conditional interest

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An interest that is liable to be forfeited, on the occurrence of a specified event, at the instance of the person who created it; for example, when A conveys land to B in fee simple subject to a rentcharge and reserves a right of forfeiture for nonpayment. Under the Law of Property (Amendment) Act 1926 a conditional interest in land qualifies as a fee simple absolute in possession and can therefore exist as a legal estate. Compare contingent interest; determinable interest.

Subjects: Law.

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