Present Estates and Future Interests Flashcards
(31 cards)
The three types of defeasible fees
Fee Simple Determinable, Fee Simple Subject to Condition Subsequent, Fee Simple Subject to Executory Interest
What is a fee simple determinable
a fee simple estate that terminates upon happening of stated event and automatically reverts to grantor
Future interest that follows fee simple determinable
Possibility of Reverter
What is fee simple subject to condition subsequent
estate that gives grantor the right to terminate the estate upon happening of stated event
Future interest that follows fee simple subject to condition subsequent
Right of Entry
How is FSSCS created
(1) use of conditional words + (2) explicit statement of grantor’s right to re-enter
How is Fee Simple Determinable created
durational language
What is fee simple subject to executory interest
Estate that automatically terminates upon happening of stated event with future interest in third party
How is FSSEI created
third party who takes upon forfeiture of fee simple estate
Future interest following FSSEI
shifting executory interest
What is life estate
an estate measured by the life or lives of one or more persons
Future interest that follows life estate
reversion if held by grantor, remainder if held by third party
Life tenant must not commit…
waste
What are the three types of waste
(1) voluntary (2) permissive, and (3) ameliorative
Duties of life tenant are
repair land and structures in reasonable state of repair, pay taxes on land, pay interest on mortgages, pay special assessments for improvements
What are the future interests in the transferor
possibility of reverter, right of entry, and reversion
What are the future interests in person other than O
contingent remainder, vested remainder, or executory interest
When is remainder contingent
(1) created in unborn or unascertained persons, (2) subject to condition precedent
When is a condition precedent
condition appears before language creating the remainder
What is an indefeasibly vested remainder
remainder not subject to divestment or dimunution
what is vested remainder subject to total divestment
a vested remainder subject to condition subsequent
when is a condition subsequent
appears after language creating the remainder
What is vested remainder subject to open
vested remainder created in class of persons that must become possessory but subject to diminution
What is a shifting executory interest
cuts short someone other than grantor
