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In common law countries a remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another.
In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument. [1]
In diversity cases, which brought in federal court on the basis of all plaintiffs coming from different states as all defendants, joinder will not be deemed feasible if it destroys diversity. Where the missing party can not be brought into the case, the court must determine whether it is possible to proceed without joining that party.
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
Joinder of parties also falls into two categories: permissive joinder and compulsory joinder. Rule 20 of the Federal Rules of Civil Procedure addresses permissive joinder, which allows multiple plaintiffs to join in an action if each of their claims arises from the same transaction or occurrence, and if there is a common question of law or fact ...
The rule was summarised by Romer LJ in Corbett v Commissioners of Inland Revenue [1938] 1 KB 567 as follows: . For the purposes of adjusting rights as between the tenant for life and the remainderman of a residuary estate, debts, legacies, estate duties, probate duties and so forth, are to be deemed to have been paid out of such capital as the testator's estate as will be sufficient for that ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
A beneficiary who is entitled to the trust capital is known as the ‘remainderman’ or the ‘capital beneficiary’. [1] A trust can give the interest in possession to a beneficiary for a fixed period, for an indefinite period or, more usually, for the rest of the beneficiary's life.