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64 Cards in this Set

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  • Back
How can you get an interest in land?
1. Adverse possession
2. Conveyancing
3. Recording
4. Security Interests
What is the key word to remember for 'estates'?
Are restraints on alienation of fee simple absolutes okay?
When granting a fee simple absolute, is it okay to reserve a right of first refusal?
What language is needed to create a fee simple?
"To A." At common law, you needed to say "and his heirs." You don't need to say this any more.
Is it a life estate if you say "To Bebe for 200 years if he lives that long?"
What is a life estate by implication?
"To Lucia and Lynda after the death of my faithful wife Lady Bird."
What is a life estate pur autre vie?
"To A for the life of B."
In the previous example, what happens if A dies before B?
It goes to A's estate until B dies.
Are forfeiture restrictions on life estates okay?
What is the primary duty for life estate tenants?
Maintain the estate. Otherwise the tenant is guilty of waste.
Discuss voluntary waste.
Any affirmative action beyond the right of maintenance causing harm to the premises.

But, the Open Mines Doctrine allows depletion of resources if that was already the normal use of the land.
Is sale of crops waste?
What is permissive waste?
Where tenant has failed to maintain. 3 things must be done to avoid permissive waste:
1. Repair (ordinary repairs -- no obligation to replace);
2. Taxes (but holder of future interest must make sure taxes get paid, or can lose his interest);
3. Interest: Life tenant pays interest on property (future interest holder pays principal).
What is the limitation of the life tenant's liability?
As per permissive waste, only has to pay the amount of income received from the land, OR, if life tenant is personally using it, the reasonable rental value of the land.
Does life tenant have to insure the property?
NO. No no no no.
What is ameliorative waste?
It is a special type of voluntary waste that occurs when the affirmative act alters the property significantly but increases its value.
When is it okay for a life tenant to engage in ameliorative waste?
When changed conditions have made the property relatively useless.
If members of a class predecease the testator, what happens to their share of the gift?
It lapses.
When does a class gift close?
A class closes when any one of the class is entitled to a distribution. This is called the rule of convenience.
Can a grantor insert language that overcomes the rule of convenience?
What is tricky about class closings?
It doesn't necessarily happen at a death. It happens when one member is entitled to a distribution.
What are the five future interests?
For grantor:

1. Reversion
2. Possibility of reverter
3. Right of Entry (or Power of Termination)

For third party:
4. Remainder
5. Executory Interest
What is a reversion?
It's the interest kept by the grantor when the Grantor gives less than the durational estate the Grantor had.
O to A for life. Later A grants the property to B for life.

What does A have?
Reversion for life.
O to A for life, then to B and his heirs if B survives A.

What do the parties have?
O: Reversion
A: Life estate
B: contingent remainder.
Is a reversion certain to send property back to O?
No, not at all. If a third party has a contingent remainder and the condition is not fulfilled, it can revert back to O.
Are reversions subject to RAP?
No. Never.
What is a possibility-of-reverter?
It's when grantor gives a fee simple determinable.
What is a fee simple determinable?
It's a fee simple determinable that ends automatically when a stated condition occurs.
Give an example of a fee simple determinable.
O to A and his heirs for so long as no liquor is consumed on the premises.
Is a possibility of reverter subject to RAP? Is it freely transferable?

Is a reversion transferable?
Yes, freely transferable.
What is a Right of Entry/Power of Termination?
It is the interest remaining after grantor gives a fee simple on a condition subsequent.
What's a little trick to remember re. the creation of a fee simple on condition subsequent?
It has to be EXPRESSLY created.
What effect does the language "for the purpose of" have? (e.g., "To Yale University for the purpose of holding co-ed steambaths)
What is a vested remainder?
Nothing stands in its way of becoming possessory on the NATURAL expiration of the estate that comes before it.

