Property Ownership
In Oklahoma, the doctrine of 'waste' means that a life tenant or holder of a lesser interest in property must:
AFreely modify the property as desired
BNot commit acts that would permanently damage or diminish the property's value to the detriment of future interest holders (remaindermen or reversionary interests)✓ Correct
CPay waste disposal fees only
DFile an annual waste report with OREC
Explanation
The doctrine of waste prevents life tenants and other limited interest holders from substantially damaging, destroying, or materially diminishing the value of property held by or in remainder for others. Voluntary waste (affirmative damage) and permissive waste (allowing deterioration through neglect) are actionable.
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