I have been reading/reviewing interests in transferees and I am not getting it at all.
I honestly only understand present estates, future interests in transferees are completely escaping me. Vested remainders, contingent remainders, executory interests do not make sense to me. Does anyone have any easy way to explain these concepts to me in layman terms? Thank you.
Property + Future Interests Forum
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seasidemama
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- Joined: Mon Apr 11, 2016 4:48 am
Re: Property + Future Interests
a vested remainder will definitely pass title to the future holder at some future point in time - it is vested
Indefeasible - grantee is known and will definitely acquire
defeasible (subject to divestment) - grantee is known and will definitely acquire UNLESS something happens in the future
contingent remainder will vest if a condition is met. It is contingent on a condition.
executory interest will vest in a 3rd person other than grantor or grantee by cutting short the interest. Shifting = cuts short grantee's interest; Springing = cuts short grantor's interest.
Indefeasible - grantee is known and will definitely acquire
defeasible (subject to divestment) - grantee is known and will definitely acquire UNLESS something happens in the future
contingent remainder will vest if a condition is met. It is contingent on a condition.
executory interest will vest in a 3rd person other than grantor or grantee by cutting short the interest. Shifting = cuts short grantee's interest; Springing = cuts short grantor's interest.
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Raiden
- Posts: 410
- Joined: Wed Jul 25, 2012 8:11 pm
Re: Property + Future Interests
What in particular is confusing? The above definition is good. Just think of a future interest as the name implies: it's an interest someone has in a property that is in the future, and there are different categories that interest is categorized as.
