Expectancy

The condition of being referred to a future time, or of dependence upon an expected event; contingency as to possession and enjoyment. An estate giving a present or vested contingent right of future enjoyment; one in which the right of pernancy of the profits is postponed to some future period. Of expectancies there are two sorts — one created by the act of the parties, called a "remainder;" the other by act of law, called a "reversion." 187 111. 58. See "Estates." A mere hope unfounded in any limitation, provision, trust, or legal act whatever; such as the hope which an heir apparent has of succeeding to the ancestors' estate. Jeffers V. Lampson, 10 Ohio St. 106.

Contingency as to possession. That which is expected or hoped for. Frequently used to imply an estate in expectancy. when the enjoyment is postponed, although the estate or interest has a present legal existence. A bargain in relation to an expectancy is» in general, considered invalid, unless the proof of good faith is strong; 2 Ves. 157; 1 Bro. C. C. 10; Jeremy, Eq. Jur. 397; Mc- Call's Adm'r v. Hampton, 98 Ky. 166, 32 S. W. 406, 33 L. R. A. 266, 56 Am. St. Rep. 335. But it is well settled in equity that a deed which purports to convey property, which is in expectancy or to be subsequently acquired, or which is not the subject of grant at law, though inoperative as a grant or conveyance, will be upheld as an executory agreement, and enforced according to its intent, if supported by a valid consideration, whenever the grantor is in a condition to give it effect; per Strong, J., in Bayler v. Com., 40 Pa. 37, 43, 80 Am. Dec. 551; Varick v. Edwards, 11 Paige (N. Y.) 290; Mc Williams v. Nisly, 2 S. & R. (Pa.) 507, 7 Am. Dec. 654; Bailey v. Hoppin, 12 R. I. 560, 508; 10 H. L. Cas. 189, 211; East Lewisburg Lumber & Mfg. Co. v. Marsh, 91 Pa. 96; Ruple v. Bindley, id. 296; Fritz's Estate, 160 Pa. 156, 28 Atl. 642; Hudson v. Hudson, 222 111. 527, 78 N. E. 917; Hale v. Hollon, 90 Tex. 427, 39 S. W. 287, 36 L. R. A. 75, 59 Am. St. Rep. 819; Betts v. Harding, 133 la. 7, 109 N. W. 1074; Johnson v. Johnson, 170 Mo. 34, 70 S. W. 241, 59 L. R. A. 748. So it is said that an estate in expectancy, though contingent, is a fair subject of contract, and an agreement by an expectant heir in respect thereto, fairly made upon valuable considerations, will be enforced in equity; Parsons v. Ely, 45 111. 232; Varick v. Edwards, 1 Hoffm. Ch. (N. Y.) 382; Mc Donald v. Mc- Donald, 58 N. C. 211, 75 Am. Dec. 434; a mere agreement to appropriate the money when received from a legacy will not operate as an assignment of it; Appeal of Wylie, 92 Pa. 196. An executory agreement between the husbands of two expectant legatees to divide equally what should be left to either of them has been enforced; 2 P. Wms. 182; 2 Sim. 183. Such assignments are prohibited by statute in California; Cal. Civ. Code 700, 1045; In re.Wickersham's Estate, 138 Cal. 355, 70 Pac. 1076, 71 Pac. 437; and in Louisiana; Succession of Jacobs, 104 La. 447, 29 South. 241; and in some states have been held unenforceable; thus an attempted conveyance by heirs-apparent of their interest in the property of an ancestor, even with the latter's consent, has been held void; Wheeler's Ex'rs v. Wheeler, 2 Mete. (Ky.) 474, 74 Am. Dec. 421; Mc Call's Adm'r, v. Hampton, 98 Ky. 166, 32 S. W. 406, 33 L. R. A. 206, 56 Am. St. Rep. 335; on the ground that it is essential to the legal validity of the thing sold that it have an actual or potential existence, and that a mere possibility or contingency, not founded on a right or coupled with an interest, cannot be the subject on the ground that, as no one can be the heir of a living person, a transaction based on the idea of a future right to the succession of a living person is devoid of <■■ eration and can have no effect, notwithstanding the agreement is valid under the law of a foreign state where it was made; Cox v. Von Ahlefeldt, 105 La. 543, 30 South. 175. An assignment without consideration by a married woman of an expectant interest in her father-in-law's estate, which was contingent upon her surviving her husband, in order to secure her husband's indebtedness, is not valid at law, although, when based upon a sufficient consideration, it might be enforced in equity when the interest became vested in the assignor; In re Baeder's Estate, 224 Pa. 452, 73 Atl. 915; and see, to the same effect, Bayler v. Com., 40 Pa. 37, 80 Am. Dec. 551. That a grant by an expectant is simply a covenant to convey; 1 P. Wms. 3S7 (Lord Chancellor Hardwicke); Mc Donald v. Mc- Donald, 58 N. C. 211, 75 Am. Dec. 434; and that chancery will give effect to the assignment of an expectancy or possibility, not as a grant, but as a contract entitling the assignee to a specific performance as soon