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Mid term- future interest Flashcards

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1
Q

What does a future interest do?

A

Confers rights to the enjoyment of property at a future time

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2
Q

Interest restrained by the transferor, know as:

A

Reversion
Possibility of reverter
Right of entry (power of termination)

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3
Q

Interest created in a transferee, known as:

A

Vested remainder
Contingent remainder
Executors interest

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4
Q

Future interest give legal rights to its _____.

A

Owner

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5
Q

Future interest does not entice its owner to presume possession, it is a…

A

Presently existing interest that may become possessory in the future

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6
Q

What is reversion?

A

An interest left in an owner when he carved out his estate a lesser estate and does not provide who is to take the property when the lesser estate expires

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7
Q

What is a possibility of reverter?

A

Owner carves out of his estate a determinable estate of the same quantum. Determinable on the happening of an event

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8
Q

What is right of entry?

A

When an owner transfers an estate subject to condition subsequent and retains the power to cut short or terminate the estate.

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9
Q

A future interest that waits until the termination of the preceding possessory estate is

A

Remainder

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10
Q

A remainder given to an ascertained person and is not subject to a condition precedent (other than natural termination of preceding estates) is

A

Vested

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11
Q

What is a contingent remainder

A

A remainder given to an unacertained person or is made contingent upon some event occurring other than the natural termination of the preceding estates

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12
Q

Indefeasibly vested is a remainder that

A

Is certain to become possessory in the future and cannot be divested

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13
Q

Vested subject to open or vested subject to partial divestment is the remainder of the later-born class

T/F

A

True

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14
Q

Vested remainder accelerated into possession whenever and however the preceding estate ends

T/F

A

True

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15
Q

A contingent remainder can become possessory so long as it remains contingent.

T/F

A

FALSE A contingent remainder must become vested in order for it to become possessory.

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16
Q

Contingent remainders are mere…

A

interests in property

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17
Q

Contingent remainders were ______ if they did not vest upon termination of the preceding life estate.

A

destroyed

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18
Q

An executory interest is a future interest in a transferee that must, in order to become possessory…

A

divest some interest in another transferee OR

divest the transferor in the future

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19
Q

Fee simple subject to an executory limitation is

A

a fee simple that, upon the happening of a stated event, is automatically divested by an executory interest in a transferee

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20
Q

Executory interest are treated as _____ interests

A

contingent

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21
Q

Possibility of reverter or right of entry can be created only in the transferor

T/F

A

True

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22
Q

An executory interest can only be created in a transferee.

T/F

A

True

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23
Q

What interest makes land unmarketable?

A

Contingent

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24
Q

What is the destructibility of Contingent Remainders?

A

The legal remainder in the land is destroyed if it does not vest at or before the termination of the preceding freehold estate.

