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There are two types of remainders in property law: vested and contingent. A vested remainder is held by a specific person without any conditions ("conditions precedent"); a contingent remainder is one for which the holder has not been identified, or for which a condition precedent must be satisfied. [2] (pp 1018–1019)
A future interest is vested subject to divestment if something could occur that would divest the remainder of an interest. For example, "From O to A for life, then to B, but if A stops growing corn, then to C": B would have a vested remainder subject to divestment because he could be divested of his interest by an act of A before the interest ...
The vested rights doctrine is the rule of zoning law by which an owner or developer is entitled to proceed in accordance with the prior zoning provision where there has been a substantial change of position, expenditures, or incurrence of obligations made in good faith by an innocent party under a building permit or in reliance upon the ...
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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
A contingent interest is an interest which is uncertain, either as to the person who will enjoy it in possession or as to the event on which it will arise. 57 Am J1st Wills § 1217. [1] A future interest is contingent where the person to whom or the event upon which it is limited to take effect in possession or become a vested estate is uncertain.
The generic term "beneficiary" under the Uniform Trust Code is defined as a person that (A) has a present or future beneficial interest in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a power of appointment over trust property. [69]
Thus, in a basic conveyance absent the rule (e.g., "O grants Blackacre to B for life, then to B's heirs") there was a life estate in B, and a contingent remainder in B's heirs. The rule converted the contingent remainder in B's heirs into a vested remainder in B. The rule's effect ended there.