Ch 19: Deeds; Wills and Trusts; Restraints on Alienation Flashcards
(35 cards)
3 kinds of deeds
- General warranty deed
- Special warranty deed
- Quitclaim deed
(in a list from best to worst in terms of protection)
General warranty deed
Provides the greatest amount of title protection; the grantor warrants title against all defects, even if the grantor did not cause the defects
What are the six implied covenants in the general warranty deed
- Covenant of seisin
- Covenant of the right to convey
- Covenant against encumbrances
- Covenant of quiet enjoyment
- Covenant of warranty
- Covenant of further assurances
Covenant of seisin
Warrants that the deed describes the land in question
Covenant of the right to convey
Warrants that the grantor has the right to convey the property
Covenant against encumbrances
Warrants there there are no undisclosed encumbrances on the property that could limit its value
Covenant of quiet enjoyment
Grantor promises that the grantees possession will not be disturbed by a third party claim
Covenant of warranty
Grantor promises to defend against future claims of title by a third party
Covenant of further assurances
Grantor promises to fix future title problems
Special warranty deed
The grantor warrants against defects only caused by the grantor
(includes the same 6 covenants as a general warranty deed but only apply to the acts of the grantor)
Quitclaim deed
makes no warranties as to the health of the title
Breach of the present covenants occurs at the _________
conveyance
Breach of the future covenants occurs _______
after the conveyance, once there is interference with possession
What is the guiding principle in the interpretation of wills?
the testators intent
If a person dies w/o a will, her estate is distributed by?
intestate succession
Heirs
People who take a decedents intestate estate
Devisee
A person who takes a devise by will
Decedent
Dead guy
Testator
Dead guy who made a will
Escheat
If a decedent dies w/o a will and w/o heirs, the decedent’s property goes to the state
Ademption
A devise of property that fails b/c it is not in the testators estate at death
(Basic rule: the gift fails and the intended recipient gets nothing)
Lapse in wills
The intended beneficiary predeceases the testator - traditionally, the gift fails and would fall to the residuary gift
Every state has an _______ statute to prevent a gift from failing b/c an intended recipient predeceased the testator
anti-lapse
In most states, to qualify under an anti lapse statute, the predeceasing beneficiary must be a ?
relative of the testator who dies leaving issue (so then the statute can replace the intended beneficiary with a family member)
