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What does executory interest mean?

Looking for the meaning or definition of the word executory interest? Here's what it means.

Noun
  1. (law) A third-party interest in an estate in land created by the conditions of a grant wherein the grantor gives the land to a second party, but with said land going to a third party upon the occurrence of a condition; an interest created subject to a fee simple subject to executory interest.
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