Amends TCA Title 66, Chapter 1.

This bill:<br /> <br /> (1) Abolishes reverter and forfeiture provisions of unlimited duration contained in a deed, will, or other document establishing the common law estates of fee simple determinable, fee simple subject to condition subsequent, and fee simple subject to executory limitation executed more than 25 years prior to July 1, 2021;<br /> <br /> (2) Provides that reverter and forfeiture provisions contained in a conveyance of real property by deed, will, or other document establishing an interest under the common law estates of fee simple determinable, fee simple subject to condition subsequent, and fee simple subject to executory limitation will terminate and become unenforceable 25 years from the date of the conveyance containing the reverter or forfeiture provision. However, past rights vested in deeds as of July 1, 2021, will be converted to a fee simple absolute at the end of 25 years from the date created unless a sworn statement containing the name of the current owner of the property, the estate sought to be preserved, and a description of the property is filed in the register's office of the county in which the property is located by July 1, 2022, to preserve the right. The sworn statement will extend the reverter provision one time for a period of five years from July 1, 2021, or from the expiration of the 25-year period, whichever occurs first, at which time the interest will become a fee simple absolute in the owner of the property;<br /> <br /> (3) Deems as invalid and unenforceable a reverter or forfeiture provision contained in a deed, will, or other document conveying any interest in real property and purporting to establish the common law estates of fee simple determinable, fee simple subject to condition subsequent, and fee simple subject to executory limitation, executed on or after July 1, 2021; and<br /> <br /> (4) Provides that all reversionary estates terminated or prohibited by this bill will result in title in the grantee or recipient being fee simple absolute and no action may be maintained to recover any interest or to forfeit any interest upon the termination of the reversionary interest.<br />