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15 Cards in this Set

  • Front
  • Back
In NY fee simple subject to condition subsequent is called what?
Fee on condition
In NY, right of entry or power of termination is called what?
Right of reacquisition
In NY, fee simple determinable is called what?
Fee on limitation
What are the exceptions to the rule that a life tenant may not commit waste?
Prior Use - open mines
What is the NY rule regarding ameliorative waste?
A life tenant is allowed to make reasonable repairs unless the remaindermen object
MBE - life tenant cannot engage in acts that may enhance value of estate unless has permission of all remaindermen
In NY, what are contingent remainders and executory interests called?
Remainders subject to condition precedent
Are vested remainders devisable and descendable?
What is the rule of destructibility of contingent remainders, and is it applicable in NY?
CL: remainder was destroyed if it was still contingent when the preceding estate ended
NY: abolished - remainder becomes a springing executory interest, current interest to grantor
What is the Rule in Shelley's Case and its status in NY?
CL: law of law (even contrary to grantor's intent) "to A for life, then to A's heirs" merges
NY: abolished, this A has a life estate, A's heirs contingent remainders, reversion in grantor
What is the Doctrine of Worthier Title and its status in NY?
CL: "to A for life, then to O's heirs" - O has the reversion, not heirs
NY: NOT applied for transfers taking effect after 1 Sept. 1967 - grantor's heirs have contingent remainder
What are the requirements for creating a joint tenancy?
same time
same title
with identical interests
with equal rights to possess the whole
NY: no need for straw
How may a joint tenancy be ended?
severance sale
severand and partition - voluntary or involuntary
severance and mortgage - IF minority title theory
What is the TITLE theory regarding severance of joint tenancy?
mortgage severs joint tenancy as to the encumbered share
What is the LIEN theory regarding severance of joint tenancy?
mortgage does NOT sever joint tenancy
Can a co-tenant acquire the property from another by adverse possession?
NY: YES, after 20 years of absence