Bar--Property Flashcards
Fee Simple Determinable
so long as, to A while, to A until
Clear durational language–> then goes automatically back to G (Possibility of Reverter)
Fee Simple Subject to Condition Subsequent
Clear durational language + carve out right to re-enter
to A but if X happens
Re entry is NOT automatic
Life Estate
- -entitled to all ordinary uses and profits of the land
- but Tenant Must not commit Waste
Voluntary/Affirmative waste
overt conduct that cause a drop in value
Rule” Tenant must not consume or exploit natural resources on the property unless an exception exists (4)
Prior Use
Repair
Grant
Land is Only suited for exploitation
Permissive Waste/Neglect
Defn: letting land fall into disrepair
Rule: life tenant must maintain premises in reasonably good repair
Taxes: life T must pay all ordinary taxes on land-from income or profits. If none,the life tenant is require to pay all ordinary taxes on premises fair rental.
Ameliorative Waste
Life tenant must not engage in acts that will enhance property value unless all future interest holders are known and consent
Vested Remainder
–A future interest created in a grantee capable of becoming possessory upon expiration of prior possessor estate created in same conveyance
- -never follows a defeasible fee
- cannot cut short a prior transfeeree
Contigent Remainder
created in unascertained person or subject to condition precedent or both
Condition Precedent
when it appears before the language creating the remainder or is woven into the grant to remainderment;
e.g.. if B graduates from college, to B
rule in shelley’s case
Where Grantor conveys to A for life, then on A’s death to A’s heirs and heir is alive–present and future interest merge and give A fee simpl
rule of law (not construction–applies even against grantor’s intent)
Doctrine of Worthier Title
When O who is alive creates a future interest in his heirs:
O (alive) to A and then O’s heirs—
no Doctrine: A has life estate, O heir’s have C remainder
Doctrine: remainder void–LIfe estate plus reversion.
(rule of construction, grantor’s intent controls)
Indefeasibly Vested Remainder
Holder is certain to acquire estate no strings attached
Vested Remainder subject to complete defeasance
right to possession may be cut short because of condition subsequent
e.g. A to life remainder to B but if B dies under 25 then to C.
What kind of remainder does B have in the following 2 eg.
- to A for life and then if B has reached age of 25 to B
- to A for life, remainder to B provided however that if B dies under 25 to C
- contingent remainder because conditioned on turning 25
2. vested subject to complete defeasance because she gets it but then it could be taken away
Vested Remainder Subject to Open
remainder is group at least one of whom is qualified to take, but each is subject to partial diminution because additional members can still join.
When does class close?
When any member can demand possession?
Executory Interest
Future interest created in transferee which is not a remainder and which takes effect by either cutting short some interest in another person or in the grantor or his heirs.
Shifting: follows defeasible fee, cuts short someone other than grantor.
Springing: cuts short Grantor.
RAP
Future interest void if there is ANY possibility however remote that the given interest may vest more than 21 years after death of a measuring life
To What interest does the RAP apply
does not APPLY to:
Future interest in Grantor
Indefeasibly vested remainders
vested remainders subject top open
vested remainders subject to complete defeasance.
RAP Special Rule re Open Class
Bad to one bad to all—if gift is bad to anyone in the class than it violates RAP for all of them
Joint Tenancy
2 or more own with right of survivorship
Tenancy by Entireley
Between married partners with right of survivorship
Tenancy in Common
2 or more own with NO right of survivorshop
How to create a Joint Tenancy
T-TIP 4 Unities
Time–must give at same Time
T–must give in same instrument
I–give identical interests
P–both have possessor rights in the whole
grantor must clearly express right of survivorship