2014 -- S 2664

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LC004482

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

RELATING TO PROPERTY

     Introduced By: Senator Michael J.McCaffrey

     Date Introduced: March 04, 2014

     Referred To: Senate Judiciary

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 34-4 of the General Laws entitled "Estates in Real Property" is

hereby amended by adding thereto the following section:

     34-4-2.1. Reservation of life estate with enhanced powers. – A grantor may convey

title to real estate and reserve a life estate therein coupled with the reserved power and authority,

during his or her lifetime, to sell, convey, mortgage or otherwise dispose of the real estate without

the consent or joinder of the holders of the remainder interest. A duly-executed conveyance by

the life tenant exercising such reserved powers shall, upon recording, vest good title to the

interest conveyed in the grantee thereof, free and clear of any right, title and interest of the

holders of the remainder interest and without the necessity of any additional conveyance by any

such remainderman.

     SECTION 2. This act shall take effect upon passage.

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LC004482

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO PROPERTY

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     This act would in real estate recognize an enhanced life estate which empowers the

grantor who reserved a life estate to sell, convey, mortgage or dispose of real estate without the

consent of the holder of the remainder interest.

     This act would take effect upon passage.

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LC004482

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