Question

Larry Jones gifts land to a school district, but the deed states "for so long as the land is used for a school." Jones owns a(n):

Answer 1

Answer:

Reversionary interest

Explanation:

If Larry Jones gifts land to a school district, but the deed states "for so long as the land is used for a school." Jones owns a reversionary interest.

A reversionary interest can be defined as a property law (deed) which states that when a property such as a land transfer is used on a clause; “for so long as” or “on condition that."

Hence, once the interest of the benefactor comes to an end, the property reverts back to its original owner (grantor). It also gives the grantor's next of kin, successor or heir the power or right to take the property back in the future if promises are broken or the agreement comes to an end.

This ultimately implies that, if a property stated in the deed is not used or used, for certain purposes.

In this scenario, Larry owns a reversionary interest because he gifts a land to the school district, but in the deed he stated "for so long as the land is used for a school."