Present Estates Flashcards
(23 cards)
Devisable
can pass by will
Descendible
will pass by the statutes of intestacy if its holder dies intestate (w/o a will)
Alienable
transferable inter vivos (during the holder’s lifetime)
“To A” or “To A and his heirs”
Fee simple absolute
Fee simple absolute: distinguishing characteristics
absolute ownership of potentially infinite duration
freely devisable, descendible, alienable
Fee simple absolute: accompanying future interest?
No
“To A for so long as…”
“To A during…”
“To A until…”
Defeasible fee: fee simple determinable
Clear durational language
If stated condition violated, forfeiture automatic
Devisable, descendible, alienable BUT always subject to the condition
“To A for so long as…”
“To A during…”
“To A until…”
Future interest?
Possibility of reverter in grantor
“To A, but if X event occurs, grantor reserves the right to re-enter and retake “
Fee simple subject to condition subsequent
Estate NOT automatically ended, but it can be cut short at the grantor’s option, if the stated condition occurs
Ross conveys “To Rachel, but if coffee is ever consumed on the premises, grantor reserves the right to re-enter and retake”
What do Ross and Rachel have?
Rachel: fee simple subject to condition subsequent
Ross: right of reentry synonymous with the power of termination
“To A, but if X event occurs, then to B”
Fee simple subject to executory limitation
If condition broken, estate is automatically forfeited in favor of someone OTHER than the grantor
Future interest in B: shifting executory interest
“To Barry, but if Barry ever performs music on the premises, then to Mandy”
What do Barry and Mandy have?
Barry: fee simple subject to Mandy’s SHIFTING executory interest
Mandy: shifting executory interest
O conveys: “To A for life”
What do O and A have?
A: life estate (A is “life tenant”)
O: reversion (at the end of A’s lifetime, estate reverts back to O or O’s heirs
O conveys: “To Madonna, for the life of David Letterman”
What is this? What do Madonna and O have?
life estate pur autre vie
Madonna: life estate pur autre vie
O: Reversion (at end of Letterman’s life, estate reverts back to O or O’s heirs)
Life tenant’s entitlements are rooted in the important doctrine of…
waste
To general rules for life tenants (re: waste)
(1) life tenant entitled to all ordinary uses and profits from the land
(2) life tenant must not commit waste (do anything to hurt future interest holders)
Life tenants: voluntary or affirmative waste
overt conduct that causes drop in value (willful destruction)
Life tenants: voluntary waste & natural resources: general rule + exception
life tenant must not consume or exploit natural resources on the property (such as timber, oil or minerals) unless 1 of 4 exceptions applies, remembered by PURGE
Prior use (prior to grant, land used for exploitation; open mines doctrine)
Repairs (life tenant may consume natural resources for repairs and maintenance)
Grant (life tenant may exploit if granted that right)
Exploitation (land suitable only to exploit)
Life tenants: permissive waste, or neglect
land is allowed to fall into disrepair
Life tenants: permissive waste and obligation to repair
life tenant must simply maintain the premises in reasonably good repair
Life tenants: permissive waste and the obligation to pay all ordinary taxes
life tenant obligated to pay all ordinary taxes on the land, to the extent of income or profits from the land
if there is no income or profit, the life tenant is required to pay all ordinary taxes to the extent of the premises’ fair rental value
Life tenants: ameliorative waste
life tenant must not engage in acts that will enhance the property’s value, unless all future interest holders are known and consent
Life estate’s accompanying future interest (grantor vs. third party)
grantor: reversion
third party: remainder
