Executory Interest Legal Meaning and Definition
Here is a simplified definition of the legal term Executory Interest.
Executory Interest (noun)
An Executory Interest is a legal term that refers to a person's future right to possess property, but only if certain conditions or events happen. This future interest in property is set up in such a way that it automatically goes to a specified person when a specific event occurs. It is different from a remainder interest because it does not follow a life estate, and instead can cut short someone else's current rights to the property.