Reversion

Business / Real Estate / Reversion: The right of future possession and use by the grantor of a life estate.

Pension Reversion

Business / Finance / Pension Reversion: Termination of an overfunded defined benefit pension plan and replacement of it with a life insurance company-sponsored fixed annuity plan. MORE

Reversionary Interest

Business / Real Estate / Reversionary Interest: The remnant of an estate that the grantor holds after granting a life estate to another person. MORE

Reversionary Right

Business / Real Estate / Reversionary Right: The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease. MORE

Waste

Business / Real Estate / Waste: An improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor or vendee. Such waste ordinarily impairs the value of the land or t MORE

Lease

Business / Accounting / Lease: A contract that specifies the terms under which the owner of an asset (the lessor) agrees to transfer the right to use the asset to another party (the lessee). MORE

Escheat

Business / Real Estate / Escheat: The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate and there are no heirs capable of inheriting or when the property is abandoned. In MORE

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