Property Interest Future Interest

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Future Interest

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gives it holder the right or possibility of future possession of an estate. It is a present legally protected right in property

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Fee simple Determinable

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possiblitility of a reverter It automatically reverts to the graror upon the occurrence of a stated event

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right of entry

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fee simple subject to condition susequestn. grantor must excerise right of entry.

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Reversion

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Is the estate left in gartor who convey less than she owns ex. life estate

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Remainders

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is a futre interst ina 3rd person that can become possessory on the natural expiration of preceding estate.

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Indefeasible Vested Remainder

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vested remainder is one created in a existing gand ascertained person and not subject to a condition precedent. The raimenderman has a right to immediate posse ion upon normal termination of estate. Indefeasibly vested reaimner is vested remained that is not subject to divestment or diminution.

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Vested Remainder Subject to open

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this is a vested remainder created in a class of persons that is certain to become possessory but is subject to diminution.

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Vested remainder subject to total divestment

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this is voted remained that is subject to condition subsequent.

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Contingent Remainder

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those created in unborn or unascertained person or subject to condition precedent

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Subject to contingent precedent

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must be satisfied before the remainder man has r right to possession

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Related Doctrine of Merger

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when one person acquires all of the present and future interest in land except a contingent remained under common law the contingent remained is deterred.

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Rule in Shellys CAse

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at common law if the same interment created a life estate in a and gave the remainder only to as heir, the remainder was not recognized and a took the left estate and the remainder. (did not look at intent)

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Doctrine of Wortheir Title

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remainder in the grantor heirs is invalid and becomes a reversion in the grantor. Applied as a rule of contruction not as intent

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Destructibility of Contingent Remainders

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contingent remainders was destroyed if it failed to vat before or upon termination of proceeding freehold estate.

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Executory Interest

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are future interest in 3rd parties that either divest a transferees preceding freehold estate or follow a gap in possession or cut short a grantors state.

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Transferability of remainders and executory Interest

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vesterd remainder are fully transferable, descendable and divisible. provided that survival in not a condition to the taking

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Class Gift

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A class is a group of person have common charctersitc. The share of each maybe vested subject to open or contingent

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When does a class close

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when someone calls for distribution of gift

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Survival

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survival of a class member to the time of closing is usually unnecessary to share in a future gift. unless surval was made at express condition. However, certain terms are construed to create implied survivorship condition.

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Trusts

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is a fiduciary relationship with respect to specific property wherein the trustee holds legal title to proerty subject t enforceable equitable rights in a beneficiary. The creator of trust is a settlor who must own the prop at the time of trust creation and must have had inept to creat a trust.