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Simple English definitions for legal terms
remainder indefeasibly vested
Read a random definition: subordination agreement
A quick definition of remainder indefeasibly vested:
A remainder is a future interest in property that goes to someone else after the current owner dies or their ownership ends. For example, if someone gives their house to their friend for life, and then to their friend's child, the child's interest in the house is a remainder. There are different types of remainders, such as vested remainders (when the person who will get the property is already known) and contingent remainders (when the person who will get the property depends on a condition, like if they get married before the current owner dies). A remainder can also be indefeasibly vested, which means that the person who will get the property is certain to get it and can keep it forever.A more thorough explanation:
Definition: A future interest in a third person, who is intended to take after the natural termination of the preceding estate, that is not subject to any condition subsequent and is certain to acquire a present interest sometime in the future and will be entitled to retain the interest permanently.
Examples:
- "To A for life, and then to B" - B's future interest is a remainder indefeasibly vested.
- "To A for life, and then to B's children" - B's children have a remainder subject to open, but if the gift was "to A for life, and then to B's surviving children," then B's children would have a remainder indefeasibly vested.
These examples illustrate that a remainder indefeasibly vested is a future interest that is certain to become a present interest and is not subject to any condition subsequent. In the first example, B's interest in the property is certain to vest after A's life estate ends, and there are no conditions that could prevent B from taking possession of the property. In the second example, if the gift is to B's surviving children, then the interest is certain to vest in B's children, and there are no conditions that could prevent them from taking possession of the property.