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reformation definition
the correction or change of an existing document by court order upon petition of
one of the parties to the document. Reformation will be ordered if there is proof
that the parties did not intend the language as written or there was an omission
due to mistake or misunderstanding. Quite often a party petitions for reformation
when one or both parties realize the effect of the document as written is different
from what was expected but it has already been recorded or filed with a governmental
agency. Examples a paragraph is omitted from a trust which results in the transfer
to the trust being a gift subject to gift tax, and which needs to be corrected to
keep the state taxing authority from demanding payment. The attorney writing the
final draft of a limited partnership agreement writes in a calculation which would
triple the profit to a limited partner above the amount discussed by the parties,
and when the limited partner refuses to change the document, the general partner
sues for reformation.
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