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Simple English definitions for legal terms
Shifting executory interest
Read a random definition: automatic-adjustment clause
A quick definition of Shifting executory interest:
Shifting executory interest: This is a type of future interest that comes after someone else has already had an interest in a property. It means that the ownership of the property will shift to someone else after a certain event or condition is met. For example, if a father gives his son a house but says that it will go to his daughter if she graduates from college, then the daughter has a shifting executory interest in the property. This means that if she graduates from college, she will become the owner of the house instead of her brother.
A more thorough explanation:
A shifting executory interest is a type of future interest that comes into effect after another grantee's interest has ended. This means that the interest "shifts" from one grantee to another.
Let's say that John grants a piece of land to Sarah for her lifetime, and then to Tom. In this case, Sarah has a life estate in the land, which means she can use it and enjoy it during her lifetime. However, when Sarah dies, her interest ends, and the land "shifts" to Tom, who then becomes the owner of the land.
Another example could be if John grants a piece of land to Sarah for 10 years, and then to Tom. In this case, Sarah has a term of years in the land, which means she can use it and enjoy it for 10 years. When her term ends, the land "shifts" to Tom, who then becomes the owner of the land.
These examples illustrate how a shifting executory interest works. It is a future interest that only comes into effect after another grantee's interest has ended.