Forms and Limits of Ownership Flashcards
Public Trust Doctrine
The government holds all navigable waters and airspace in public trust, a servitude that encumbers private property rights.
Fee Simple Absolute
“To A” “To A and his heirs”
The largest package of ownership. It is indefinite in time and has no natural end. It is freely devisable, descendible, and alienable.
No accompanying future interest. A has absolute ownership
Fee Tail
“To A and the heirs of his body”
Abolished in the U.S. Originally created to preserve family dynasties.
O had reversion and a third-party had a remainder.
Life Estate
“To A for life” “To A for the life o B”
The life estate comes to a natural end with the death of a named person. The life tenant must not commit waste.
O has reversion and a third-party has a remainder.
Fee Simple Determinable
“To A for so long as…” “To A until…”
The fee simple is devisable, descendible, alienable, but ends automatically upon the occurrence of a named event.
The possibility of reverter in O
Fee Simple Subject to Condition Subsequent
“To A, but if X event occurs, grantor reserves the right to reenter and retake”
This estate is not automatically terminated upon the occurrence of X. The grantor or the his successor may terminate when X occurs.
The right of entry, or the power of termination
Fee Simple Subject to Executory Limitation
“To A, but if X occurs, then to B”
If the condition is breached, the forfeiture is automatic, but this time in favor of someone other than the grantor.
The entity who holds the interest if the grantee violates the condition has an executory interest.
Possibility of Reverter
Retained by the grantor only after a fee simple determinable
Right of Entry/Power of Termination
Retained by the grantor only after a fee simple subject to condition subsequent
Reversion
Retained by the grantor; Created when the owner has not transferred the entire fee (other than the fee simple determinable or the fee simple subject to condition subsequent)
Vested Remainder
Interest created in grantee, never the grantor. Created in an ascertained person and not subject to a condition precedent.
Indefeasibly Vested Remainder
Created in grantee. The identity of the taker is known and there is no other contingency that has t be fulfilled before the interest becomes possessory. No condition subsequent can cut short the remainder.
Vested Remainder Subject to Complete Divestment
The holder of the remainder exists. The remainder is not subject to any condition precedent. Remainder could be cut short because of a condition subsequent.
Condition Subsequent
When conditional language in a transfer follows language that, taken alone and set off by commas and punctuation, creates a vested remainder.
Vested Remainder Subject to Partial Divestment
The remainder is vested in a group of takers, at least one of whom is qualified to take possession. However, because the class is still open, the remainder is subject to partial divestment.
Contingent Remainder
Created in an unascertained person or is subject to a condition precedent, or both.
Executory Interest
An interest in a transferee that divests or cuts short a previous interest.
Conservation of Estates
All the pieces of the estate must be accounted for
numerus clausus
The catalog of possible estates is finite and closed. Property is not freely customizable.
Tenancy in Common
Each co-tenant owns a separate but undivided interest.
Separate: independently descendible, conveyable, and devisable. No right of survivorship.
Undivided: each has the right to possess the whole.
Joint Tenancy
Separate and undivided interests, but there is a right to survivorship. Therefore, not independently devisable and descendible. Either JT can sell or transfer their property without the consent of the other.
Four Unities: Time, Title, Interest, Possession.
Tenancy by Entirety
Only a minority of the states have TBE. Only available for married couples. Each has separate and undivided interest, right of possession, and the right of survivorship. Cannot unilaterally transfer or sell without the consent of the other.
Community Property
Only in states with Spanish or French Influence. All property acquired during the marriage becomes community property. Each has the right to possess, but any alienable or encumberance must have the consent of both parties.
Partition
Allows tenants in TIC or JT to divide up a concurrent estate into separate portions representing the proportionate interests of the tenants.