as the assignor has the power to perform it; are held too well established to be disregarded; Mc Donald v. Mc Donald, 58 N. C. 211, 75 Am. Dec. 434; Philadelphia, W. & B. R. Co. v. Woelpper, 64 Pa. 366, 3 Am. Rep. 596. Such a sale may be enforced as against the heir through the doctrine of estoppel springing from his covenants contained in the deed of assignment; Johnson v. Johnson, 170 Mo. 34, 70 S. W. 241, 59 L. R. A. 748, citing Steele v. Frierson, 85 Tenn. 430, 3 S. W. 049; Bohon v. Bohon, 78 Ky. 408; Somes v. Skinner, 3 Pick. (Mass.) 52; Robertson v. Wilson, 38 N. H. 48; House v. Mc Cormick, 57 N. Y. 310; Habig v. Dodge, 127 Ind. 31, 25 N. E. 182; followed and approved; Jerauld v. Dodge, 127 Ind. 600, 25 N. E. 186; Fairbanks v. Williamson, 7 Greenl. (Me.) 96; Stover v. Eycleshimer, 46 Barb. (N. Y.) 84; Rosenthal v. Mayhugh, 33 Ohio St 155. The general doctrine is undoubtedly to treat such an assignment as a contract enforcible in equity, but Pomeroy considers it inadequate; 3 Pom. Eq. Jur. § 12S7, n. 2; and prefers the theory that it is an actual transfer of the ownership of an equitable property right which ripens into an absolute title; id. § 1271. Equity will, in general, relieve a party from unequal contracts for the sale or pledge of expectancies, as they are in fraud of the ancestor. See 2 P. Wms. 1S2; 2 Sim. is:;. 192; 5 id. 524; 1 Sto. Eq. Jur. § 342. Bui relief will be granted only on equitable terms; for he who seeks equity must do equity; id. In dealing with such cases, the rule apcarefully according to the circumstances of each; 2 Ves. Sr. 125; and. if upon inadequate consideration, or otherwise fraudulent, they will be relieved against and wholly or partially set aside; id.; 1 L. Cas. in Eq. 77::; 2 Pom. Eq. Jur. § 953, and note, where the cases are collected. In a leading English case the principle is thus stated: "The court will relieve 'expectant heirs' against bargains relating to their reversionary or expectant Interest in cases of undervalue, of weakness due I or poverty, and of the absence of ind. ent advice. But all these drcumsi must co-exist in order to entitle them to relief;" L. R. 8 Ch. 484. In that case it was held that the repeal of the usury laws in England has not altered the doctrine by which the court of chancery affords relief against improvident and extravagant bargains. In the opinion Lord Selborne dire- ted attention to the fact that concealment was usually a feature of these cases, but agreed with Lord St Leonards that it was not an indispensable condition of equitable relief; Sugd. Vend. & Pur., 11th ed. 310; dii: as to this point, with Lord Brougham; '1 Myl. & K. 456. The independent advice of a father seems to rebut the presumption of fraud; 2 App. Cas. 814; but old age or youth increases it; 2 Giff. 157; 4 D. J. & S or poverty and ignorance; L. R. 10 CL 40 Ch. D. 312. In the first of those two cases, Jessel, M. R., thus defined the term "expectant heir": "The phrase is used nor in its literal meaning, but as including one who has either a vested remainder, or a contingent remainder in a family property, including a remainder in a portion, as will as a remainder in an estate, and every one who has the hope of succession to the property of an ancestor, either by reason of his being the heir-apparent or presumptive, or by reason, merely, of the expectation of a devise or bequest on account of the sir, or presumed affection of his ancestor or relation. More than this, the doctrine as to expectant heirs has been extended to all reversioners and remaindermen. So that the doctrine not only included the class mentioned, who in some popular sense might be called 'expectant heirs,' but also all remaindermen and reversioners." The principle has been held to include younger sons of peers; 15 Ch. D. 679. As to what is a reversionary interest for this purpose, see 11 Eq. 265, 276; I.. EL - 542; and as to what is independent advice, see 10 Eq. 641, in which the borrower, though accompanied by a friend who was a solicitor but did not act as such, or know the terms of the contract, was held not to have independent advice. Undervaluation is not alone a suffl fair; Stat. 31 Vict. c. 4; 2 Ch. Cas. 13G; 35 Beav. 570; 32 L. J. Ch. 201. By the civil law, such contracts are held contra bonos mores, and they are forbidden in general terms; Code 2, 3, de pactis 30; and in the French code it is forbidden to sell the succession of a living person, even with his consent; art. 1600; the same is the rule of the Italian code; art 1460; and of that of Austria; § 879. As to expectancy of life, see Life Tables. See, generally, 2 Lead. Cas. in Eq., 4th Am. ed. 1530, 1559, 1605; 3 Pom. Eq. Jur. ch. 8, sec. 3; Brett, L. Cas. Mod. Eq. 3d ed. 69, n.; 9 Harv. L. Rev. 476; Catching Babgain; Post Obit.

