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C 's interest is a contingent remainder because C 's interest depends on C 's getting married. [ 2 ] [ page needed ] In recent years, courts in the United States have merged contingent remainders with executory interests into one category.
Specifically, the rule forbids a person from creating future interests (traditionally contingent remainders and executory interests) in property that would vest beyond 21 years after the lifetimes of those living at the time of creation of the interest, often expressed as a "life in being plus twenty-one years".
A future interest is absolutely (or indefeasibly) vested if its beneficiary must (legally) eventually take possessory ownership. 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 ...
The rule converted the contingent remainder in B's heirs into a vested remainder in B. The rule's effect ended there. After that, the doctrine of merger operated on the two successive freehold estates placed in the same purchaser (B's life estate and B's remainder in fee simple) and converted them into a single fee simple absolute in B.
A common law rule "that a freehold contingent remainder which does not vest at or before the termination of the preceding freehold estate is destroyed. Such termination of the preceding estate might result from the natural expiration of that estate, or from forfeiture, or from merger." [1]
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.
A shared appreciation mortgage (SAM) is a type of home loan that grants a portion of the home’s appreciation to the mortgage lender in exchange for a below-market interest rate. You, as the ...
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]