Law Dictionary Definitions

future interest.A property interest in which the privilege of possession or of other enjoyment is future and not present. • A future interest can exist in either the grantor (as with a reversion) or the grantee (as with a remainder or executory interest). Today, most future interests are equitable interests in stocks and debt securities,…

future goods.See GOODS.[Blacks Law 8th]

future estate.See FUTURE INTEREST.[Blacks Law 8th]

future earnings.See lost earnings under EARNINGS.[Blacks Law 8th]

future damages.See DAMAGES.[Blacks Law 8th]

future covenant.See COVENANT(4).[Blacks Law 8th]

future consideration.See CONSIDERATION(1).[Blacks Law 8th]

future-advances mortgage.See MORTGAGE.[Blacks Law 8th]

  future-advance clause.A contractual term in a security agreement covering additional loaned amounts on present collateral or collateral to be acquired in the future, regardless of whether the secured party is obliged to make the advances; esp., a provision in an open-end mortgage or deed of trust allowing the borrower to borrow additional sums in…

future advance.Money secured by an original security agreement even though it is lent after the security interest has attached. [Cases: Secured Transactions 20, 114. C.J.S. Secured Transactions §§ 18, 83.][Blacks Law 8th]