California Code of Civil Procedure 1265.420 – Where property acquired for public use is subject to a life tenancy, …
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Where property acquired for public use is subject to a life tenancy, upon petition of the life tenant or any other person having an interest in the property, the court may order any of the following:
(a) An apportionment and distribution of the award based on the value of the interest of life tenant and remainderman.
Terms Used In California Code of Civil Procedure 1265.420
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Person: includes a corporation as well as a natural person. See California Code of Civil Procedure 17
- Property: includes both personal and real property. See California Code of Civil Procedure 17
- 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.
- Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
- Will: includes codicil. See California Code of Civil Procedure 17
(b) The compensation to be used to purchase comparable property to be held subject to the life tenancy.
(c) The compensation to be held in trust and invested and the income (and, to the extent the instrument that created the life tenancy permits, principal) to be distributed to the life tenant for the remainder of the tenancy.
(d) Such other arrangement as will be equitable under the circumstances.
(Added by Stats. 1975, Ch. 1275.)