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25
If one instrument created an estate in A and a remainder in A’s heirs then remainder goes to A. What rule is this?
The Rule in Shelly's Case
26
What does the Doctrine of Worthier Title state?
When there is an inter vivos conveyance of land by a grantor to a person with a limitation to the grantors’ own heirs either by way of remainder or executory interest, no future interest in the heirs is created; rather a reversion is retained by the grantor.
27
What is the Rule Against Perpetuities?
No interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest
28
When does R.A.P. apply?
Only to interest that are not vested at the time of conveyance that creates them
29
What 3 interests are subject to R.A.P.?
Executory Contingent remainders Class gifts
30
You must prove that a contingent interest is certain to vest or terminate no later than 21 years after the death of some person alive at the created of the interest. T/F
True
31
It takes ONLY one ______ to prove that the contingent interest will vest or fail to vest with the life or at time of the death of that person plus 21 years.
validating life
32
Validating lives do not have to be alive at or before the conveyance is made T/F
FALSE | the person must be alive at or before the conveyance is made.
33
A class gift is not vested in any member of the class until...
the interest of ALL members have vested
34
A gift that is vested subject to open is vested under R.A.P. T/F/
FALSE | A gift must be closed in order to be vested under R.A.P.
35
In order for a class to close and comply with R.A.P. all conditions precedent for each and every member of the class...
must be satisfied within the perpetuities period.
36
In class gifts what causes the potential violation of R.A.P.?
The possibility that more member may be added to the class at a remote point in the future
37
What is the rule of convenience?
A class will close as soon as one member of the class is entitled to immediate possession or enjoyment
38
The rule of convenience will not close the class before is closes naturally, or physiologically. T/F
``` FALSE The rule of convenience could close the class early. ```
39
When the class closes early under the rule of convenience who may not thereafter share in the gift?
No person born or conceived after the class has closed.
40
What are interests not subject to R.A.P.?
Future interests retained by the transferor--reversions, possibilities of reverter, and rights of entry
41
What is an option?
the ability to buy in the future
42
Do options cause problems with marketability?
Yes, because they could potentially be taking land off the market for a long time. More than 21 years would violate R.A.P.
43
Fee simple defeasible estate is a fee that can be
brought to an end by the occurrence of a particular event
44
A determinable estate will end ______ upon the happening of the limiting event.
automatically
45
An estate subject to a condition subsequent will end automatically upon the happening of the limiting event. T/F
FALSE | the grantor will have to take some action to reclaim the property
46
What is a Reversion?
It comes back. Whoever owns the reversion is entitled to possession of the land. Interest remaining when transferor transfers less than what he has.
47
What is Possibility of Reverter?
The owner carves out his estate a determinable estate of the same quantum. Determinable on the event happening.
48
The future interest in the grantor that follows a fee simple or life estate subject to condition subsequent
Right of Entry
49
O conveys “to A for life, then to B and her heirs if B survives A, and if B does not survive A to C and his heirs" Is an example of...
Contingent remainder
50
O conveys “to A for life, then to B and her heirs, but if B does not survive A to C and his heirs” Is an example of...
Vested subject to divestment
51
Which estates can be absolute?
Only fee simple
52
What are the inherently limited estates?
Fee tail, life estate, term of years
53
What kinds of estates end naturally?
Fee tail, life estate, term of years
54
Which kind of estates ends automatically upon the happening of a limiting condition?
determinable estate
55
Which kind of estate does not end automatically upon the happening of a limiting condition?
an estate subject to condtion subsequent
56
Which condition allows the grantor to postpone the decision about whether to enforce the condition?
an estate subject to condtion subsequent
57
Which condition uses the durational marker defining the length of the estate granted?
determinable estate
58
In which estate does the occurrence of the condition interrupt the prior estate?
an estate subject to condtion subsequent
59
What interest remains after O conveys a fee simple absolute?
none
60
If the future interest following a life estate is in the grantor, what is it called?
reversion
61
If the future inerest following a term of years is in the grantor, what is it called?
reversion
62
If the future interest following a fee simple determinable is in the grantor, what is it called?
the possibility of reverter
63
If the future interest following a fee simple subject to a condition subsequent is in the grantor, what is it called?
right of entry
64
If the future interest following a life estate determinable or a term of years subject to a condition subsequent is in the grantor, what is it called?
reversion
65
If the future interest following a life estate is in the grantee, what is it called?
remainder
66
If the future interest following a term of years is in the grantee, what is it called?
remainder
67
If the future interest following a fee simple determinable is in a second grantee, what is it called?
executory interest
68
What do we call the future interest following a fee simple subject to an executory limiation?
executory interest
69
To A and her heirs until B retires from the Army | is an example of what?
executory interest
70
To whom does an executory interest belong?
the grantee
71
What is the difference between an executory interest and a right of entry or possibility of reverter?
An executory interest is a future interest held by a grantee, while a right of entry or possibility of reverter is a future intrest retained by the grantor.
72
O to A and his heirs, but if A does not graduate from college, then to B. What do they have?
A: fee simple subject to executory limiation B: executory interest in fee simple absolute
73
O to A while being used as a farm.
A: fee simple subject to determinable O: Possibility of reverter in fee simple absolute
74
O to A and he heirs; however, if used for a pool hall, then to B and his heirs.
A: fee simple subject to an executory limitation B: executory interest in fee simple absolute
75
O to A and her heirs, provided that the land is always farmed.
A: fee simple subject to conditional subsequent O: Right of entry
76
O to A, on the condition that the land is always used as a church but if not, then to B.
A: fee simple subject to executory limitation B: executory interest in fee simple absolute
77
O to A and the heirs of his body.
A: Fee Tail O: Reversion in fee simple absolute
78
O to A, but if A cuts timber on the property, then to B and her heirs
A: Fee simple subject to executory limitation B: Executory interest in fee simple absolute
79
O to A for 25 years if A so long live
A:possessory esate in a term of years O: reversion in fee simple absoloute
80
O to A and her heirs until B reaches 25, then to B.
A: Possessory fee simple subject to executory limitation B: executory interest in life estate
81
What does it mean to say that a vested remainder is subject to divestment?
A vested remainder is subject to divestment if the divesting condition could happen before the remainder becomes possessory
82
O to A for life, then to B, but if B ever owns an insurance agency, then to O. What is B's remainder
Vested subject to divestment
83
O to A for 10 years, then to B for life if B has never owned a tavern then to C. What is B's remainder
contingent
84
O to A for two years, then to B, but if B ever uses the land for an insurance agency, then to C. What is B's remainder
vested NOT subject to divestment
85
O to A for life, then to A's children. (A had one child B) | Subject to Open or Closed?
subject to open
86
Conveyance in a testator will: T(testator) to A for life, then to T's children (T has one child, B).
closed
87
O to A for 10 years, then to the 2001 graduates of the law school. Conveyance was made in 2002.
closed
88
O to A for life, then to B's kids. B presently has 3 children.
subject to open

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