executory limitation

A restriction that causes an estate to automatically end and revest in a third party upon the happening of a specified event.

• This type of limitation, which was not recognized at common law, can be created only as a shifting use or an executory devise. It is a condition subsequent in favor of someone other than the transferor.

— Also termed conditional limitation. See fee simple subject to an executory limitation under FEE SIMPLE.

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词条贡献者

译者Carl，知名法学院保险学专业，擅长翻译各种与保险理赔追索相关的法律文件。