South Dakota Codified Laws 43-3-10. Vested future interest defined
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A future interest is vested when there is a person in being who would have a right, defeasible or indefeasible, to the immediate possession of the property, upon the ceasing of the intermediate or precedent interest.
Terms Used In South Dakota Codified Laws 43-3-10
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- 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.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: CivC 1877, § 186; CL 1887, § 2702; RCivC 1903, § 209; RC 1919, § 279; SDC 1939, § 51.0217.