future interests created in the grantor Flashcards
(18 cards)
Which present estate does the possibility of reverter accompany?
fee simple determinable
Which present estate does the right of entry or power of termination accompany?
fee simple subject to condition subsequent
A _______ is a future interest that arises in a grantor who transfers an estate of lesser duration than what she started with, other than a fee simple determinable
reversion
which estate gives O the possibility of reverter
fee simple determinable
which estate gives O the possiblity of re-entry
fee simple subject to condition subsequent
future interests held by someone other than the grantor
contingent remainder, vested remainder, executory interest
what is a remainder
a remainder is a future intrerest created in the grantee that is capable of possession at the expiration of some other possessory estate created in the same conveyance in which the remainder is created.
a remainder is contingent if
- it is created in an unascertained or unknown person or 2. it is subject to an unmet condiiton precedent OR both
when is a remainder a contingent because it is subject to an as yet unment condition precedent
a condition is a condition precedent when it appears BEFORE the language creating the remainder or is woven into the grant to the remainderman.
vested remainder
a remainder is vested when it is created in a known taker who is not subject to a condition precedent
what are the three types of vested remainders
- indefeasibly vested remainder, 2. vested remainder subject to complete defeasance, 3. vested remainder subject to open
indefeasibly vested remainder
holder of remainder is certain to acquire an estate in the future with no strings or coniditons attached
vested remainder subject to complete defeasance
remainderman’s interest is not depedent on a condition precedent but could be subject to a condition subsequent.
Conditional language in a transfer FOLLOWS language that, taken alone and set off by commas, would create a vested remainder.
Condition precedent creates a __________ while a condition subsequent creates a ____________.
contingent remainder; vested remainder subject to open.
vested remainder subject to open
remainder is vested in a gorup of takers, at least one of whom is qualified to take possession
executory interest
future interest created in a third party, which is not a remainder because it takes effect by either cutting short some interest in another person (shifting) or in the grantor or his heirs (springing)
a shifting executory interest alwyas follows a ________ and cuts short someone other than the grantor.
defeasible fee
a springing executory interest cuts short the interest of _________.
the grantor
