Business, Legal & Accounting Glossary
n. an interest in real property which, according to the deed (or a will or trust), a party will receive only if a certain event occurs or certain circumstances happen. Examples: surviving a person who had a life estate (the right to use the property for his/her life), or having children at the time such a life estate ends.
A person has a ‘contingent interest’ in some property if there is a possibility that a real interest in that property will come to him at some point in the future. If, for example, person A makes a Will leaving his house to whichever of my children marries first, then the children have contingent interests. See vested interest for a more detailed discussion.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Contingent Interest are sourced/syndicated and enhanced from:
This glossary post was last updated: 27th April, 2020 | 6 Views.