Property Terms Flashcards
(53 cards)
Elements of Adverse Possession
(1) actual possession
(2) exclusive possession
(3) open and notorious possession
(4) adverse and hostile possession
(5) continuous possession
(6) for statutory period
Adverse Possession of Chattels Discovery Rule
statutory period for AP does not begin to run until the injured party discovers or by exercise of reasonable diligence should have discovered, facts which would form the basis of a cause of action
Alienable
interest can be sold, transferred, given away during owner’s lifetime
Devisable
interest can be transferred by will at owner’s death
Descendible
interest can be passed on through laws of intestate succession
Fee Simple Absolute
whole estate belongs to owner, have all of the rights in bundle of sticks
Fee Simple Absolute Words of Duration
to B and his heirs
to B forever
to B
Life Estate
interest lasts for the lifetime of the holder
alienable
NOT devisable or descendible
Life Estate Words of Duration
to B for life
Life Estate Pur Autre Vie
interest lasts for the lifetime of someone other than the interest holder
Fee Simple Determinable
may continue forever OR automatically end at certain condition / event returning right of possession to transferor
Fee Simple Subject to Condition Subsequent
may continue forever OR can end at the election of the transferor following a certain condition / event
Fee Simple Determinable Words of Duration
to B so long as
to B while
to B until
Fee Simple Subject to Condition Subsequent Words of Duration
to B provided that
to B but if
to B on the condition that
Fee Simple Subject to Executory Interest
defeasible estate (one that can be cut short) created in transferee that is followed by a future interest in someone other than the transferor
Possibility of Reverter
future interest held by transferor of fee simple determinable
Right of Entry
future interest held by transferor of fee simple subject to condition subsequent
Remainder
(1) capable of becoming possessory immediately upon expiration of prior estate
(2) does not cut short any other interest (waits patiently)
Vested Remainder
(1) created in an ascertainable person
(2) not subject to a condition precedent
Contingent Remainder
interest created in an unascertainable person or is subject to condition precedent
if it is a remainder but is not vested, must be contingent
Executory Interest
future interest that cuts short another’s interest to become possessory
Springing Executory Interest
cuts short the interest of the grantor
Ex. to A if and when he marries
Shifting Executory Interest
cuts short the interest of someone other than the grantor
Future interests subject to the rule against perpetuities
(1) contingent remainders
(2) executory interests
(3) vested remainders subject to open
