Michigan Laws 554.11 – Future estate; remainder
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Terms Used In Michigan Laws 554.11
- Dependent: A person dependent for support upon another.
- 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.
When a future estate is dependent upon a precedent estate, it may be termed a remainder, and may be created and transferred by that name.