A lease may be created so as to take effect either immediately or at some date in the future. If it is in to take place in the future, it is known as reversionary lease. However, there is a rule called a rule against perpetuity which requires that any future interest in land would be void unless it rests within a period covered by the life or lives at the time of its creation plus 21years. This rule however does not affect a reversionary lease no matter how far the date of commencement. This is because the lessee of a reversionary lease takes a vested interest forthwith; only possessory vesting is suspended. However until the lessee has exercised the right to possession of the land during the term of the lease, he acquires no actual estate in the land; he has only an interessi termini, which means an interest in the term which enables him to maintain an action against any person through whom his entry is prevented; although the interest does not entitle him to maintain an action in trespass. In the old Western and Mid-Western States of Nigeria, there are 3 important statutory modifications existing in relation to reversionary leases:
- The Doctrine of Interessi Termini has been abolished by virtue of Section 163(1) in respect of all leases whether prior to 1959 or thereafter.
- By virtue of section 163(2), all leases made before or after 1959 take effect in law and in equity from the date fixed for the commencement of the term without actual entering.
- Any grant of a term taking effect more than 21years from the instrument creating it is void if made after 1959 and same is applicable to all contracts made after the same period to create such a term – section 163 (3).
