Topic 6 - Estates Flashcards
(9 cards)
Define fee simple
Fee - estate is inheritable
Simple - Unrestricted character of those who may inherit
Define life estate sa vie
The appropriate words of limitation are words that evince an intention to confer an estate which is limited by a life
Define life estate pur autre vie
The appropriate words of limitation set out that it is to exist for the duration of a third person’s life
Define remainder
Express grant of a future interest to a person not previously entitled to the estate
Define reversion
Residue of a grantor’s estate when he or she has granted a lesser portion of the interest to another person
Define conditions subsequent
A grant of an estate which has a conditions subsequent attached so that the grant may be cut short
Define vested interest
A vested interest is one that is bound to take effect in possession at some future date
Define contingent interests
A contingent interest is an interest that is not vested in title and is subject to contingency which prevents the interest from vesting in title.
Define the nemo dat quod non habet rule
A person cannot convey an interest to somebody else when the conveyor does not have an interest themselves