We know who will take, and there are no conditions to taking.
What is a vested remainder subject to open?
Where the remainder interest is to a class whose members are not yet fully known, to allow for future persons (e.g., future children).
What's another name for vested remainder subject to open?
Vested remainder subject to partial divestment.
What is common to both vested and contingent remainders?
They'll both become possessory (if at all) only upon the NATURAL EXPIRATION of the estates coming before them.
What is an executory interest?
It's a future interest that cuts short the estate that comes before it.
What's a tip to remember regarding the reading of future interests?
What's another name for vested remainder subject to an executory interest?
Vested remainder subject to total divestment.
Who can sue a life tenant for waste?
A remainderman, but NOT an executory interest holder.
To what does the Rule Against Perpetuities NOT apply?
1. Reversions
2. Possibility of reverter
3. Power of Entry.
O to A for as long as no liquor is consumed on the premises; and if liquor is consumed on the premises during the lifetime of A or B or within 21 years after the death of the survivor of A or B, then title to B and his heirs. Who gets what?
O gets possibility of reverter.
A gets fee simple determinable subject to executory interest.
B gets executory interest.
Can options and rights of first refusal violate RAP?
What is the charity to charity exception?
If a grant goes from one charity to another charity, RAP does not apply.
What is "bad for one, bad for all"?
If RAP operates to void the gift over to ANY member of a class, then all members of the class lose, even if it didn't void it for them.
Who gets what: O to A for life, then to A's widow for life, then to A's children who are then living.
O: Nothing
A: life estate
A's wife: contingent remainder
A's kids: nothing (RAP)
For wills and deeds, when do you look at the document for purposes of RAP?
For wills, look at it at the time of the testator's death. For deeds, look at it at the time of the deed.
What is needed to create a joint tenancy?
TTIP and specific words: "with right of survivorship."
What are the four ways to severa joint tenancy?
1. Conveyance
2. Mortgage (in title theory state)
3. Contract of sale
4. Creditors' sale (judgment LIEN is not enough; must be judicial SALE).
What is the general rule re. sharing profits among co-tenants? What is this called? What is the exception?
The general rule of accountability is that one co-tenant does not have to account to another co-tenant for a share of the profits.

The exceptions are ALDO:
1. Agreement to share.
2. Lease of the property to third party.
3. Depletion of natural resources.
4. Ouster -- keeping a co-tenant off the property.
What is the right of contribution among co-tenants?
One co-tenant does not have the right to seek contributions for improvements of non-necessary repairs, but does have the right to seek contributions for necessary repairs.

Contribution is available for any mortgage on the property (if signed by all co-tenants), governmental obligations (taxes, etc.). Also, if one co-tenant pays for a bunch of out of pocket expenses, he might get more back after sale of the property.
What do you call a three day lease?
Tenancy for years.
One does a tenancy for years have to be in writing?
For anything OVER one year (one year is OKAY).
What are the ways to create a periodic tenancy?
1. Express agreement.
2. Tenancy by implication (lease is silent as to time; measured by the rent payment).
3. By operation of law. Two situations: a. Oral lease that violates Statute of Frauds; holdover tenant.
What is needed to terminate a periodic tenancy?
1. Notice given equal to the lease period (exception: if tenancy is year to year, just six months' notice is required).
2. The right effective day of termination: the last day of a period.
What can a landlord do about a holdover tenant?
Two things:
1. Sue to throw him off the property.
2. Impose a new periodic tenancy on him.
If landlord imposes a new periodic tenancy on the holdover tenant, what is the term?
1. If residential, it's ALWAYS month to month.
2. If commercial, it's the same as the old lease, unless the old lease was greater than a year -- then it will be for a year.
When can landlord NOT impose a new periodic tenancy on a holdover tenant?
When it is not reasonable: T stays just a few extra hours; T ran into circumstances beyond his control.
What are the duties of a tenant?
1. Pay rent.
2. Don't commit waste.
Do tenants have to repair items?
If lease says tenant must repair and maintain, then tenant is liable for ALL damage to the propety, regardless of cause (unless landlord did it). Tenant becomes an absolute insurer of the property, even as per ordinary wear and tear (unless specifically excluded).