Ch 4: Future Interests Flashcards
(33 cards)
Remainder
A future interest that follows a life estate
A remainder cannot follow a ___?
vested fee simple
A remainder can be ______ or _______
vested or contingent
RAP (rule of perpetuities) applies to what type of remainders generally?
Contingent
Vested remainder
An interest that is:
- given to an ascertained grantee (someone who can be identified)
- not subject to a condition
If a remainder is not given to an ascertained grantee or has a condition, then it is?
a contingent remainder
Oliver conveys Blackacre “to Anna for life, then to Ben.” What does Anna have? What does Ben have?
- Anna has a life estate
- Ben has a vested remainder
What happens if the holder of a vested remainder dies?
The interest passes to the holder’s heirs
A vested remainder is _______
inheritable
Oliver conveys Blackacre “to A for life, then to A’s firstborn grandchild.” At the time of the conveyance, A does not have any grandchildren. What interest does the firstborn grandchild have?
A contingent remainder (they are not identifiable)
If a contingent remainder does not vest before it becomes possessory, the grantor has a ______?
revision
Vested remainder subject to open- Class gifts
Vested remainder in a class gift (giving it to a class of people) and full class membership is unknown
For a vested remainder subject to open in a class gift, at least one person in the class must be _____ for it to be vested subject to open
Vested (if no one in the class has vested, the remainder is contingent)
When all members of a class are identified, the class is ______
closed
Oliver conveys Blackacre “to Anna for life, then to Anna’s children who reach 21.” Anna has three kids - Ben is 25, Carmen is 18, and David is 15. What is ben’s interest? Why is it subject to open? When will we know when the class closes and who the class members are? If more of anna’s children reach 21, what happens?
- Vested remainder (because he is already 21)
- Because carmen and David might make it to 21
- 21 years after Anna’s death
- They will partially divest ben
In property law, it is presumed that a party can have a child when?
at any time before the party’s death, regardless of age
RAP applies to ??
A vested remainder subject to open
Rule of convenience
Closes the class whenever anyone is entitled to immediate possession (avoids the application of RAP)
Oliver conveys “to Anna for life, then to Ben’s children.” Ben has one child. When will this class close under the Rule of connivence?
On Anna’s death (b/c the one child is entitled to immediate possession)
Doctrine of Worthier Title
Prevents against remainders in a grantor’s heirs (creates a presumption of a reversion to the grantor)
Oliver conveys “to Anna for life, then to my heirs.” What future interest does Oliver retain under the doctrine of worthier title?
Reversion
Rule in Shelley’s Case
Prevents against remainders in a grantee’s heirs (creates a presumption of fee simple)
Oliver conveys “to Anna for life, then to Anna’s heirs.” What estate does Anna have under the Rule in Shelleys Case?
Fee Simple absolute
Executory interests are subject to ?
RAP
