18:47
im premed idk why im here
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LSDefine
Simple English definitions for legal terms
contingent interest
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A quick definition of contingent interest:
A contingent interest is when someone may only receive something if a certain condition happens first. For example, if someone leaves a house to their friend only if the friend still lives in the same town, then the friend has a contingent interest in the house. This is different from a future interest, which is when someone will receive something in the future but the person or event is uncertain.
A more thorough explanation:
A contingent interest is a type of interest that a person may only receive if a specific condition is met. This condition is called a "condition precedent."
For example, let's say that John wants to leave his house to his daughter, but only if she graduates from college. In this case, the daughter's ownership of the house is contingent on her graduation from college. If she doesn't graduate, she won't receive the house.
Another example of a contingent interest is when a person leaves money to a charity, but only if the charity is still in existence at the time of the person's death. If the charity has closed down, the money will go to someone else.
It's important to note that a contingent interest is different from a future interest. A future interest is when a person will receive something at a later time, but there is no condition attached to it.
Overall, a contingent interest is a way for people to ensure that their assets are distributed in a specific way, but only if certain conditions are met.