N.Y. Estates, Powers and Trusts Law 6-5.8 – Heirs or distributees of life tenant take as purchasers
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§ 6-5.8 Heirs or distributees of life tenant take as purchasers
Terms Used In N.Y. Estates, Powers and Trusts Law 6-5.8
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- 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 remainder is limited to the heirs, heirs of the body or distributees of a person to whom a life estate in the same property is given, the persons who, on the termination of the life estate, are the heirs, heirs of the body or distributees of the life tenant take as purchasers.