What is vested remainder in fee?
the absolute right to receive title after a presently existing interest in real property terminates. A “vested remainder” is created by deed or by a decree of distribution of an estate given by will.
What does vested remainder subject to open mean?
vested remainder subject to open (plural vested remainders subject to open) (law) A future interest held by a member of a class, for which the interest is certain to vest, but for which new members may enter the class before the interest vests, thereby reducing each member’s share of the total interest.
What is a vested remainder subject to complete divestment?
Vested remainder subject to divestment: remainder that is vested but can divest if a condition subsequent occurs. Ex.: “to A for life, then to B and her heirs, but if B drops out of college, then to C and her heirs.” B has a vested remainder subject to divestment in fee simple absolute.
What does remainder mean on a property deed?
n. in real property law, the interest in real property that is left after another interest in the property ends, such as full title after a life estate (the right to use the property until one dies). A remainder must be created by a deed or will.
What is a vested remainder beneficiary?
A remainder beneficiary is a beneficiary of a trust whose benefit vests at a later time. As an example, I may receive income for life and only upon my death what is left of the corpus of the trust goes to my son. I am the income beneficiary and my son is the remainder beneficiary.
Can a remainder follow a fee simple?
Examples. B’s estate is not a remainder since a remainder cannot follow an estate held in fee simple absolute.
What is possibility of reverter?
The possibility of reverter is a future interest held by a grantor or transferor of property as a fee simple determinable (See possessory estate). Distinct from a fee simple absolute, a fee simple determinable is an estate that has a provision that automatically reverts the property to the grantor if an event happens.
What is the difference between a contingent remainder and a vested remainder subject to divestment?
There are two types of remainders in property law: vested and contingent. A vested remainder is held by a specific person without any conditions precedent; a contingent remainder is one for which the holder has not been identified, or for which a condition precedent must be satisfied.
What is subject to divestment?
Also called subject to partial divestment. An estate is given to a certain class of individuals (eg. a person’s children), one or more of whom must be already ascertained as part of the class and who has satisfied any conditions precedent to vesting.
Are vested remainders transferable?
A vested remainder is one where the grantee is an ascertainable person and the remainder is not subject to a condition precedent. In other words, the property will definitely be conveyed to the grantee, or the grantee’s estate, if the grantee dies before the conveyance.
What is a vested remainder?
A vested remainder is a present interest in property, to be enjoyed at a future date, in which the estate is invariably fixed to belong to a particular person, after the current estate has been terminated.
What is vested reserve?
n. the absolute right to receive title after a presently-existing interest in real property terminates. A “vested remainder” is created by deed or by a decree of distribution of an estate given by will.
What is remainder?
All Right reserved. VESTED REMAINDER, estates. One by which a present interest passes to the party, though to be enjoyed in future, and by which the estate is invariably fixed to remain to a determinate person, after the particular estate has been spent. 2 Bouv. Inst. n. 1831. Vide Remainder.
What are the different types of remainders in common law?
They emphasize distinguishing among contingent remainders, executory interests, and vested remainders subject to divestment, and focus on the common law of estates in land and future interests in England in about 1700, covering future interests before and after 1536.