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White v. Brown, 559 S.W.2d 938 (Tenn. 1979)
As you read this case, consider whether you agree or disagree with the majority conclusion that the phrase “to have my home to live in” is ambiguous?
Why would a restraint on alienation be invalid?
CODA to the case: In White, the Chancellor ordered “the property sold with the proceeds distributed in designated shares among the beneficiaries.”
1. First, how can that be consistent with Jesse Lide's intentions? Does it matter?
2. If White were a life tenant, how much would she have received? What is the monetary value of a life estate?
This calculation involves estimating the amount of income that the property could produce during each year of the life tenant’s remaining life, discounted to present value.
For example: Suppose a life tenant is statistically expected to live for 20 more years, and the property could be leased today for $10,000 per year for a 20-year term. Assuming a 6% interest rate, the present value of the right to receive $10,000 per year for 20 years is $114, 699.
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