Thursday, September 27, 2007
Defeasible Estates in the News!
A school renovation project was put in jeopardy when 100-year old deeds surfaced showing that part of the relevant property had been granted for school playground purposes only, otherwise to revert to grantor's family. The best quote, from the counsel for the title insurance company that didn't find the deeds and ended up on the hook: "I would have to say, in my 30 years in this business, this is the first time I've seen a right of reverter anywhere but in a law school exam."
[Comments are held for approval, so there will be some delay in posting]