Life Tenant — Power of Sale — Exercise for Nominal Consideration.
The owner of property who, by a conveyance and reconveyance, constituted himself life tenant thereof, with remainder to his son, reserving to himself a power to sell, lease, mortgage, and incumber in any manner the absolute estate therein, including both the life estate and the remainder, could thereafter, on the death of the son named as remainderman, by a conveyance and reconveyance for a nominal consideration, again become life tenant, with remainder to another son, the exercise of the power reserved not requiring the support of an actual consideration.
Evidence of declarations by the original owner, afterwards life tenant, that his purpose in having the title changed was to substitute another remainderman for the son who had died, was properly excluded, it being irrelevant to the exercise of the reserved legal right.
Decided November 10th, 1938.
URNER, J., delivered the opinion of the Court.
Unreported cases.