Rhode Island General Laws 34-4-2.1. Reservation of life estate with enhanced powers
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A grantor may convey title to real estate and reserve a life estate therein, coupled with the reserved power and authority, during his or her lifetime, to sell, convey, mortgage, or otherwise dispose of the real property without the consent or joinder by the holder(s) of the remainder interest. A duly-executed conveyance by the life tenant exercising such reserved powers shall, upon recording, vest good title to the interest conveyed in the grantee thereof, free and clear of any right, title and interest of the holder(s) of the remainder interest without the necessity of any additional conveyance by any such holder(s) of the remainder interest.
History of Section.
P.L. 2014, ch. 145, art. 19, § 1.
Terms Used In Rhode Island General Laws 34-4-2.1
- Grantor: The person who establishes a trust and places property into it.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.