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:

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

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hereby amended by adding thereto the following section:

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

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

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

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

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

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

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

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such remainderman.

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     SECTION 2. This act shall take effect upon passage.

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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

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

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consent of the holder of the remainder interest.

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     This act would take effect upon passage.

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LC004482

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