North Carolina General Statutes 46A-78. Partition sale of real property subject to a life estate
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Terms Used In North Carolina General Statutes 46A-78
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- 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.
If the real property to be partitioned by sale is subject to a life estate, a life tenant who joins in the proceeding shall receive the value of the life tenant’s share calculated according to mortality tables accepted by the court and paid out of the proceeds to the life tenant. The owners of the remainder or reversionary interest have no interest in this payment to the life tenant. (1887, c. 214, s. 3; Rev., s. 2509; C.S., s. 3235; 2020-23, ss. 2(bb), 3.)