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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]
An executory interest vests upon any condition subsequent except the natural termination of the original grantee's rights. In other words, an executory interest is any future interest held by a third party that isn't a remainder. Executory interests usually arise when a grantor gives property to one person, provided that they use it a certain way.
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 ...
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.
For example, in a grant "to A for life, then to B if he graduates high school by age 18", the remainder to B vests when B graduates high school by age 18, although the possession will not transfer until A dies. [14] There is also the executory interest, which is a future interest that cuts off a preceding interest when a condition is met. [14]
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The remainder interest is vested because Beulah is mortal; her death is certain to happen. But, since Caleb and Dinah are already Adam's apparent heirs, their interest under the laws of descent is "worthier" than the interest they take under the instrument, and the deed is construed as if Adam had stopped with "to Beulah for life."
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