Maryland Code, ESTATES AND TRUSTS 11-104
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, ESTATES AND TRUSTS 11-104
- Inter vivos: Transfer of property from one living person to another living person.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- 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.
Whenever by any form of words in any will or inter vivos conveyance, a remainder is limited, mediately or immediately, to the heirs or heirs of the body of a person to whom a life estate in the same subject matter is given, the persons who on the termination of the life estate are then the heirs or heirs of the body of the tenant for life, take as purchasers by virtue of the contingent remainder limited to them.