North Dakota Code 47-02-15 – Future estates – Classification
Current as of: 2023 | Check for updates
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A future interest is either vested or contingent. It is vested when there is a person in being who would have a right, defeasible or indefeasible, to the immediate possession of the property upon the ceasing of the intermediate or precedent interest. It is contingent while the person in whom or the event upon which it is limited to take effect remains uncertain.
Terms Used In North Dakota Code 47-02-15
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Property: includes property, real and personal. See North Dakota Code 1-01-49