Executory

Executory, in English law, is a term applied to contracts, &c. which are not executed—i.e. not completed with the forms required to make them legally operative. An executory limitation of property is one which gives an interest to come into existence at a future time or on the happening of an event. An executory trust directs trustees to make a proper conveyance in favour of the person beneficially entitled. Executory devises and other limitations form an important branch of the law of real property. In American law, the term executory is used as in England; executory gifts of property are subject to rules against Perpetuities (q.v.), similar to the rules which prevail in England.