N.Y. Estates, Powers and Trusts Law 6-3.2 – Kinds of future estates
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§ 6-3.2 Kinds of future estates
Terms Used In N.Y. Estates, Powers and Trusts Law 6-3.2
- 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.
(a) Future estates are divided into:
(1) Estates left in the creator, consisting of:
(A) Reversions.
(B) Possibilities of reverter.
(C) Rights of reacquisition.
(2) Estates in favor of a person other than the creator, namely remainders, that are:
(A) Indefeasibly vested.
(B) Vested subject to open.
(C) Vested subject to complete defeasance.
(D) Subject to a condition precedent.