- Published on
Legal Terms - contingent interest
An interest that is only possible if a certain condition is met, such when A transfers land to B in exchange for his marriage. It cannot exist as a legal estate in land since a contingent interest can only materialize in the future, if at all. Such a transaction formed a settlement that was governed by the Settled Land Act 1925 prior to 1997. According to the Trusts of Land and Appointment of Trustees Act of 1996, a transaction of this kind creates a *trust of land as of 1997. Consequently, contingent interests are limited to *equitable interests.
An interest that is only possible if a certain condition is met, such when A transfers land to B in exchange for his marriage. It cannot exist as a legal estate in land since a contingent interest can only materialize in the future, if at all. Such a transaction formed a settlement that was governed by the Settled Land Act 1925 prior to 1997. According to the Trusts of Land and Appointment of Trustees Act of 1996, a transaction of this kind creates a *trust of land as of 1997. Consequently, contingent interests are limited to *equitable interests.
0 Comments