Indiana Code 32-17-2-3. Future estates; life estates; remainders
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Sec. 3. (a) A freehold estate and a chattel real may be created to begin at a future day.
(1) may be created in a term of years with or without the intervention of a precedent estate; and
(b) An estate for life:
Terms Used In Indiana Code 32-17-2-3
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- 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.
(2) a remainder may be limited on the estate for life.
(c) A remainder of a freehold or a chattel real, either contingent or vested, may be created, expectant on the termination of a term of years.
[Pre-2002 Recodification Citation: 32-1-2-34.]
As added by P.L.2-2002, SEC.2.