Flashcards in The Life Estate Deck (20):
A Life Estate must be measured in _____ ______ _____ and NEVER in _____ _____ ______.
Explicit lifetime terms
Terms of years
How is a LE like a proclamation of love?
You never want to tell someone, "I will love you for the next 10 years." You always say, "I will love you for the rest of our lives."
O conveys to A.
A has a? A is known as a? O has a?
What is a reversion?
A future interest in which at the end of a life estate, the estate reverts back to the grantor.
How does a life estate differ from a life estate our autre vie?
Life estate is measured by the grantee's life.
LE pur autre vie is measured by the life of someone other than the grantee
O conveys: "To Madonna, for the life of David Letterman."
Madonna has? O has? DL has?
Life estate pur autre vie.
O has a reversion.
DL has nothing
O conveys: "To Madonna, for life." Madonna then sells her entire interest to DL. Thus, DL has a? O has a? When?
DL has a LE pur autre vie
O has a reversion that kicks in at the end of MADONNA's life
A life tenant's entitlements are rooted in the important doctrine of ______.
A life tenant in entitled to all _____ uses and ____ from the land.
What may a life tenant (generally) not do to the property?
What are the three types of Waste?
Voluntary, or affirmative
Permissible, or neglect
What is the general rule regarding voluntary waste and natural resources? (ignore exceptions)
The life tenant must not consume or exploit natural resources on the property.
What are the four exceptions to the rule that a life tenant must not consume or exploit natural resources on the property?
PU: Prior use (if land was formerly used for exploitation)
R: Repairs (can consume resources for repairs and maintenance)
G: Grant (can exploit if granted that right)
E: Exploitation (if land is only suited for exploration, i.e., a quarry)
Explain the Open Mines Doctrine.
If mining was done on the land before the life estate began, the life tenant may continue to mine BUT is limited to the mines already open.
When does permissive waste (i.e., neglect) occur?
When the land falls into disrepair.
Permissive waste: The life tenant must simply _____ the premises in reasonably good repair.
The life tenant is obligated to pay all ordinary taxes on the land, to the extent of income or profits from the land. If there is NO income or profit, the life tenant is required to pay all ordinary taxes to the extent of the _____ ______ ______ _______.
Premises fair rental value.
What is the rule regarding ameliorative wasted?
A life tenant must not engaged in acts that will enhance the property's value UNLESS all future interest holders ARE KNOWN AND CONSENT.
What is the purpose of the rule against ameliorative waste?
Meant to honor sentimental value.