Author Question: Discuss the rights and limitations of life tenants.[br][br][b][color=#347235]Question ... (Read 67 times)

bio_gurl · **on:** Jun 24, 2018

Discuss the rights and limitations of life tenants.

Question 2

A promissory note that is payable on the date of my marriage is nonnegotiable even if the maker of the note marries.
Indicate whether the statement is true or false

diana chang · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

Life tenants can possess the property, can lease it and can transfer or pledge their interests. The only restriction is that whoever is the mortgagee or transferee only has rights so long as the life of the life estate holder. When the life estate holder dies, their interest terminates.
Life tenants cannot commit waste and must preserve part of the land interest for the remaindermen. For example, a life tenant cannot deplete the natural or mineral resources of the property. However, the life tenant can make changes in the use of the property in order to maximize its benefits.

Answer to Question 2

TRUE