himself, the possession of those lands shall, on the determination of the granted interest or estate, return or revert to the grantor. This interest is what is called the “grantor’s reversion,” or, more properly, his “right of reverter,” which, however, is deemed an actual estate in the land. Watk. Conv. 16. Where an estate is derived, by grant or otherwise, out of a larger one, leaving in the original owner an ulterior estate immediately expectant on that which is so derived, the ulterior interest is called the “reversion.” 1 Steph. Comm. 290. A reversion is the residue of an estate left in the grantor, to commence in possession after the determination of some particular estate; while a remainder is an estate limited to take effect and be enjoyed after another estate is determined. Todd v. Jackson, 26 N. J. Law, 525. In personalty. “Reversion” is also used to denote a reversionary interest; e.g., an interest in personal property subject to the life interest of some other person. In Scotch law. A reversion is a right of redeeming landed property which has been either mortgaged or adjudicated to secure the payment of a debt. In the former case, the reversion is called “conventional;” in the latter case, it is called “legal;” and the period of seven years allowed for redemption is called the “legal.” Bell; Paterson. Legal reversion. In Scotch law. The period within which a proprietor is at liberty to redeem land adjudged from him for debt.