Future Interests Flashcards
What are the 5 kinds of future estates?
(1) Reversion
(2) Possibility of Reverter
(3) Right of Entry
(4) Remainder
(5) Executory interest
What is a difference between Remainder/Executory interest and other Future interests
Those two Future Interests
(1) are created in tranferees rather than the originator
What is a Reversion?
(1) An estate of ‘lesser quantam’ is conveyed
What is a possibility of reverter?
(1) Where a determinable estate has been transferred
What is a right of entry?
Where the estate transferred is
(1) subject of condition subsequent
What is a Remainder?
Remainders are
(1) future interests held by transferees
(2) that is capable of becoming possessory immediately upon the expiration of the prior estate
and;
(3) does not divest any interest in a prior transferee
But how would an interest in a prior transferee not divest upon “expiration?” What is the difference between divesting and expiration for an estate?
What is a Vested Remainder?
A remainder created
(1) in an ascertainable person
and;
(2) is not subject to a condition precedent
What is a Contingent Remainder?
A remainder created
(1) to an unascertainable person
or;
(2) subject to a condition precedent
What is an Executory interest?
A future interest held by
(1) a transferee
(2) that must divest another estate in order to become possessory
What is a Springing interest?
Follows an interest from
(1) Transferor
What is a shifting future interest?
follows a interest from
(2) Transferee
