Ownership: Present Estates Flashcards
(10 cards)
Present Estates
(1) Fee Simple Absolute
(2) Defeasible Fees
(3) Life Estate
Fee Simple Absolute
The default estate
Absolute ownership of potentially infinite duration
Freely alienable and no accompanying future interest
“O to A”
Defeasible Fees in General
Potentially infinite duration
Subject to termination by occurence of an event
Alienable, devisable, and descendible
Types of Defeasible Fees
(1) Fee Simple Determinable
(2) Fee Simple Subject to Condition Subsequent
(3) Fee Simple Subject to Executory Interest
Defeasible Fee: Fee Simple Determinable
Limited by specific DURATIONAL language
AUTOMATICALLY terminates upon happening if stated event
Future interest: Grantor retains possibility of reverter
Defeasible Fee: Fee Simple Subject to Condition Subsequent
Limited by specific CONDITIONAL language
Will terminate ONLY IF grantor affirmatively demonstrates intent to terminate
Future interests:
(1) Grantor reserves right to terminate upon stated event
(2) Right or Entry
Defeasible Fee: Fee Simple Subject to Executory Interest
Limited by specific DURATIONAL or CONDITIONAL language
AUTOMATICALLY terminates upon happening of stated event
Title passes to a THIRD PARTY
Future Interest: Executory interest held by third party
Life Estate
Present estate that is limited by a life
Created by using words “for life”
Ends naturally when measuring life ends
Ex: A conveys Blackacre to C for life
Future Interest: Grantor retains a REVERSION
Life Estate: Waste
Life tenant must deliver property in essentially the same condition that it was in when life tenant took possession
Limits rights of holder of a life estate
Types of Waste
(1) Affirmative
(2) Permissive
(3) Ameliorative
