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A shifting executory interest cuts short someone other than the grantor. For example, if O conveys property "To A, but if B returns from Florida within the next year, to B"; here, B has a shifting executory interest, and A has a fee simple subject to this shifting executory interest. A shifting executory interest may be premised on any event ...
The future interest of C is not certain, thus it is "defeasible". Additionally, the interest cannot become smaller by the addition of more remainder owners, thus it is not "open". The identifying component is the possibility of being divested by D who owns an executory interest from the remainder if C becomes a lawyer. [7]
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.
In the case, the Earl of Arundel tried to create a shifting executory limitation so that some of his property would pass to his eldest son, Thomas (who was mentally deficient), and then to his second son, Henry. Henry would at first receive other property, but that would pass to the fourth son, Charles, if Henry succeeded to Thomas's property.
There is also the executory interest, which is a future interest that cuts off a preceding interest when a condition is met. [14] The focus on vesting is important in many states because contingent remainders (and certain other future interests) are invalidated if they might vest after the period defined by the Rule Against Perpetuities (RAP). [14]
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The interest will revert to the grantor or the heirs of the grantor. Normally, a possibility of reverter follows a fee simple determinable. However, a possibility of reverter does not follow a fee simple determinable subject to an executory interest, because a possibility of reverter is in the grantor while an executory interest is in a third ...