How long till land reverts?

Oi. Stupid newbie question time.

Say I no longer have money to pay my SL bill (yay, just in time for my birthday!). Say my account'll be "shut down" or whatever in six days. Does my land immediately get released, or does it sorta sit around for a month or so?

From the FAQ, it looks like you have 30 days to save your land and 60 days to save your name. That info is at the bottom. I hope this is not too much of the FAQ, but I thought it might help.

13. How can I pay for Second Life?
You can pay for your Second Life membership using MasterCard, Visa or American Express Your credit card will automatically be charged the correct amount for the membership plan you chose.

If at any time you want to check the status of your subscription, or change your membership plan, click on "Your Account" at www.secondlife.com and choose Account Summary. Here you can find account information, change your payment method, and modify or cancel your account.

14. How will I be charged?
If you subscribe via credit card, you will be charged in advance for the time period you have chosen, and then again on the same day for each subsequent time period (e.g. on the 10th of each month, or on the 10th of every third month for a quarterly membership). To prevent an automatic charge at the scheduled time, you must cancel your account.

15. How do I cancel my membership?
Memberships may be cancelled at any time by going to the Your Account page and clicking on "Cancel" to access the Cancel Account page. Once you've clicked "Cancel Account" your account will be cancelled immediately, but you will be allowed to play out any remaining pre-paid time. THERE WILL BE NO REFUNDS FOR ANY UNUSED TIME ON A SUBSCRIPTION. In case you decide to come back, we'll put your account into hibernation for 60 days. We'll hold on to all of your in-world stuff for awhile, so if you reactivate within 30 days, everything will be pretty much where you left it. We'll keep your inventory and avatar a bit longer; return within 60 days and you'll still be you! If during the 60 days you want to reopen your account go to the Your Account page, where you can review your billing details and confirm your re-activation.

16. How do I reactivate my membership?
At the end of a subscription period, your cancelled account will become dormant for 60 days. For the first 30 days, we'll hold on to all of your in-world property. For the first 60 days, we'll keep your inventory items and avatars.

If during the 60 days you want to reopen your account, go to the Your Account page, where you can review and update billing details and confirm your re-activation. If it's been more than 60 days, you'll need to create a new account with a new Second Life name.

But you don't have to cancel an account anymore with the advent of the US$10 lifetime memberships, right? All you'd have to do is sell your land and tier back down to the basic membership, and your account name and inventory would remain intact, right? Or am I missing something here?

Edit: Oh, I see what you mean; you mean your bill is due in six days and you can't pay it. Blah, that sucks.