Gilbert Book

Front 1

Future interest

Back 1

A nonpossessory interest possible of becoming possessory in the future.

Front 2

5 categories of future interests

Back 2

1. Reversion
2. Possibility of Reverter
3. Right of Entry
4. Remainder
5. Executory Interest

Front 3

Future interests retained by a grantor

Back 3

1. Reversion
2. Possibility of Reverter
3. Right of entry

Front 4

Reversion

Back 4

A future interest left in the grantor after the grantor conveys a vested estate of LESSER quantum than he has

(Life estate)

Front 5

Possibility of Reverter

Back 5

A grantor carves out a determinable estate of the same quantum. Usually follows a determinable fee.

(Fee simple determinable)

Front 6

Right of entry

Back 6

Retained when the grantor creates an estate subject to condition subsequent and retains the power to cut short the estate.

(Fee simple subject to condition subsequent)

Front 7

Remainder

Back 7

A future interest in a grantee that: (i) has the capacity of becoming possessory at the expiration of prior estates, and (ii) cannot divest prior estates

Front 8

Executory interest

Back 8

A future interest in a grantee that, in order to become possessory, must divest or cut short the prior estate, or spring out of the grantor at a future date.

Front 9

Legal future interest

Back 9

Created without imposition of a trust

Front 10

Equitable future interest

Back 10

Created in a trust

Front 11

Reversion

Back 11

Alienable, accelerates into possession upon termination of the proceeding estate, and is not subject to the Rule Against Perpetuities.

Front 12

Reversion, Possibility of Reverter

Back 12

Transferable, descendible, and devisable

Front 13

Right of Entry

Back 13

Descendible and devisable, but some courts hold not transferable inter vivos.

Front 14

Remainder

Back 14

Can only be created by express grant in the same instrument which the preceding possessory estate is created.

Front 15

Vested remainder

Back 15

Created in an ascertained person AND is not subject to any condition precedent.

Front 16

Contingent remainder

Back 16

Either created in an unascertained person or is subject to a condition precedent.

Front 17

Condition precedent

Back 17

An express condition attached to the remainder

Front 18

Indefeasibly vested

Back 18

The holder of the remainder is certain to acquire a possessory estate at some point in the future, and is also certain to be entitled to retain permanently thereafter the possessory estate so acquired.

Front 19

Vested Remainder subject to open

Back 19

Vested in a class of persons, at least one of whom is qualified to take possession, but the shares if the class members are not yet fixed bc more persons can subsequently become members of the class.

Front 20

Vested remainder subject to divestment

Back 20

Vested subject to being divested by the operation of a condition subsequent or vested subject to divestment by an inherent limitation of the estate in the remainder.

Front 21

Contingent remainder

Back 21

Limited to an unascertained person or is subject to a condition precedent.

Front 22

Unascertained person

Back 22

The person is not born yet or cannot be detrained until the happening of an event.

Front 23

Condition precedent

Back 23

An express condition set forth in the instrument , which must occur before the remainder becomes possessory.

Front 24

Condition precedent

Back 24

If the conditional element is incorporated into the description of, or into the gift to the remaindermen

Front 25

Vested remainder

Back 25

After words giving a vested interest a clause is added divesting it.

Front 26

Creditors rights

Back 26

If the debtor can voluntarily transfer it, the creditor can reach it. They can therefore reach vested remainders and contingent remainders, if they are alienable in the particular jurisdiction.

Front 27

Eneoff

Back 27

Convey the freehold of land into the possession of.

Front 28

Executory interest v. Remainder

Back 28

No preceding estate, follows a fee simple, the future interest does not follow the natural termination of the preceding estate.

Front 29

Springing executory interest

Back 29

Springs out of the grantor at a date subsequent to the granting of the interest, divesting the grantor.

Front 30

Shifting interest

Back 30

A future interest in a grantee that divests a preceding estate in another grantee prior to its natural termination.

Front 31

Effect of abolition of Rule of destructibility

Back 31

Where destructibility is abolished, a contingent remainder takes effect if the contingency occurs wither before or after the termination of the life estate

Front 32

Doctrine of merger

Back 32

A life estate in A and a remainder in A will merge unless (i) there is an intervening estate, or (ii) the remainder in A is subject to a condition precedent to which his life estate is not subject.

Front 33

Modern justification of the Rule in Shelley's case

Back 33

A fee simple can be conveyed to A immediately after the conveyance from O. The land is not tied up during A's lifetime

Front 34

Doctrine of Worthier title

Back 34

When an intro vivos conveyance purports to create a future interest in the heirs of the grantor, the future interest is void and the grantor has a reversion.

Front 35

Destructibility Rule

Back 35

Applies only yo legal contingent remainders in land. Does not apply to equitable interests, interests in trust, nor to personal property. It is a rule of law, not a rule designed to carry out the grantor's intent.

Front 36

The Rule in Shelley's case

Back 36

Applies to legal and equitable remainders in land. Does not apply to personal property. It is a rule of law, and not designed to carry out the grantor's intent.

Front 37

Doctrine of Worthier title

Back 37

Applies to legal and equitable remainders and executory interests in real property. It is a rule of construction designed to carry out the grantor's intent, and can be overcome by contrary evidence of intent.