Topic summary
Executory interest
Extracted from the Wikipedia article Future interest.
Executory interests
An executory interest is a future interest, held by a third-party transferee (i.e. someone other than the grantor), which either cuts off another's interest or begins some time after the natural termination of a preceding estate. An executory interest vests upon any condition subsequent except the natural termination of the original grantee's rights. In other words, an executory interest is any future interest held by a third party that isn't a remainder.