contingent interest

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An interest that can only come into being upon the occurrence of a specified event (for example when A conveys land to B provided he marries). As a contingent interest can only come into being in the future, if at all, it cannot exist as a legal estate in land. Before 1997, such a transaction created a settlement to which the Settled Land Act 1925 applied. From 1997, such a transaction gives rise to a trust of land under the Trusts of Land and Appointment of Trustees Act 1996. Contingent interests are consequently equitable interests only. Compare conditional interest; determinable interest.

Subjects: Law.

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