Flashcards in Present Possessory Interests Deck (7)
What is a Fee Simple?
O→A and heirs
Greatest interest our legal system recognizes
What is a fee tail?
O→A and heirs of the body
what is a life estate?
O→A for life
Rights of a life tenant
What are a life tenants right?
a. Estovers (wood only for domestic use)
b. Emblements (crops)
c. Profits (ranch/farm domestic)
d. Pay interest on the mortgage
e. Government assessments
f. Real estate taxes
g. Can insure the right to use the land, but not the full value
h. Liable for waste if you can show they were the cause
i. Receives rights and conditions by conveyance
Life Tenants: How does the doctrine of waste apply?
Liable for waste if you can show they were the cause
(i) Voluntary→ volitional act of tenant that causes damages to the property beyond the normal wear and tear
(ii)Permissive→acts of omissions, can’t prevent permanent damages without keeping property air and water tight
Life Tenants: How does rights and conditions by conveyance work?
Receives rights and conditions by conveyance
(i)Generally does not have right of disposal (selling off pieces of property) or consumption (use up or consumer principal)
(ii)If you are given right of disposal and consumption, effectively converted from life estate to fee simple