1. The Present Estates Flashcards
(32 cards)
Devisable
The estate can pass by will
Descendible
The estate can pass by intestacy statute if its holder dies intestate.
Alienable
The estate is transferable during the holder’s lifetime.
O conveys “to A” or “to A and his heirs.” A is alive
and well. What do A’s heirs have?
Nothing. A living person has no heirs. While A is alive, he only has prospective heirs.
What is a fee simple determinable called in NY?
Fee on limitation
What language can create a fee simple determinable?
“To A for so long as . . .” “To A during . . .” “To A
until . . .”
What happens if the stated condition in a fee simple determinable is violated?
Forfeiture is automatic
Is a fee simple determinable devisable, descendable, and/or alienable?
Yes to all
What is the accompanying future interest in a fee simple determinable?
The possibility of reverter
What is a fee simple subject to condition subsequent called in NY?
A fee on condition
What kind of language creates a fee simple subject to condition subsequent?
“To A, but if X event occurs, grantor reserves the right to reenter and retake.”
What two requirements are required for a fee simple subject to condition subsequent?
Grantor must:
- Use clear durational language, and
- Carve out the right to re-enter
What is the accompanying future interest with a fee simple subject to condition subsequent? (MBE and NY)
MBE: The right of entry
NY: The right of reacquisition
What language creates a fee simple subject to executory limitation?
“To A, but if X event occurs, then to B.”
How does a fee simple subject to executory limitation differ from a fee simple determinable?
If the condition is broken, the estate is automatically forfeited in favor of someone other than the grantor.
What is an absolute restraint on alienation?
An absolute restraint on alienation is an absolute ban on the power to sell or transfer, that is not linked to a reasonable, time-limited purpose.
Are absolute restraints on alienation enforceable?
No, they are void, and disregarded.
Reversion
At the end of A’s lifetime, the estate reverts back to O or O’s heirs.
What is a life estate pur autre vie?
A life estate measured by a life other than the grantee’s.
The life tenant is entitled to:
All ordinary uses and profits from the land
The life tenant must not:
Commit waste (must not do anything to hurt the future interest holders)
There are three species of waste:
- Voluntary or affirmative waste
- Permissive waste, or neglect
- Ameliorative waste
Voluntary or affirmative waste
Overt conduct hat causes a drop in value
Does voluntary waste apply to natural resources?
The life tenant must not consume or exploit natural resources on the property (such as timber, oil, or minerals), unless one of four exceptions applies, remembered by PURGE.
