In addition, a town meeting vote in 2006 gave the board discretion to "release the right of reverter contained in that certain deed [to the authority] on terms deemed in the best interest of the town, and to accept as consideration for such release a grant of a perpetual affordable housing restriction for the purpose of ensuring the . According to plaintiffs, defendants' right to enforce any deed restrictions terminated because they failed to comply with the recording requirements of MCL 554.65; MSA 26.49(15). If youd like to speak to us about your own legal requirements, please contact one of our expert lawyers. For more information read more about our use of cookies here, your setting can be changed at any time. 2 Cameron, Michigan Real Property Law (2d ed), 22.2, pp 1005-1006. . Defendants, on the other hand, asserted that they, as owners of the land that Portage Lake Land Company previously owned, were the company's successors in interest. manage brochure 48 0 obj 1 Owner trustees are free to sell affected property. Login New! Defendants also argue that an affidavit of interest, recorded in 1982, satisfied the requirements of MCL 554.65; MSA 26.49(15). Listen here or access recordings through Reverter occurs when the property owner transfers a vested estate of lesser quantum than he started with. As the description of their properties suggests, Dickerson's property was between the Andrews' and the Rozmarynowskis' properties. Our main Twitter account for Mills & Reeve. A possibility of reverter is an interest in the nature of a reversion. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. We have three grown daughters. Reverter, in the context of real property, means the return to the grantor or his/her heirs of real property after all interests in the property given to others have terminated. Legal insights into the food and agribusiness sector. copyright 2003-2023 Study.com. Sign up for our free summaries and get the latest delivered directly to you. Clearly this was unsatisfactory, therefore the Reverter of Sites Act 1987 abolished the right of reverter and substituted a trust for sale (now a trust of land). Their primary argument was that two cases decided in the Washtenaw Circuit Court in the early 1960s barred plaintiffs' suit under principles of res judicata. <>34]/P 24 0 R/Pg 9 0 R/S/Link>> One type of future interest is the possibility of reverter, which can be defined as where the possessory interest automatically reverts back to the grantor or devisor if, and only if, a specific condition happens. 2022-10-05T12:19:11-07:00 You can explore additional available newsletters here. Property issues in relation to school sites: rights of reverter They are critical to a successful effort.
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