Other jurisdictions apply the wait and see or cy-prs doctrine that validates contingent remainders and executory interests that would be void under the traditional rule in certain circumstances.
If the executory condition is never met, the original grantee retains the interest, while if the condition is met, the interest transfers to a third party.
For bankruptcy purposes, a contract is generally considered executory when both parties to the contract have not yet fully performed a material obligation of the contract.
Three types of defeasible estates are the fee simple determinable, fee simple subject to an executory limitation or interest, and the fee simple subject to a condition subsequent.
