Equitable Life Tenant Law and Legal Definition
Equitable life tenant refers to a life tenant who is not automatically entitled to possession. However, under equitable life tenant, law allows the tenant to make an election to a person of same status, such as spouse. In addition, under equitable life tenant, court may grant possession. In Chisolm v. United States, 85 Ct. Cl. 199, 209 (Ct. Cl. 1937), it was held that, if security or an undertaking is that of an equitable life tenant, it is not entitled to reduce personal income by taking depreciation on trust real estate.