Present Possessory Estates Flashcards
(43 cards)
what is a present possessory estate?
an interest that gives the holder the right to present possession
what are the three categories of present possessory freehold estates?
1) fee simple absolute
2) defeasible fees (3 types)
3) life estate
what is a fee simple absolute?
absolute ownership of indefinite or potentially infinite duration
what language creates a fee simple absolute?
“to A” or “to A and his heirs”
in the absence of express contrary intent, what interest is presumed to be conveyed by the language “to A”?
fee simple absolute (“to A” is enough)
what are the FSA’s distinguishing characteristics?
freely transferable, devisable, and descendible
what is the accompanying future interest to an FSA?
NOTHING (a living person can have NO heirs, won’t have an interest until grantee dies and then it will be present, not future)
what is a defeasible fee?
fee simple estate that can be terminated upon the happening of a stated event (subject to the risk of forfeiture)
**TLDR = fee simple with a catch
what is a fee simple determinable?
estate that terminates upon the happening of a stated event and AUTOMATICALLY reverts to the grantor
what language creates a fee simple determinable?
durational language such as “to A for so long as…” or “to A during…”, etc
how may fee simple determinables be alienated (if at all)?
transferable, devisable, and descendible BUT always subject to the stated condition (grantee takes subject to estate being terminated by the specified event)
in a fee simple determinable, when the stated condition occurs, when does forfeiture happen?
AUTOMATICALLY
what is the accompanying future interest to a fee simple determinable?
possibility of reverter in the grantor
can a possibility of reverter be transferred, devised, or descended?
yes to all three
what is a fee simple subject to a condition subsequent?
an estate in which the grantor reserves the right to terminate the estate upon the happening of a stated event (DOESN’T automatically terminate! grantor must take some action!)
what language creates a fee simple subject to a condition subsequent?
(2 main ingredients)
1) conditional language – “but if”, “provided that”, “on the condition that”, AND
2) an EXPLICIT statement of the grantor’s right to re-enter – “reserves the right to re-enter and re-take”
what is the future interest that accompanies a fee simple subject to a condition subsequent?
a right of reentry (grantor)
are rights of reentry transferable, devisable, or descendible?
NOT transferable BUT they are devisable and descendible
what is a fee simple subject to an executory interest?
estate that terminates upon the happening of a stated event BUT then passes to a third party (rather than reverting back to grantor)
what language creates a fee simple subject to an executory interest?
language that allows a third party to take if forfeiture occurs – “to A, but if X occurs, to B”
if the stated event occurs in a fee simple subject to an executory interest, when does forfeiture occur?
AUTOMATICALLY (goes to 3d party)
what is the future interest that accompanies a fee simple subject to an executory interest?
a shifting executory interest in the third party
what kinds of words will NOT create a defeasible fee?
words of desire, hope, or general intention/motive (courts need clear, durational language to enforce a defeasible fee)
what are the three types of defeasible fees?
1) fee simple determinable
2) fee simple subject to a condition subsequent
3) fee simple subject to executory interest
