REVERSION

REVERSION, in the law of England, has two significations; the one of which is an estate left, which continues during a particular estate in being; and the other is the returning of the land, &c. after the particular estate is ended; and it is further said to be an interest in lands, when the possession of it fails, or where the estate which was for a time parted with, returns to the grantor, or their heirs. But, according to the usual definition of a reversion, it is the residue of an estate left in the grantor, after a particular estate granted away ceases, continuing in the grantor of such an estate.

The difference between a remainder and a reversion consists in this, that the remainder may belong to any man except the grantor; whereas the reversion returns to him who conveyed the lands, &c.

In order to render the doctrine of reversions easy, we shall give the following table; which shows the present value of one pound, to be received at the end of any

Reversion, number of years not exceeding 40; discounting at the rate of 3, 4, and 5 per cent. compound interest.

The use of the preceding table.—To find the present value of any sum to be received at the end of a given term of years, discounting at the rate of 3, 4, or 5 per cent. compound interest. Find by the above table the present value of 11. to be received at the end of the given term; which multiply by the number of pounds proposed, (cutting off four figures from the product on account of the decimals), then the result will be the value sought: For example, the present value of 10,000l.

to be received 10 years hence, and the rate of interest 5 per cent. is equal to $.6139\; \backslash times\; 10,000\; =\; 6139.0001$. or 6139l. Again, the present value of 10,000l. due in ten years, the rate of interest being 3 per cent. is $.7441\; \backslash times\; 10,000\; =\; 7441$.

REVERSION of Series, in Algebra, a kind of reversed operation of an infinite series. See SERIES.