qualified residence interest

noun | \ ˈin-trəst; ˈin-tə-rəst, -ˌrest \ | in·ter·est

1. : a right, title, claim, or share in property

   — Article Nine security interest
   : security interest in this entry

   — beneficial interest
   : the right to the use and benefit of property a beneficial interest in the trust

   — contingent interest
   : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event — compare vested interest in this entry

   — controlling interest
   : sufficient stock ownership in a corporation to exert control over policy

   — equitable interest
   : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief claimed an equitable interest in the debtor's assets

   — executory interest
   : a future interest other than a remainder or reversion that may take effect upon the divesting of a prior interest or one created simultaneously Note: Unlike a remainder, an executory interest does not require the expiration of a prior interest. It was designed to guard against the destructibility of contingent remainders set forth in the rule in Shelley's case.

   — expectation interest
   : the interest of a party to a breached contract in receiving the benefit of the bargain by being put in a position as good as that which would have resulted had the contract been performed — called also expectancy interest; compare reliance interest in this entry

   — future interest
   : an interest in property limited or created so that its owner will come into the use, possession, or enjoyment of it at some future time — see also contingent interest and executory interest in this entry — compare remainder, reversion

   — insurable interest
   : an interest or stake in property or in a person that arises from the potential for especially financial loss upon the destruction of the property or the death of the person and that is a requirement for enforcing an insurance contract Note: The purpose of requiring an insurable interest is to prevent the use of insurance as a form of gambling or as a method of profiting from destruction.

   — legal interest
   : an interest that is recognized in law (as by legal title) — compare equitable interest in this entry, legal title at title

   — life interest
   : an interest lasting for the duration of a person's life that forecloses the ability to affect the property beyond that term — compare life estate at estate 1

   — possessory interest
   : an interest (as a right) involving or arising out of the possession of property Note: A possessory interest is based on control rather than use. Thus a lessee who occupies and controls the use of property has a possessory interest, while a party who has an easement does not.

   — purchase money security interest
   : the security interest held by the seller of collateral to secure payment of all or part of the price : the security interest of a person that gives value to a debtor so that the debtor may acquire rights in or the use of collateral

   — reliance interest
   : the interest of a party to a breached contract in being compensated for detriments suffered (as expenses incurred) in reliance on the agreement — compare expectation interest in this entry

   — reversionary interest
   : an interest in property (as a possibility of reverter or a power of termination) remaining in the transferor of the property or in his or her successor in interest

   — security interest
   : an interest in property that exists by contract as security for payment or performance of an obligation the security interest of a mortgagee in the mortgaged property; also : lien Note: While a lien may be created by statutory or judicial means without any agreement providing for security (as in the case of a tax lien or judgment lien), a security interest and lien may inhere in the same claim, as when a mortgage comprises both a lien on and security interest in the mortgaged property. : an interest in personal property or fixtures created by a security agreement that secures payment or performance of an obligation the creditor had a security interest in the inventory and accounts receivable of the business — called also Article Nine security interest; see also attach 3, collateral 2, 2perfect b, purchase money security interest in this entry Note: Security interests in personal property are governed by Article 9 of the Uniform Commercial Code. The security interest set out in Article 9 largely replaces the traditional devices for security, such as the pledge and chattel mortgage. A security interest in property that has attached enables a creditor to obtain satisfaction of a debt out of the property without the need to obtain a judgment in court and levy on the property. Further, it provides the creditor with priority over competing claims against the property.

   — terminable interest
   : an interest (as in a life estate) that will terminate upon the occurrence of an event or the passing of time

   — vested interest
   : a present and certain right to the present or future enjoyment of property — compare contingent interest in this entry

   — working interest
   : the interest of a party that holds the right to oil, gas, or minerals on a property and that bears production costs — see also overriding royalty

   a ab : a principle, purpose, or object of concern

   — compelling state interest
   : a governmental interest (as in educating children or protecting the public) which is so important that it outweighs individual rights

   — public interest
   a : the general welfare and rights of the public that are to be recognized, protected, and advanced the attorney general has standing as a representative of the public interest b : a specific public benefit or stake in something the public interest in controlling crime : the concern or attention of the public a matter of widespread public interest

   b : a right especially that arises from a constitution (as the U.S. Constitution); especially : such a right considered as an issue or claim created in or involving a particular situation or thing no person will be deprived of his interests in the absence of a proceeding in which he may present his case —Marshall v. Jerrico, Inc., 446 U.S. 238 (1980) : such a right considered as an issue or claim created in or involving a particular situation or thing no person will be deprived of his interests in the absence of a proceeding in which he may present his case —Marshall v. Jerrico, Inc., 446 U.S. 238 (1980)

   — liberty interest
   : an interest in freedom from governmental deprivation of liberty especially without due process the liberty interest implicated by the needless discouragement of the exercise of the right to counsel —State v. Albert, 899 P.2d 103 (1995) (dissent)

   — privacy interest
   : an interest in freedom from governmental intrusion into matters in which one has a reasonable expectation of privacy we have no privacy interest protected by the federal Constitution in limiting public or government access to knowledge of our financial transactions —L. H. Tribe

   — property interest
   : an interest in freedom from governmental deprivation of property and sources of financial gain (as employment or a government benefit) without due process; broadly : something (as a job or benefit) to which one has a legitimate claim of entitlement and that cannot be taken away without due process as distinguished from the unprotected object of a need, desire, or expectation

2. : a specific concern or level of involvement (as financial involvement) especially that warrants recognition or causes bias had a right to intervene because of an interest in the litigation recused himself due to an interest in the matter — see also conflict of interest

4. : the well-being of a person —often used in pl. does not serve the child's best interests

5. : a charge for the use of another's money that is usually a percentage of the money being used an account yielding 7% interest paid back the loan with interest

   — compound interest
   : interest computed on the sum of the original principal and accrued interest

   — legal interest
   : a lawful interest rate and especially the highest rate allowed proposals to increase the legal interest on department store credit cards to 15% —American Banker also : interest computed at such a rate awarded the defendant legal interest — compare usury

   — qualified residence interest
   : interest that is deductible from adjusted gross income under federal tax law when it is paid on debt that is secured by one's residence and that was incurred for the acquisition, construction, improvement, or refinancing of the residence or through a home equity loan

   — simple interest
   : interest computed on the principal of a loan or account