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5 Cards in this Set

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Name the defeasible fees (including NY terminology) and their corresponding future interest.
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)
State the Rule of Reversions.
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.
Name all possible future interests.
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)
Distinguish Vested vs. Contingent Remainders
Vested remainders are (1) created in an ascertainable person and (2) are not subject to a condition precedent.
Name and describe the types of Vested remainders
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.