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vested remainder

n. the absolute right to receive title after a presently existing interest in real property terminates. A "vested remainder" is created by deed or by a decree of distribution of an estate given by will. Example: "Title to the Hard Luck Ranch to my son, Sean, subject to a life estate to my brother, Douglas." Sean has a "vested remainder" which is an absolute right, Sean could sell to another person at this time, with occupancy delayed until title would pass to him.

See also: vest  vested 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications