executory interest

Englisch - Englisch

Definition von executory interest im Englisch Englisch wörterbuch

An 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

Example: 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.

Relevante Übersetzungen

executory interests

plural form of executory interest

fee simple subject to executory interest

A defeasible fee created with clear durational language expressing a condition (e.g. "so long as", "until", "while") which causes ownership of a property to revest in a third party identified by the grantor if that condition comes about

fee simples subject to executory interest

plural form of fee simple subject to executory interest

shifting executory interest

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 the occurrence of a condition divesting the second party of the land in favor of the third party

Example: Joe gives land to Mike, but if Harry graduates from law school, to Harry. Harry has an shifting executory interest because his graduation from law school divests Mike of ownership.

springing executory interest

An interest in an estate in land created by the conditions of a grant wherein the grantor cuts short the grantor's own interest in the property in favor of the grantee, contingent upon the occurrence of a specific condition

Example: Joe gives land to Harry, if Harry graduates from law school. Harry has an springing executory interest because his graduation from law school directly divests Joe of ownership.

Silbentrennung

ex·e·cu·to·ry in·ter·est