YOU own a farm that I want, let's say, to complete a large real estate holding of my own. I offer you a Life Estate, you sell the property to me today but you can continue to live on your farm for however long you want, or until you die. Then I and my heirs get your property without further payment. It works because I will record the Deed/Life Estate Agreement between us, memorializing my payment to you. (Somewhere in these machinations, we have to take into account any outstanding mortgage on the property, namely, who will pay it off.)

Happened to my former neighbor up in San Benito County when the gravel mining company next to us wanted to buy up all the land in the vicinity. After a few years, the neighbor did in fact pass away, the mining company got the house and rented it to, I think, one of their employees. Me, the only person they could neither buy out nor keep out of their canyons. Although their blasting operations do give me the willies sometimes. Nyahhh, nyahhh, nyahhh . . . KA-BLAM! Nothing makes a quiet weekend in the country more interesting than the occasional dynamite blast.

Your plan needs a bit more finesse. Is the holder of the chips now required to secure insurance on them for your benefit, lest rats eat the chips before you get your hands on them? (Do rats eat chips? I'll bet they will try.) What if the chip collection ends up like El Rancho Vegas chips - toasted? What if the chips are stolen through no fault of the holder? What if you are drooling over the thought of getting those banged-up rarities but then - you discover better chips available to you and no longer want or need those subject to the agreement?

All this works for real estate where the buyer wants the land (not necessarily an old house on it).

You should seek the advice of an attorney to see if this arrangement is legal or makes sense for what you are trying to accomplish.