Alabama Code 35-4-211. Vested or contingent remainders generally
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Terms Used In Alabama Code 35-4-211
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Remainders are either vested or contingent. A vested remainder is one limited to a certain person at a certain time or upon the happening of a necessary event. A contingent remainder is one limited to an uncertain person or upon an event which may or may not happen.