remainder

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remainder

An estate in property that takes effect at the termination of a life estate.One may transfer property to another for their lifetime or for the lifetime of a third party.The named person who defines the duration of the life estate is called the measuring life.The person who has the life estate is called the life tenant.When the measuring life ends,even if the life tenant is still alive,the person who owns the remainder is entitled to the full possession and enjoyment of the property.The interests may be contingent remainders, vested remainders, or vested remainders subject to divestiture. The rules of construction are complicated.

Example: A clause in a will leaving property to an only child for life, and then the remainder to grandchildren alive at the time of the child's death, creates a contingent remainder in the grandchildren until they are born, and then vested remainders as they are born, but subject to divestiture if they die before their parent, the testator's child. One should seek legal counsel well versed in specialty real estate law if setting up or interpreting life estates and remainders.

References in classic literature ?
Let her stand half-an-hour longer on that stool, and let no one speak to her during the remainder of the day.
cried Middleton; "did you not say, Inez, that this excellent young woman was to accompany us, and to live with us for the remainder of her life; or, at least, until she found some more agreeable residence for herself?
Trains ran only a portion of the way, and the remainder of the distance was travelled by stage-coaches.
I was expected to pay a part of this in cash and to work out the remainder.
Jingle uttered a patronising 'Hear, hear,' which was responded to by the remainder of the company; and the glasses having been filled, the vice-president assumed an air of wisdom in a state of profound attention; and said--
Here the little man ceased, and here the company commenced a raising of voices, and thumping of tables, which lasted with little intermission during the remainder of the evening.
Remainders of a topological group or a paratopological group have many interesting properties and have been studied extensively in literature (see [1]-[6] and [8]-[11]).
It will be titled, "How are life estates, remainders, and private annuities valued?
Also, for charitable remainders of personal residences or farms, trusts cannot be used.
Above, HRH The Duke of Kent presents Mike Crossley of Remainders with a plaque for the overall Birmingham Post Business Award for 2000/2001; left, Chris Maddox, Julian Tucki, Mike Crossley, Jane Crossley, John James, all of Remainders Limited
Historically, black booksellers were often not in a position to take advantage of this market because they could not buy in the huge quantities needed to buy remainders directly from publishers and remainder dealers carried few black interest titles.
We get about 20 requests a week for remainders and now we have a place where they can get them,'' Snyder said.