Future Interests Flashcards
(31 cards)
Possibility of Reverter
Fee simple determinable
What is an example where the possibility of Reverter exists?
‘O, the grantor, conveys to ‘A’ so long as popcorn is never made on the premises
‘O, the grantor, conveys to ‘A’ so long as popcorn is never made on the premises
‘A’ has the fee simple determinable
‘O’ has the possibility of Reverter
Right of Re-Entry
Power to terminate, fee-simple subject to condition subsequent
What is an example where the Right of Re-Entry exists?
‘O’ conveys to ‘A,’ but if coffee is ever consumed on site, grantor reserves the right to re-enter and retake.”
‘O’ conveys to ‘A,’ but if coffee is ever consumed on site, grantor reserves the right to re-enter and retake.”
‘A’ has the fee simple subject to condition subsequent
‘O’ has the right of re-entry/power to terminate
Reversion
Created in a grantor who transfers an estate of lesser duration that she started with other than a defeasible fee
What is an example where Reversion takes place
‘O,’ the holder of a fee simple absolute, conveys to ‘A’ for life, or perhaps to ‘A’ for B’s life.
‘O,’ the holder of a fee simple absolute, conveys to ‘A’ for life, or perhaps to ‘A’ for B’s life.
‘A’ has a life estate
‘O’ has a reversion
Remainder
Future interest created in a grantee, never created in the grantor, created in transferees (third-party, entities other than the grantor), that are capable of becoming possessory on the natural conclusion of the present estate.
What is an example where a Remainder takes place?
To ‘A’ for life, then to ‘B’
To ‘A’ for life, then to ‘B’
‘A’ has a life estate
‘B’ has a vested remainder
What types of remainders are there?
- Contingent
2. Vested
Contingent Remainder
Either created and is yet unknown to the taker, or subjected to “condition precedent,” or both.
What is an example of a Contingent Remainder
To ‘A’ for life, then to A’s first born child.
To ‘A’ for life, then to A’s first born child.
‘A’ has a life estate
‘A’s first/unborn child had a contingent remainder
Vested Remainder
Both created in a known taker who is not subject to a so-called condition precedent or pre-requisite to his entry into the land.
What is an example of a Vested Remainder?
To ‘A’ for life, then to ‘B’.
To ‘A’ for life, then to ‘B’.
‘A’ has a life estate
‘B’ has a vested remainder
Vested Remainder subject to complete/open divestment
Not subject to a condition precedent, but is subject to a condition subsequent
Remainder man is known, but remainder man’s time with the land is subject to possible forfeiture if a stated condition subsequent manifests
What is an example of a Vested Remainder Subject to Complete/Open divestment?
To ‘A’ for life, then to ‘B,’ but if ‘B’ leaves the legal profession then to ‘C.’
To ‘A’ for life, then to ‘B,’ but if ‘B’ leaves the legal profession then to ‘C.’
‘A’ has a life estate
‘B’ has a fee simple subject to condition subsequent
‘C’ has a vested Remainder Subject to Complete/Open Divestment
Vested Remainder Subject to Partial Divestment
To a class/group
What is an example where a Vested Remainder Subject to Partial Divestment exists?
To ‘A’ for life then to A’s children.
