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Flashcards in Present Interests Deck (13):
1

Fee Simple Absolute

absolute ownership.
1. divisible - able to pass down by will
2. descendible - can pass to heirs
3. freely inalienable - transferable inter vivos, can transfer during one's lifetime

2

Fee Tail

"to heirs and heirs of his bod" Used to pass directly to the grantee's lineal blood descendant no matter what. Used to keep land in the family. Allows reversion back to O

3

Defeasible Fees

Present interests with limitations
1. Fee simple determinable
2. Fee simple subject to condition subsequent
3. Fee simple subject to executory limitation

4

Fee simple determinable

"to A so long as" "to A during" "to A until"
Grantor clear durational language. If condition is violated then forfeiture is automatic. Always possibility of reverter to grantor

Accompanying future interest? Possibility of reverter

5

Fee simple subject to condition subsequent

"to A but if X happens granter reserves the right to enter and retake"

Interests is not automatically termination but it can be cute short at the grantor's option if the condition occurs.

Must have 1) durational language; 2) carves out the right of re-entry

Accompanying future interest? Right of entry

6

Fee simple subject to executory limitation

"to A but if X event occurs then to B"

Someone other than grantor stands to take at the violation of the condition. The estate will be automatically forfeited if the condition occurs to a third party.

Accompanying future interest? Shifting executory interest

7

Fee simple subject to executory limitation

"to A but if X event occurs then to B"

Someone other than grantor stands to take at the violation of the condition. The estate will be automatically forfeited if the condition occurs to a third party.

Accompanying future interest? Shifting executory interest

8

Life Estate

"O convey to A for life"

Estate that must be measured in explicit lifetime terms and is never written in years.

Accompanying future interest?
1) Possibility of reverter to O
2) Remainder held by a future partner

9

Life estate per autre vi

"To A for the life of B"

life estate measured by a life other than the grantee's life

10

Doctrine of Waste

the life tenant must not commit waste or do anything that would hurt the future interest holders. Three types of waste: Voluntary, Permissive, Ameliorative Waste

11

Voluntary Waste

affirmative, wasteful conduct of life tenant that causes a drop of value in the land. willful acts of destruction

12

Permissive Waste

Neglect. Life-tenant must not allow land to fall into disrepair

13

Ameliorative Waste

the life tenant must not engage in conduct that will enhance the premises value unless ALL future interest holders consent