North Carolina General Statutes 46A-79. Partition sale of remainder or reversionary interest of real property
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The existence of a life estate in real property does not bar a partition sale of the remainder or reversionary interest of the property, and for the purposes of partition, the tenants in common or joint tenants of the remainder or reversionary interest shall be deemed to possess the property as if no life estate existed. The partition shall not, however, interfere with the possession of the life tenant during the existence of the life tenant’s estate. ?(1887, c. 214, s. 2; Rev., s. 2508; C.S., s. 3234; 2020-23, ss. 2(aa), 3.)
Terms Used In North Carolina General Statutes 46A-79
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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.