§ 554.61

554.61 Terminable interest, specified contingency; definitions. Sec. 1. As used in this act: (a) 'Terminable interest' is a possessory or ownership interest in real property which is subject to termination by a provision in a conveyance or other instrument which either creates a right of reversion to a grantor or his heirs, successors or assigns or creates a right of entry on the occurrence of a specified contingency. (b) 'Specified contingency' is the event described in a conveyance or other instrument creating a terminable interest, the occurrence of which requires or permits the divesting of the terminable interest. History: 1968, Act 13, Imd. Eff. Mar. 29, 1968