Remainder
From wikilawschool.net. Wiki Law School does not provide legal advice. For educational purposes only.
In property law, a remainder is a future interest that must follow a present interest.
In American property law, a remainder must meet the following 3 requirements to be valid:
- a remainder must commence simultaneously with the corresponding present interest,
- a remainder doesn't vest (become possessory) until the present interest expires naturally, and
- a valid remainder vests the very instant that the corresponding present interest expires.
A present interest that ripens prematurely can ripen into possession of a person with an executory interest. Executory interest and remainder are mutually exclusive.
