executory interest
Noun
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Noun
executory interest (plural executory interests)
- (legal) A third-party interest in an estate in land created by the conditions of a grant wherein the grantor gives the land to a second party, but with said land going to a third party upon the occurrence of a condition; an interest created subject to a fee simple subject to executory interest.
- Joe gives land "to Mike, but if Harry graduates from law school, to Harry". Harry has an executory interest which he can realize by graduating from law school; Mike owns the land subject to Harry's executory interest.
- defeasible fee
- fee simple subject to executory interest
- fee simple subject to executory limitation
- shifting executory interest
- springing executory interest
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