reversion

A future estate in either real or personal property arising by operation of law to take effect in possession in favor of a grantor, lessor, or transferor, or his heirs, distributees, devisees, or legatees, after the termination of a prior particular estate granted, demised, or devised. 28 Am 32d Est § 171. An estate arising from the failure to dispose of an ultimate interest, or from the failure of an attempted but invalid disposition of an ultimate interest. 28 Am J2d Est § 173. The returning of property to the grantor or his heirs or devisees upon the exhaustion or running out of the grant, in other words, the returning of the property after the grant is over. Norman v Horton, 344 Mo 290, 126 SW2d 187, 125 ALR 531. The estate of a landlord during the existence of the outstanding leasehold estate. 32 Am J1st L & T § 76. An estate in praesenti, vested in the sense of a present fixed right of enjoyment in futuro. Norman v Horton, 344 Mo 290, 126 SW2d 187, 125 ALR 531; an estate dependent in respect of possession on the determination of the particular estate granted or devised. Metcalfe v Miller, 96 Mich 459, 56 NW 16. A reversion may exist, under the view taken in some jurisdictions, as a repository for the "fee" or "inheritance" to be taken under ultimate contingent interests during the pendency of present interests. For instance, a reversion is sometimes stated to exist where an ultimate remainder in fee is contingent. Until it vests, there is a reversion in the grantor or devisor and his heirs. 28 Am J2d Est § 173. The words "revert" and "reversion" are sometimes loosely used to describe an interest different from a reversion in the true sense of the term. A reversion does not become a remainder or a remainder a reversion because it is so called in the instrument creating it. The words should be construed in the light of the intent of the testator or grantor. Brown v Guthery, 190 NC 822, 130 SE 836. See possibility of reverter; reverter.