Future Interest - Law Dictionary Search Results
Secondary use
returns from India, then to the use of C. and his heirs, Steph. Com. Vol. II., 'Present and Future Interests.' … from India, then to the use of C. and his heirs, Steph. Com. Vol. II., 'Present and Future Interests.'
word of limitation
as words of limitation describing an estate in fee simple rather than as words of purchase giving a future interest in the estate to his heirs] compare word of purchase
rule against perpetuities
rule against perpetuities often cap R&P : a common-law rule stating that in order for a future interest to be good it must vest after its creation (as at the death of a testator) within a
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possibility of reverter
possibility of reverter :a future interest in property that is retained by the grantor of a conditional fee or determinable fee and by which
fee simple
term heirs is considered in this context a word of limitation, and so this does not create a future interest in the estate in the heirs but simply makes the estate freely alienable. fee simple conditional : a
fee
she has a child, which the grantee could then alienate (as by selling), the fee tail creates a future interest in the descendants which prevents the grantee and the descendants from alienating the property. A fee tail is
Lloyd's bonds
a specified amount to the obligee, with a covenant to pay him such amount with interest on a future day. So called from the name of the counsel who originally settled such a bond. All such 'loan
credit
of resources (as money) in the present obtained by the debtor's promise to repay the creditor in the future usually with interest as compensation to the creditor and often secured by a pledge of property or the
duration
duration the number of years it will take to receive the present value of all future payments on a security to include both principal and interest. Source: U.S. Department of Housing and Urban Development
expectancy
as a : an interest held by a person who may receive something (as a bequest) in the future but has no enforceable right to it b : the benefit that will be received from a contract
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