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Flashcards in Future Interests Deck (6)
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1

Future Interest

An interest in presently existing property, or in a gift or trust, which may commence in use, possession, or enjoyment in the future

2

Types of Future Interests

(1) Reversion

(2) Possibility of Reverter

(3) Right of Reentry

(4) Remainder

(5) Executory Interest

3

Reversion

Held by GRANTOR who transfers a life estate

Not subject to RAP

4

Possibility of Reverter

Held by GRANTOR when FEE SIMPLE DETERMINABLE is conveyed

5

Right of Reentry

Held by GRANTOR after a FEE SIMPLE SUBJECT TO CONDITION SUBSEQUENT is granted

Does NOT vest automatically

Must be RECLAIMED

6

Remainder

Can be:

(1) Vested or Contingent