Executory Interest definition
Executory Interest. – means a future interest or estate in land or personal property. An executory interest transfers title to property from one transferee to another upon the occurrence or nonoccurrence of some event in the future.
Examples of Executory Interest in a sentence
Notwithstanding the foregoing, if the percentage interest of Wolverine in the AQCS immediately prior to such date exceeds the percentage interest obtained as the product of the foregoing calculation, there shall be no increase in Wolverine's percentage interest in the AQCS pursuant to this subparagraph but rather a percentage interest therein shall defease and divest to WEPCo pursuant to the WEPCo Executory Interest as provided in Paragraph 5(a) below.
The granting of the WEPCo Executory Interest renders Wolverine's remaining title in and to the AQCS as of this date as a fee simple determinable estate (the "Wolverine Determinable Fee") until the occurrence of the last Divesting Event.