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14 Cards in this Set

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The Rule Against Perpetuities requires that for an interest in property to be valid it must ...
... , must vest, if at all, not later than 21 years after some life in being at the creation of the interest.
In the case of a will tested under the Rule against perpetuities, the perpetuities period begins to run ...
... on the date of the testator’s death, and measuring lives used to show the validity of an interest must be in existence at that time.
Leasing property owned by another __ constitute actual possession for adverse possession purposes.
DOES
In a general warranty deed, the two types of covenants given are ...
The covenant of seisin, the covenant of right
to convey, and the covenant against encumbrances are present covenants and are breached, if at
all, at the time of conveyance. The covenant for quiet enjoyment and the covenant of warranty
are future covenants and are breached only on interference with the possession of the grantee or
his successors. Unlike the future covenants, the present covenants do not “run” with the grantee’s
estate and cannot be enforced against the covenantor by successive grantees in most jurisdictions.
(1) present covenants;
and
(2) future covenants.
In present covenants in a general warranty deed are ... and are breached when ...
(1) covenant of seisin;
(2) covenant of right to convey;
and
(3) covenant against encumbrances;
AND are breached, if at all, at the time of conveyance.
The future covenants in a general warranty deed are ... and are breached when ...
(1) covenant for quiet enjoyment;
and
(2) covenant of warranty.
AND and are breached only on interference with the possession of the grantee or his successors.
Unlike the future covenants, the present covenants ...
... do not “run” with the grantee’s estate and cannot be enforced against the covenantor by successive grantees.
A covenant against encumbrances __ breached when the grantee knows of the encumbrance ...
IS breached even if grantee knew, particularly if it is an encumbrance on title, such as a mortgage or lien, rather than a physical encumbrance such as an easement.
The Rule Against Perpetuities __ apply to rights of first refusals.
DOES
Per the Shelter Rule, ...
... a person who takes from a
bona fide purchaser will prevail against any interest that the transferor-bona fide purchaser would
have prevailed against, even if the person taking the property has actual or record notice of the
prior interest.
Under a race-notice recording act, ...
... a subsequent bona fide purchaser is protected only if she records her interest before the prior grantee does.
When a grantee signs an assumption agreement promising to pay the mortgage loan, ...
(1) the grantee becomes primarily liable to the lender (who is a third-party beneficiary of the assumption agreement);
(2) the original mortgagor-grantor becomes secondarily liable as a surety;
and
(3) creditors can seek judgment against either the grantee or the grantor for any deficiency
Where a landowner enters into a modification agreement with a senior mortgagee that makes the mortgage more burdensome, the junior mortgage ...
... will be given priority over the modification.
In a foreclosure sale, ...
... buyer takes title as it was encumbered when the foreclosing mortgagee took title, thus destroying junior encumbrances and preserving senior encumbrances.