Future Interests Flashcards
(6 cards)
1
Q
Future Interest
A
An interest in presently existing property, or in a gift or trust, which may commence in use, possession, or enjoyment in the future
2
Q
Types of Future Interests
A
(1) Reversion
(2) Possibility of Reverter
(3) Right of Reentry
(4) Remainder
(5) Executory Interest
3
Q
Reversion
A
Held by GRANTOR who transfers a life estate
Not subject to RAP
4
Q
Possibility of Reverter
A
Held by GRANTOR when FEE SIMPLE DETERMINABLE is conveyed
5
Q
Right of Reentry
A
Held by GRANTOR after a FEE SIMPLE SUBJECT TO CONDITION SUBSEQUENT is granted
Does NOT vest automatically
Must be RECLAIMED
6
Q
Remainder
A
Can be:
(1) Vested or Contingent