The condition of being deferred to a future time, or of dependence upon an expected event; contingency as to possession or enjoyment. With respect to the time of their enjoyment, estates may either be in possession or in expectancy ; and of expectancies there are two sorts,
—one created by the act of the parties, calied a "remainder;" the other by act of law, calied a "reversion." 2 Bl. Comm. 163.

Defined under Expect in Black's Law Dictionary.

estate in. v. Estate in expectancy.

The condition of being deferred to a future time, or of dependence upon an expected event; contingency as to possession or enjoyment. With respect to the time of their enioyment, estates may either be in possession or in expectancy; and of expectancies there are two sorts,—one created by the act of the parties, called a “remainder;” the other by act of law, called a “reversion.” 2 BI. Comm. 163,

A present, vested, contingent right to the future enjoyment of land. A future estate; an estate in expectancy, or, simply, an expectant estate or interest. Expectant. Contingent as to enjoyment; also, the person entitled thereto. An expectancy is always an estate in remainder, or a reversion. The idea is that the time of enjoyment is postponed — depends upon some subsequent circumstance or contingency. It is an executory estate, as opposed to an estate in actual, present possession — an estate executed, i In New York, any present right or interest which by possibility may vest in possession at a future day.' See Bargain, Catching.

estate in. An estate the possession of which a person is entitled to have in futuro. 1 Steph. Com. 289. See Estate in expectancy.

estates, signifies having a relation or dependence upon something future. Estates are of two sorts, either in possession, sometimes called estates executed; or in expectancy, which are exécutory. Expectancies are, first, created by the parties, called a rematnder; or by act of law, called a reversion.