ESTATES-VALUATION OF A LIFE ESTATE

Authors

Abstract

A tract of land was conveyed to H. C. Miracle for life and the remainder in fee to his four children by name. The life tenant (H. C. Miracle) together with three remaindermen deeded the tract of land to a purchaser for $15,000 on the understanding that the other remainderman, an infant, would execute a deed upon reaching her majority. The infant remainderman, however, had refused to convey and had brought partition proceedings against the purchaser in which one-fourth of the land was set apart for her. The life tenant had borrowed from the plaintiff, giving his note. In a suit brought by the plaintiff to collect the balance of the note, the question arose as to what part of the entire consideration received for the land belonged to the estate of the life tenant, since the life tenant had died four months after the sale. The trial court held that the life tenant was entitled to the cash value of his life estate based on the mortality tables. On appeal, it was held that the life tenant was entitled only to the income of the reinvested proceeds of the sale until the termination of his interest by death. Miracle v. Miracle, 260 Ky. 624, 86 S. W. (2d) 536 (1935).

Recommended Citation

ESTATES-VALUATION OF A LIFE ESTATE, 34 Mich. L. Rev. 1247 (1936).
Available at: https://repository.law.umich.edu/mlr/vol34/iss8/24