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7 Cards in this Set
- Front
- Back
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2 present freehold estates
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1) Fee simple absolute (fee simple)
2) Life estate |
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Fee simple absolute (fee simple)
[Default] |
1) Runs forever and is fully alienable
2) Void any attempt to put a direct restriction on alienation 3) Conditions on exercise of a fee simple are OK 4) Right of first refusal is not an invalid restriction on alienation |
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Life estate
Never measured by time, only by a life.** ("To A for life") |
1) Can have life estate by implication.
2) Measuring life can be life of someone besides life estate holder. If LT dies before measuring life, life estate passes to LT's estate until measuring life dies. 3) Forfeiture restrictions are okay. 4) All LT can do is maintain estate (continuing normal use in present condition). If LT does more than or less than merely maintain, liable for waste. |
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3 types of waste
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1. Voluntary: affirmative action beyond right of maintenance causing harm. LT is liable to holder of future interest. *Crop sales is not waste.
2. Permissive: Tenant has failed to maintain. 3. Ameliorative: affirmative act alters property substantially but increases its value --> Rule: If changed conditions have made property relatively worthless in current use, LT can tear down w/o liability |
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Open mines doctrine
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Depletion of natural resources is waste unless normal use of the land was to deplete them (coal mine, granite quarry, etc.); then, existing use can be continued.
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3 duties of a tenant to avoid permissive waste
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1) Repair- ordinary, not replacement
2) All taxes on property. Holder of future interest must make sure taxes get paid; a tax sale terminates the future interest. 3) Pays interest on any mortgage. Holder of future interest must pay principal. For all 3; life tenant’s obligation is limited to income received from the land, or, if LT is personally using the property, the reasonable rental land value Life tenant does not have to insure the property |
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Class Gift & Rule of Convenience
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1) Gifts to a class of unnamed persons
2) Class members who predecease T are eliminated; their gift lapses 3) Once class is established when will is executed, class stays open to accommodate those who later meet the class definition 4) Rule of convenience: class closes when any member is entitled to a distribution [rule of construction not law] |
