Property

Front 1

Name the defeasible fees (including NY terminology) and their corresponding future interest.

Back 1

Fee Simple Determinable (NY: Fee on Limitation) with future interest Possibility of Reverter.

Fee Simple Subject to Condition Subsequent (NY: Fee on Condition) with future interest Right of Entry or Power of Termination (NY: Right of Reacquisition).

Fee Simple Subject to Executory Limitation with future interest Executory Interest (NY: Remainder subject to a Condition Precedent)

Front 2

State the Rule of Reversions.

Back 2

O must transfer a possessory Fee Simple or a Vested Remainder in order to make a full disposition of his property. If he does not, then he retains a reversion.

Front 3

Name all possible future interests.

Back 3

Three that reside in the grantor , O:
1. Possibility of Reverter
2. Right of Entry / Right of Termination (NY: Right of Reacquisition)
3. Reversion

Three that may be held by a third party:
1. Vested Remainder
2. Contingent Remainder (NY: Remainder subject to a condition precedent)
3. Shifting or Springing Executory Interest (NY: Remainder subject to a condition precedent)

Front 4

Distinguish Vested vs. Contingent Remainders

Back 4

Vested remainders are (1) created in an ascertainable person and (2) are not subject to a condition precedent.

Front 5

Name and describe the types of Vested remainders

Back 5

Indefeasibly vested remainder. The holder is certain to acquire an estate in the future.

Vested remainder subject to total divestment (NY: Remainder Vested Subject to Complete Defeasance). Right to possession is subject to a condition subsequent (i.e. the comma rule)

Vested Remainder Subject to Open. Class gift situation, there is at least one ascertainable class member, but the class is not yet closed.