Michigan Laws 554.13 – Future estates; classifications, definitions
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Future estates are either vested or contingent:
They are vested when there is a person in being who would have an immediate right to the possession of the lands, upon the ceasing of the intermediate or precedent estate.
Terms Used In Michigan Laws 554.13
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
They are contingent whilst the person to whom, or the event upon which they are limited to take effect remains uncertain.