852. Reversionary interests.

A beneficiary's reversionary interest under a trust consisting of personalty or land held upon trust for sale, whether vested or contingent, is a marketable interest which is often assigned for value, either absolutely or by way of mortgage. As in the case of the sale of land, it is customary to precede the actual assignment by an agreement describing the interest to be sold and setting out the title to be shown and the other terms upon which the transaction is to be completed.

The purchaser is usually provided with an abstract showing the documents and events upon which the