expectancy

EXPECT'ANCY, n. In law, a state of waiting or suspension. An estate in expectancy is one which is to take effect or commence after the determination of another estate. Estates of this kind are remainders and reversions. A remainder, or estate in remainder, is one which is limited to take effect and be enjoyed after another estate is determined. Thus when a grant of land is made to A for twenty years, and after the determination of that term, to B and his heirs forever; A is tenant for years, remainder to B in fee. In this case, the estate of B is in expectancy, that is, waiting for the determination of the estate for years. A reversion is the residue of an estate left in the grantor, to commence in possession after the determination of a particular estate granted out by him. As when A leases an estate to B for twenty years; after the determination of that period, the estate reverts to the lessor,but during the term the estate of the lessor is in expectancy.