North Carolina General Statutes 40A-69. Property subject to life tenancy
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If the property taken is subject to a life tenancy, the commissioners, the jury, or the judge may include in the judgment a requirement that:
(1) The award be apportioned and distributed on the basis of the respective values of the interests of the life tenant and remainderman;
(2) The compensation be used to purchase comparable property to be held subject to the life tenancy;
(3) The compensation be held in trust and administered subject to the terms of the instrument that created the life tenancy; or
(4) Any other equitable arrangement be carried out. (1981, c. 919, s. 1.)
Terms Used In North Carolina General Statutes 40A-69
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Judge: means a resident judge of the superior court in the district where the cause is pending, or special judge residing in said district, or a judge of the superior court assigned to hold the courts of said district or an emergency? or special judge holding court in the county where the cause? is pending. See North Carolina General Statutes 40A-2
- Property: means any right, title, or interest in land, including leases and options to buy or sell. See North Carolina General Statutes 40A-2
- Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.