Arizona Laws 33-205. Vested future estates; contingent future estates
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A. A future estate is vested when there is a person in being who would have immediate right to the possession of the lands upon the termination of the intermediate or precedent estate.
Terms Used In Arizona Laws 33-205
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- 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.
B. A future estate is contingent while the person to whom, or the event upon which it is limited to take effect, remains uncertain.