Interests in transferee known as:
a. Vested remainder – a remainder given to an ascertained person and not subject to a condition precedent other than termination of preceding estate.
(1) indefeasibly vested – a remainder certain to become possessory permanently.
(2) vested remainder subject to open (or subject to partial divestment) – e.g. a class that has not closed.
(3) vested remainder subject to divestment – held by an ascertained person and is not subject to a condition precedent, but rather it is subject to a condition subsequent.
b. Contingent remainder – a remainder created in an unascertained person or subject to a condition precedent.
c. Executory interest – to be one of these, it must:
(1) divest or cut some interest in another transferee (called a shifting executory interest), or
(2) divest the transferor following a certain period of time during which no transferee is entitled to possession (called a springing executory interest).
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