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.
Wikipedia foundation.
Executory interest — An Executory Interest is a future interest, held by a third party transferee (i.e. someone other than the grantee), which either cuts off another s interest or begins after the natural termination of a preceding estate. It differs from a… … Wikipedia
executory interest — noun 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 … Wiktionary
springing executory interest — noun An interest in an estate in land created by the conditions of a grant wherein the grantor cuts short the grantors own interest in the property in favor of the grantee, contingent upon the occurrence of a specific condition. Example: Joe… … Wiktionary
executory use — A use which is to come into existence at a future time; a springing use, which arises from the seisin of the grantor with no estate preceding it. See executory interest; shifting use; springing use; Statute of Uses … Ballentine's law dictionary
Future interest — This article is about the legal concept of future interests in property. For the actuarial valuation of future streams of income, see Future interests (actuarial science) … Wikipedia
future interest — noun In property law and real estate, a legal right to property ownership which will vest in the future, but which does not include the right to present possession or enjoyment of the property. See Also: contingent remainder, executory interest … Wiktionary
executory interests — A general term, comprising all future estates and interests in land or personalty, other than reversions and remainders. A future interest held by a third person (not the grantor) which either cuts short (shifting) or begins some time after… … Black's law dictionary
executory interests — A general term, comprising all future estates and interests in land or personalty, other than reversions and remainders. A future interest held by a third person (not the grantor) which either cuts short (shifting) or begins some time after… … Black's law dictionary
Rule against perpetuities — The rule against perpetuities is a rule of law in effect under the property, trusts, estate, and contract law of many common law jurisdictions. The rule invalidates certain future interests (traditionally contingent remainders and executory… … Wikipedia
Royal lives clause — A Royal lives clause is a contract clause which provides that a certain right must be exercised within (usually) the lifetime plus 21 years of the last living descendant of a British Monarch who happens to be alive at the time when the contract… … Wikipedia
