Full question:
if the owner of a life estate has not paid the taxes for several years (the remainder man has had to pay to keep current) and has allowed the property to deteriorate to the extent that the value of the property has declined due to extensive disrepair, is the life estate revocable?
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: Minnesota
Answer:
While it is possible to rescind a deed for fraud, incapacity, duress, undue influence, material breach in performance of a promise, or mistake, among other grounds, it is difficult to undo a deed and the typical remedy for waste committed by a life tenant is to bring an action for damages. The life tenant, cannot injure or commit waste to the real property to the detriment of the interests of the remaindermen. A life tenant is subject to liability for an unreasonable or improper use, abuse, mismanagement, or omission of duty regarding real estate which results in its substantial injury, including lasting damage to the remainder or depreciation in its value. Thus, a life tenant has an obligation to preserve the value of the land for those with subsequent or remainder interests.
Rescission is the name for the remedy that terminates the contractual duties of both parties, while reformation is the name for the remedy that allows courts to change the substance of a contract to correct inequities that were suffered. In order to have a rescission, both parties to the contract must be placed in the position they occupied before the contract was made. Courts have held that a party may rescind a contract for fraud, incapacity, duress, undue influence, material breach in performance of a promise, or mistake, among other grounds.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
