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18. The best argument for the godson is that

There is no applicable statute.

When the godson learned that the nephew had agreed to Acme's modified proposal, the godson brought an appropriate action against them to enjoin their carrying it out.

When Acme realized that the godson would not change his mind, Acme modified its proposal to a purchase of the life estate of the nephew. Acme was ready to go ahead with its building plans, relying upon a large life insurance policy on the nephew's life to protect it against the economic risk of his death. The nephew's life expectancy was 45 years.

The nephew was very dissatisfied with the limited benefit that he was receiving from the life estate. When, earlier this year, Acme, Inc., proposed to purchase Eastgate, demolish the building, pay off the mortgage, and construct a 30-story office building, the nephew was willing to accept Acme's offer. However, the godson adamantly refused the offer, even though he, as the remainderman, paid the principal portion of each monthly mortgage amortization payment. The godson was independently wealthy and wanted to convert Eastgate into a public park when he became entitled to possession.

When the banker executed her will, the balance of the mortgage debt on Eastgate was less than $5,000. A year before her death, the banker suffered financial reverses; and in order to meet her debts, she had mortgaged Eastgate to secure a loan of $150,000. The entire principal of the mortgage remained outstanding when she died. As a result, the net annual income from Eastgate was reduced not only by real estate taxes and regular maintenance costs, but also by the substantial mortgage interest payments that were due each month.

A banker owned a commercial property, Eastgate, consisting of a one-story building rented to various retail stores and a very large parking lot. Two years ago, the banker died and left Eastgate to her nephew for life, with remainder to her godson, his heirs and assigns. The nephew was 30 years old and the godson was 20 years old when the banker died. The devise of Eastgate was made subject to any mortgage on Eastgate in effect at the time of the banker's death.