Real Property - As introduced, abolishes various estates and reversion interests in land. - Amends TCA Title 66, Chapter 1.

HB 986 abolishes outdated common law property estates (fee simple determinable, fee simple subject to condition subsequent, and fee simple subject to executory limitation) that allow property owners to reclaim land under specific conditions. It makes reverter clauses in deeds or wills over 75 years old unenforceable by July 1, 2025, and requires property owners with such clauses to file a sworn statement by July 1, 2026, to extend protection for five years. This directly affects Tennessee property owners holding land under these old legal arrangements, converting their interests to full ownership (fee simple absolute) after the 75-year period unless the filing is completed. The bill ensures clearer property titles by ending indefinite reversion rights, effective July 1, 2025.