contingent remainder
Noun
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Noun
contingent remainder (plural contingent remainders)
- (legal) An interest in property that is owned by a party that can not be identified until the interest vests.
- Joe leaves property "to Mike for life, and then to Mike's oldest surviving child"; since it is not known who will be Mike's oldest surviving child at the time of Mike's death, ownership of the property is a contingent remainder.
This text is extracted from the Wiktionary and it is available under the CC BY-SA 3.0 license | Terms and conditions | Privacy policy 0.002