Ch 2: Defeasible Fees Flashcards
(24 cards)
What are defeasible fees?
Opposite of absolute fees and may be terminated by the occurrence of an event; capable of lasting forever but also of being terminated early; has a condition that can cut short the fee simple
Fee Simple Determinable
Limited by specific durational language
Examples of durational language in fee simple determinable
- “so long as”
- “while”
- “during”
- “until it is no longer”
For fee simple determinable, the fee simple lasts while? and ends when?
The fee simple lasts while the period is in play, but as soon as the period ends, the fee simple ends
“Oliver conveys Blackacre to “Anna so long as the land is used as a farm.”” What does Anna have?
A fee simple determinable
Fee simple subject to condition subsequent
Limited by specific conditional language
Examples of conditional language in fee simple subject to condition subsequent
“Provided that”
“But if”
“On the condition that”
Oliver conveys Blackacre to “Anna, but if the land is not farmed, Oliver may re-enter and re-take the property”. What does Anna have?
Fee simple subject to condition subsequent
What are the 3 different types of defeasible fees?
- Fee simple determinable
- Fee simple subject to condition subsequent
- Fee simple subject to executory interest
What are the future interests associated with defeasible fees
- Possibility of reverter
- Right of entry
- executory interest
Possibility of reverter
Future interest held by a grantor following a fee simple determinable
The interest in a possibility of Reverter vests automatically after ?
the durational period ends
Oliver conveys Blackacre “to Anna and her heirs, so long as the land is used as a public park.” What future interest does Oliver have?
Possibility of reverter (if the land isn’t used as a park, the interests vests w/ Oliver as a fee simple)
When the future interest following a fee simple determinable is held by a third party, rather than the grantor, the future interest is an?
executory interest
Right of entry
Future interest held by the grantor following a fee simple subject to condition subsequent
Right of entry does not ?, it must be ?
it does not vest automatically; it must be reclaimed
Oliver conveys Blackacre “to Anna and her heirs, but if the land is not used as a public park, Oliver can re-enter and re-take.” Oliver has a ?
right to entry
Whats another word for right of entry?
Power of termination
Fee simple subject to executory interest
Will end upon the happening of an event and the future interest will vest in a THIRD party (someone other than the grantor)
Oliver conveys black acre “to Anna and her heirs, but if liquor is served on the premises, then to Ben and his heirs.”What does Anna have?
Fee simple subject to executory interest
Who holds the future interest for a fee simple subject to executory interest VS. a fee simple subject to condition subsequent?
- Fee simple subject to executory interest is held by a third party
- Fee simple subject to a condition subsequent is held by the grantor
Executory interest
Future interest that will cut short or terminate an earlier interest
Oliver conveys black acre to “Anna and her heirs, but if liquor is served on the premises, then to Ben and his heirs.” What does ben have?
An executory interest
If something says just “to ____.” with nothing after, assume it is?
fee simple absolute
