Michigan Laws 554.61 – Terminable interest, specified contingency; definitions
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As used in this act:
(a) “Terminable interest” is a possessory or ownership interest in real property which is subject to termination by a provision in a conveyance or other instrument which either creates a right of reversion to a grantor or his heirs, successors or assigns or creates a right of entry on the occurrence of a specified contingency.
Terms Used In Michigan Laws 554.61
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Terminable interest: is a possessory or ownership interest in real property which is subject to termination by a provision in a conveyance or other instrument which either creates a right of reversion to a grantor or his heirs, successors or assigns or creates a right of entry on the occurrence of a specified contingency. See Michigan Laws 554.61
(b) “Specified contingency” is the event described in a conveyance or other instrument creating a terminable interest, the occurrence of which requires or permits the divesting of the terminable interest.