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LSDefine
Simple English definitions for legal terms
contingent ownership
Read a random definition: grantor-retained income trust
A quick definition of contingent ownership:
Contingent ownership means that someone owns something only if a certain thing happens. For example, if someone says "you can have my car if you pass your driving test," then you only get the car if you pass the test. This type of ownership is called "contingent" because it depends on something happening in the future. The owner doesn't have full rights to the thing they own until the condition is met. It's also called "conditional ownership."
A more thorough explanation:
Contingent ownership is when someone owns something, but they can only keep it if a certain condition happens. This means that the owner does not have full rights to the property until the condition is met. It is also called conditional ownership.
For example, if someone writes in their will that they leave their house to their daughter, but only if she gets married before she turns 30, then the daughter has a contingent ownership of the house. She can only keep the house if she gets married before she turns 30. If she doesn't, then she loses her ownership of the house.
Another example is if someone gives their car to their friend, but only if the friend gets their driver's license. The friend has a contingent ownership of the car because they can only keep it if they get their driver's license.
These examples show that contingent ownership is when someone owns something, but they can only keep it if a certain condition happens. If the condition is not met, then they lose their ownership of the property.