ESTATES (BAR) Flashcards
(14 cards)
Fee simple
largest present possessory estate as capable of lasting forever. Default estate.
Defeasible Fees
May be terminated by the occurrence of an event. Capable of lasting forever but also of being terminated early. The condition will cut short the fee simple.
Fee Simple Determinable
Limited by specific durational language, such as “while,” “During,” “so long as.” The fee simple lasts while the period is in play, but as soon as period ends, the fee simple ends. (this is a defeasible fee)
Fee Simple Subject to Condition Subsequent
Limited by specific conditional language. If condition occurs, the grantor must excercise a right in order to take possession.
“oliver conveys Blackacre to Anna but if the land is not farmed, Oliver may re-enter and re-take the property”
(this is a defeasible fee)
Future Interests Associated with Defeasible Fees
Possibility of Reverter
Right of Entry
Possibility of Reverter
Future interest associatd with a defeasible fee, whereas future interest held by a grantor following a fee simple determinable. Interest vests automatically after the durational period ends. Reverts back to the grantor automatically
Right of Reentry (power of termination)
Future interest associated with a defeasible fee – fee simple subject to condition subsequent. Does not vest automatically, it must be reclaimed.
Fee Simple Subject to Executory Interest
Will end upon the happening of an event and the future interest will vest in a third party, not the grantor.
Oliver conveys Blackacre “to anna and her heirs, but if liquor is served on the premises, then to Ben and his heirs” – Ben would have an executory interest (would divest Anna’s interest)
Executory Interest
What is springing and shifting?
Future interest that will cut short, or terminate, an earlier interest. Divesting
springing: divests the grantor
Shifting: divests a prior grantee.
Life Estate
Reversion v. Remainder following?
Present estate that is limited by a life. Ends when the measuring life ends.
Can not be passed by will or intestate succession
If possesion goes back to grantor, then the grantor retains a reversion. If to a third party, then the third party has a remainder.
Life Estate “pur autre vie”
Life estate whereas the estate is measured against the life of someone else.
Remainder
Future interest that follows a life estate. can be contingent or vested.
Contingent Remainder
Fails one or two of the following conditions: [1] given to ascertained grantee (or someone that can be identified. [2] not subject to a condition precedent (there is no condition that must be satisfied in order for the interest to vest).
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. — Firstborn grandchild has a contingent remainder.
Contingent Remainders are subject to RAP
Vested Remainder
An interest that is: [1] given to ascertained grantee (or someone that can be identified. [2] not subject to a condition precedent (there is no condition that must be satisfied in order for the interest to vest).
Oliver conveys Blackacer “to Anna for life, then to Ben” Ben has a vested remainder.
