Reversion
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Law
| Property law |
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| Part of the common law series |
| Types |
| Acquisition |
| Estates in land |
| Conveyancing |
| Future use control |
| Nonpossessory interest |
| Related topics |
| Other common law areas |
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Higher category: Law and Common law |
In law, a reversion is an agreement such that one party (grantee) is given a possessory interest in a property from another (grantor) under the understanding that the interest will "revert" to the grantor at the expiration of the grantee's interest (e.g. grantee's death, expiration of a term of years, etc.).
A common form of a reversion is for one person to allow another to possess a house until their death, upon which time it reverts to the grantor. This may be represented by the language "To A for life," with the reversionary interest assumed.
Reversions themselves can be thought of as a form of derivative in which the underlying asset is a piece of property rather than a more usual financial instrument. Reversions can thus themselves be bought and sold.
Real Estate Appraisal
In real estate appraisal a reversion is a lump-sum benefit an investor receives or expects to receive upon the termination of an investment; also called reversionary benefit. A reversion can be used in real estate valuation by valuing the last projected cash flow as a perpetuity using a reversion cap rate.
Evolution
In evolution, reversion is the return of a character to one of its previous ancestral state. Reversion are quite commonly observed within DNA. The existence of reversion refutes Dollo's law a 19th century theory that evolution cannot return to a prior form of an organism.
Software and content development
Reversion or reverting is the return to a previous instantiation of a piece of software, saved database state, web page, wiki article, or other piece or set of digital content or data.
Mathematics
In mathematical analysis, given a power series for a function , reversion of that series amounts to finding the "inverse" power series, that is, the power series of the inverse function .
Television production
In television production, the word may refer to the process of reversioning (or re-versioning, thus re-version): the relatively recent phenomenon of recycling pre-existing productions, even entire series, into "new" shows. Completed TV shows that have already aired are re-edited or supplied with new voice-over, graphics or music, and then aired with a new title, often for a new audience. Sometimes the changes are relatively minor, as in the case of Prehistoric Planet, which was made from the original series Walking with Dinosaurs.
An example of a reversioned film is Woody Allen's What's Up, Tiger Lily?, in which the director wrote new English dialogue for the Japanese film International Secret Police: Key of Keys for comic effect.
Religion
When a person converts to Islam some Muslims consider it as reversion. But the usage of the word reversion is disputed by many non-muslims.