Michigan Laws 554.62 – Specified contingency; termination right; limitation period
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Terms Used In Michigan Laws 554.62
- Terminable interest: is a possessory or ownership interest in real property which is subject to termination by a provision in a conveyance or other instrument which either creates a right of reversion to a grantor or his heirs, successors or assigns or creates a right of entry on the occurrence of a specified contingency. See Michigan Laws 554.61
If the specified contingency does not occur within 30 years after the terminable interest is created, the right of termination by reason of the specified contingency shall be unenforceable.