Present Interests - Jan. 24 Flashcards by Casey Scoular

What are present interests? (Barros)

Present interests give the owner a present right of possession (or in some cases use) of the land. (131)

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What are future interests? (Barros)

Future interests give the owner a future right of possession (or use) of the land. (131)

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When do future interests take effect? (Barros)

A future interest exists at the time it is created. (131)

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What are present interests usually called? (Barros)

Present interests in land are typically called estates in land. (132)

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What is the fee simple absolute? (Barros)

The fee simple absolute is unlimited in duration and is the closest thing that the U.S. legal system has to absolute ownership of land. (Usually referred to just as a fee simple) (132)

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What are words of purchase? (Barros)

Those words identified the recipient of the interest. (133)

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What are words of limitation? (Barros)

Those words identified the interest being created. (133)

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What does the phrase “in common” mean. (Barros)

The phrase “in common” indicates that the holders have a concurrent interest in the land—that is, they both own the land at the same time. (133)

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What is the personal property equivalent for the fee simple absolute?

The personal property equivalent for the fee simple absolute is called absolute ownership. (133)

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What does the term issue mean in property conveyance? (Barros)

Issue are lineal descendants—children, grandchildren, great grandchildren, and so on. (134)

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What does the term ancestors mean in property conveyance? (Barros)

Ancestors are parents, grandparents, and so on. In inheritance situations, it is rare for ancestors other than parents to be relevant. (134)

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What does the term collaterals mean in property conveyance? (Barros)

Collaterals are blood relatives who are not descendants or ancestors—brothers, sisters, cousins, aunts, uncles, nephews, nieces. (134)

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What does the term devisees mean in property conveyance? (Barros)

Devisees are people who inherit from a person who dies testate. Testate means with a will. If a person dies testate, then the provisions of the person’s will control the distribution of the person’s property. (134)

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What does the term heir mean in property conveyance? (Barros)

Heirs are people who inherit from a person who dies intestate. (134)

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What does the term intestate mean in property conveyance? (Barros)

Intestate means without a will. (134)

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What is the typical order of inheritance in most states? (Barros)

Surviving spouses and children are in the first category of heirs. (The rules for surviving spouses can be complex and are discussed in Chapter 3). If a person dies without a surviving spouse or children, then issue inherit next. If there are no issue, then preference typically goes in order to parents then collaterals. Collaterals with a more direct relationship to the decedent typically inherit before collaterals with a more remote relationship—for example, siblings typically inherit before cousins. (134)

What does the term escheat mean in property conveyance? (Barros)

If a person dies intestate and without heirs (generally this means that they die without a will and without a surviving spouse or surviving blood relatives), then the person’s property goes to the state. The legal term for this process is that the property escheats to the state. (134)

Does a living person have heirs? (Barros)

No. A living person has potential heirs. (134)

What does the term executor mean in property conveyance? (Barros)

The person appointed to administer a deceased person’s estate. In some jurisdictions, the person fulfilling this role is known as a personal representative. (134)

What is the per stirpes approach to inheritance? (Barros)

Under the per stirpes approach, each branch of the family gets an equal share. (135)

What is the per capita by generation approach to inheritance? (Barros)

Under the per capita by generation approach, each generation gets better shares. (135)

What is a life estate? (Barros)

A life estate is an interest that has a duration measured by a human life. It is created by the language “to A for life.” (136)

What is the owner of a life estate typically called? (Barros)

The owner of a life estate is commonly called a “life tenant.” (136)

How is a life estate measured? (Barros)

As suggested by our initial definition, a life estate must be measured by a human life. A life estate cannot be measured by the life of a non-human animal or a non-human entity such as a corporation. (136)

What three basic tenancies does our legal system recognize? (Barros)

Our legal system recognizes three basic types of tenancies: the term of years, the periodic tenancy, and the tenancy at will. (136)

What is a term of years? (Barros)

The term of years is created by language that establishes the duration of the tenancy by reference to a fixed period of time or to calendar dates for its beginning or ending time. (138) Ex: O grants Blackacre “to A for one year.”

What is the periodic tenancy? (Barros)

The periodic tenancy is created by language that is measured by a fixed period of time and automatically continues for successive periods of time until either the landlord or tenant gives notice of termination. (138) Ex: O grants Blackacre “to A from year to year.”

What is the tenancy at will? (Barros)

The tenancy at will is created by language that sets no fixed period for the duration of the tenancy. (138) Ex: O grants Blackacre “to A so long we mutually agree to continue the tenancy.”

What are defeasible interests? (Barros)

Defeasible interests are interests that will terminate on the happening of an uncertain event. (139) Ex: O grants Blackacre “to the School Board, so long as the land is used for school purposes.”

What is a fee simple determinable? (Barros)

A fee simple determinable is created if the defeasible language is phrased in terms of duration, such as “so long as” or “until.” (139)

What is a fee simple subject to condition subsequent? (Barros)

A fee simple subject to condition subsequent is created if the defeasible language is phrased in terms of condition, such as “but if,” “on the condition that,” or “provided that.” (139) Ex: O grants Blackacre “to the School Board, but if the property is not used for school purposes, then grantor may re-enter and retake the property.” Ex: O grants Blackacre “to the School Board on the condition that the property is used for school purposes, and if it is not, then grantor may re-enter and retake the property.”

What is a right of entry (or power of termination)? (Barros)

The future interest that accompanies a fee simple subject to condition subsequent. (140)

How does a fee simple determinable terminate? (Barros)

A fee simple determinable terminates automatically by operation of law once the termination event occurs. (140)

How does a fee simple subject to condition subsequent terminate? (Barros)

A fee simple subject to condition subsequent terminates only when the holder of the right of entry exercises her right to terminate the fee simple interest. (140)

How is the fee simple subject to executory limitation created? (Barros)

The fee simple subject to executory limitation, is created when the accompanying future interest is created in someone other than the original grantor. (140) Ex: O grants Blackacre “to the School Board so long as it is used for school purposes, then to the State College.” Ex: O grants Blackacre “to the School Board, but if the property is not used for school purposes, then the State College may enter and take the property.” Ex: to A, but if A dies before reaching the age of 21, then to B. (Eason - Jan. 31)

What is a useful mnemonic to remember Fee Simple SUBJECT to a Condition Subsequent or Precedent? (Piper)

You’ll recognize these interests when they BOP you on the head: B – “BUT”, if liquor is ever sold on the land, then to G O – “ON condition that” the land is used only for residential purposes P – “PROVIDED” the land is not used for commercial purposes

What is a useful mnemonic to remember Fee Simple DETERMINABLE language? (Piper)

These interests can be recognized by SUD language: S – “SO long as” liquor is not sold on the land U – “UNTIL” the land is not used for religious purposes D – “DURING” this period, the land is used only for residential Purposes