North Carolina General Statutes 31A-7. Reversions and vested remainders
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Terms Used In North Carolina General Statutes 31A-7
- Decedent: means the person whose life is taken by the slayer as defined in subdivision (3) of this section. See North Carolina General Statutes 31A-3
- Decedent: A deceased person.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Property: means any real or personal property and any right or interest therein. See North Carolina General Statutes 31A-3
- 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.
- Slayer: means any of the following:
(a) Where the slayer holds a reversion or vested remainder in property subject to a life estate in the decedent and the slayer would have obtained the right of present possession upon the death of the decedent, such property shall pass to the estate of the decedent during the period of the life expectancy of the decedent.
(b) Where the slayer holds a reversion or vested remainder in property subject to a life estate in a third person which is measured by the life of the decedent, such property shall remain in the possession of the third person during the period of the life expectancy of the decedent. (1961, c. 210, s. 1.)