Ownership: Present Estates Flashcards Preview

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Flashcards in Ownership: Present Estates Deck (10)
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1

Present Estates

(1) Fee Simple Absolute

(2) Defeasible Fees

(3) Life Estate

2

Fee Simple Absolute

The default estate

Absolute ownership of potentially infinite duration

Freely alienable and no accompanying future interest

“O to A”

3

Defeasible Fees in General

Potentially infinite duration

Subject to termination by occurence of an event

Alienable, devisable, and descendible

4

Types of Defeasible Fees

(1) Fee Simple Determinable

(2) Fee Simple Subject to Condition Subsequent

(3) Fee Simple Subject to Executory Interest

5

Defeasible Fee: Fee Simple Determinable

Limited by specific DURATIONAL language

AUTOMATICALLY terminates upon happening if stated event

Future interest: Grantor retains possibility of reverter

6

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

7

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

8

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

9

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

10

Types of Waste

(1) Affirmative

(2) Permissive

(3) Ameliorative