Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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?
|
PURGE
Prior Use - open mines Repair Grant Exploitation |
|
|
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?
|
YES
|
|
|
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?
|
TTIP
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?
|
SPAM
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?
|
MBE: NO
NY: YES, after 20 years of absence |
