Naked Ownership Law & Legal Definition
Naked ownership is a term used in Louisiana, roughly analogous to the "reversionary interest" in common-law jurisdictions. Reversion, in the context of real property, means the return to the grantor or his/her heirs of real property after all interests in the property given to others have terminated. Reversion occurs when the property owner transfers a vested estate of lesser quantum than he started with. Reversion is also called "reverter."
For example, if A grants land “to B until he marries Y” or “to Z so long as the land is used for church purposes”, then there is a possibility that the land will revert to A if B marries Y, or if the land is no longer used for a church.
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