Property I

Front 1

Adverse Possession- Elements

Back 1

-Hostile (w/o permission)

-Actual possession ·

-(Visible) Open and notorious ·

-Exclusive– true owner cannot be on the property; if they visit once a year, not exclusive

-Continuous- For the required period of time.

Front 2

equitable division

Back 2

when parties have equal claims to property it is splitbetween them

Front 3

Bailment Elements

Back 3

Possession, Agreement, Knowledge

Front 4

Accession Elements

Back 4

In order to show accession occurred,there must be a significant improvement (or change) to the property and was in good faith, the true owner is only allowed to recover stumpage value (value of raw materials)

Front 5

Bona Fide Purchase - Elements

Back 5

In order to show BFP, the item must havebeen (1) bought in good faith, for (2) reasonable value, (3) withoutnotice. The middleman must have (4) voidable title and be clothed with (5) indiciaof ownership by the true owner. If the middle person is not a merchant,the UCC does not apply but there would be equitable estoppel preventingthe true owner from recovering from BFP.

Front 6

Gift- Elements

Back 6

In order to show the gift was valid,there must be (1) present intent, (2) delivery by the donor, and (3) acceptanceby the donee (usually implied).

Front 7

Escheat

Back 7

the reversion of property to the state

Front 8

Fee Simple Absolute(FSA) - verbiage

Back 8

“and his heirs.”

Front 9

reversion:

Back 9

retained by the grantor after the conveyance of an estate of a lesser quantum that he has (such as the owner of a fee simple granting a life estate).

Front 10

remainder:

Back 10

a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument.

Front 11

“restraints against marriage” in deeds and wills

Back 11

Have to be very restrictive in order to be void

Front 12

TheDoctrine of Waste

Back 12

Life Tenant owes a duty to maintain the property for the future interest holder (notordinary wear and tear); not substantially let it deteriorate

Front 13

Ameliorative waste” doctrine:

Back 13

May substantially improve the value of the property and life tenant may not be guilty of waste; technically it is, but often a court will not grant a remedy.

Front 14

Fee simple determinable (FSD)

Back 14

leaves a “possibility of reverter” in Grantor;when person with FSD breaches a condition; can convey “possibility of reverter”(PR)

Ends automatically upon the happening of a stated event

Front 15

Feesimple subject to condition subsequent (FSSCS)

Back 15

leaves a“right of reentry” (Also known as a “power of termination”) in the grantor

option to reenter the property - must take affirmative steps to reclaim

Front 16

Fee Simple Determinable (FSD) Verbiage

Back 16

"so long as”;“during”; “until"

Front 17

Fee Simple Subject to Condition Subsequent (FSSCS) Verbiage

Back 17

“upon the condition that”; “but if”

Front 18

Fee Tail

Back 18

used to avoid inheritance taxes by creating successive life estates in lineal descendants (male heirs); Grantor keeps a reversion in FSA. Keeps land in family,“indefinitely.” The word “heirs” is an indefinite term (unlike“children”).

Front 19

Fee Tail verbiage

Back 19

"and the heirs of his body"

Front 20

Future Interest: Grantor: Reversion

Back 20

Future Interest: Grantor: life estate (LE)

Front 21

Future Interest: Grantor: Possibility Reverter

Back 21

Future Interest: Grantor:Fee Simple Determinable (FSD)

Front 22

Future Interest: Grantor:Right of Re-entry

Back 22

Future Interest: Grantor: Fee Simple Subject to Condition Subsequent(FSSCS)

Front 23

Future interests ingrantee:Remainders

Back 23

Future interests ingrantee: Life Estate (LE)

Front 24

Future interests ingrantees: Executory interests

Back 24

Future interests in grantee: FSD/FSSCS

Front 25

Vested remainder:

Back 25

a remainder is vested if it is created in an ascertained person and is ready to become possessory whenever and however all preceding estates expire. a remainder is vested if there is no condition precedent to the remainder becoming possessory other than the natural expiration of the prior estate. For a remainder to be vested, it has to be possible to identify who is taking possession of it.

Front 26

Contingent remainder:

Back 26

a remainder is contingent if it is given to an unascertained person or it is made contingent upon some event occurring other than the natural termination of the preceding estates. Subject to a condition precedent other than the naturalexpiration of the prior estate. Or a remainder can also be contingent if the person to whom it would go if the remainder is created in favor of someone who isn’t born, or if it is created insomebody who can’t be ascertained or identified.

Front 27

contingent remainders: A common law rule holding that CRscould be destroyed two ways:

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1. Prior termination: if the CR failed to vest at or before end of preceding LE (before the LT died), the CR was destroyed.

2. Merger:when the LE and reversion end up in the same person.

Front 28

2 Types of Executory Interest

Back 28

1. Shifting (cuts short estate in grantee):

2. Springing (cuts short estate in grantor):

Front 29

discoveryrule

Back 29

the statute of limitations on a replevin actionbegins to run when the original owner knows or reasonably should knowthrough the exercise of due diligence

Front 30

Tacking

Back 30

where there is sufficient privity of estate, tacking is permitted(adding time from other APers)

Front 31

Privity of estate

Back 31

a reasonable connection b/w successive occupantsof real property such that they have more rights than wrongdoers