Definition of Expectancy
That which is expected or hoped for. 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, called a “remainder;” the other by act of law, called a “reversion.” Expectancy as applied to property, is contingency as to possession, that which is expected or hoped for. At most it is a mere hope or expectation, contingent upon the will and pleasure of the landowner, and hardly reaches the height of a property right, much less a vested right, because where there is no obligation, there is no right. It is a possibility for which a party may under certain circumstances properly hope for or expect.
That's the definition of Expectancy in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.
