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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.
When the right, interest, or title to the present or future possession of a legal estate can be transferred to any other party, it is termed a vested interest. The concept can arise in any number of contexts, but the most common are inheritance law and retirement plan law.
An indefeasibly vested remainder is certain to become possessory in the future, and cannot be divested. [4]For example A conveys to "B for life, then to C and C 's heirs." C has an indefeasibly vested remainder, certain to become possessory upon termination of B 's life estate (when B dies).
A vested interest may be one of three types: 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 ...
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.
Vested interest (communication theory), a communication theory that seeks to explain how influences affect behavior Vesting , a term used in law and finance to describe a right to possess an asset, in the present or at some point in the future
A shared appreciation mortgage is a unique home financing arrangement. Key takeaways. A shared appreciation mortgage is a type of home loan in which you exchange a portion (share) of your home's ...
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.