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72 Cards in this Set

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What is the differnce between a PRESENT ESTATE (present possessory estate) and a FUTURE ESTATE (future interest) on the TIMELINE?
PRESENT ESTATE = first estate on the timeline. FUTURE ESTATES (future interests) = all others on the timeline.
How does INTENT affect PRESENT FREEHOLD ESTATES?
INTENT is IRREVELANT
What kind of INTEREST do people own in LAND? How is that ownership projected?:
A person DOES NOT own land or earth. A person DOES own an ESTATE IN LAND, a durational interest in land. Ownership is projected on the plane of time.
When is the FOREVER LINE not filled?
The FOREVER LINE must ALWAYS be FILLED.
Does TRANSFERRING ESTATES affect the estates?
No. Transferring estates DOES NOT affect the estates. It only affects thouse who own thouse estates.
In WORDS OF CONVEYANCE, what is a shorthand of a WORD OF PURCHACE?
Word of Purchase = WHO
In WORDS OF CONVEYANCE, what is a shorthand of a WORD OF LIMITATION?
Word of Limitation = WHAT
What are the WORDS OF LIMITATION in "To A and her heirs"?
To A
What are the WORDS OF PURCHASE in "To A and her heirs"?
and her heirs
What are the WORDS OF PURCHASE in "To A for life"?
To A
What are the WORDS OF LIMITATION in "To A for life"?
for life
Fill out the COMPARISON CHART OF PRESENT ESTATES
What is one word to describe the OWNERSHIP of a FEE SIMPLE ABSOLUTE?
ABSOLUTE OWNERSHIP
What kind of DIVISIONAL interest does a FEE SIMPLE ABSOLUTE (FSA) have?
An undivided durational interest, an eternal (≠ temporal) interest.
what are the limitations on INHERITABILITY of a FEE SIMPLE ABSOLUTE (FSA)?
No limitations on inheritability; cannot be divested.
What is FSA?
Fee Simple Absolute (FSA)
For a FEE SIMPLE ABSOLUTE (FSA), What is the PRESENT ESTATE, LANGUAGE CREATING PRESENT ESTATE, DURATION OF ESTATE, TRANSFERABILITY OF PRESENT ESTATE, ASSOCIATED FUTURE ESTATE?
PRESENT ESTATE = Fee Simple Absolute (FSA) (---------------∞ |||| LANGUAGE CREATING PRESENT ESTATE = To A and his/her heirs |||| DURATION OF ESTATE = Infinite, unlimited |||| TRASNFERABILITY OF PRESENT ESTATE = Deed, will, or by intestate succession |||| ASSOCIATED FUTURE ESTATE = None, b/c it fills the forever line. It is eternal ||||
How would you convey a life estate and not a FSA in 1530?
You could say or write anything you wanted in 1530, but unless you said “To A and his heirs,” it was only a life estate. “Forever to A,” “To A,” “To A forever and I mean it”→ All conveyed life estates to A at C/L
What is a way to simplify the FSA conveyance O →Blackacre→ To Ahh today? |||| Who owns blackacre? |||| What rights to present possession or future intersest does A's daughter and son have?
O →Blackacre→ To A SAME AS O →Blackacre→ To Ahh |||| Who owns blackacre? • A owns Blackacre. |||| What rights to present possession or future intersest does A's daughter and son have? • A has a daughter and son. Both have no rights to present possession or future interest until A’s dead. • A has no heirs until she’s dead. When A dies, both daughter and son will together have a FSA.
Define: DEFEASIBLE PRESENT FREEHOLD ESTATES and what are they?
"• Fee simple capable of being undone on the plane of time; capable of being made void. - FSD - FSSCS - FSSEL
For a FEE SIMPLE DETERMINABLE (FSD) What is the PRESENT ESTATE, LANGUAGE CREATING PRESENT ESTATE, DURATION OF ESTATE, TRANSFERABILITY OF PRESENT ESTATE, ASSOCIATED FUTURE ESTATE?
" PRESENT ESTATE = Fee Simple Determinable (FSD) (---------- ∞ FSD POR |||| LANGUAGE CREATING PRESENT ESTATE = To Ahh + (Words of Duration) |||| DURATION OF ESTATE = Potentially ∞ so long as the event does not occur, but still shorter than ∞ |||| TRANSFERABILITY OF PRESENT ESTATE = Deed, Will, Intestate |||| ASSOCIATED FUTURE ESTATE = Possibility of Reverter (POR) Occasionally, also a Executory Interest (EI)
How does a FSD terminate? What is a way to describe the FSD?
Limited so that it will AUTOMATICALLY end if and when some specified event happens.Terminates AUTOMATICALLY expires under its own terms when the event happens.Potentially infinite until it terminates |||| What is a way to describe the FSD? Present fee simple estate w/ an associated estate for a future interest.
What are some examples of WORDS OF DURATION for FSD?; signals of FSD
"• So long as • While • Until • During the time that • While during
What is FSD?
Fee Simple Determinable (FSD)
Define: Fee Simple Subject to a Condition Subsequent (FSSCS)
Fee simple that doesn’t automatically terminate, but may be cut short, divested, at the grantor’s election when a stated condition happens. • O who has the ROE must act to divest, to cut short, the FSSCS.
For a FEE SIMPLE SUBJECT TO A CONDITIONAL SUBSEQUENT (FSSCS), What is the PRESENT ESTATE, LANGUAGE CREATING PRESENT ESTATE, DURATION OF ESTATE, TRANSFERABILITY OF PRESENT ESTATE, ASSOCIATED FUTURE ESTATE?
What is the PRESENT ESTATE? Fee Simple Subject to Condition Subsequent (FSSCS) (-----{----- ∞ [with a right entry = "{" ] |||| LANGUAGE CREATING PRESENT ESTATE? To Ahh + (conditional language) + (grantor re-entry language. |||| DURATION OF ESTATE? Potentially ∞ until the condition is broken and the right of re-entry is exercised. |||| TRANSFERABILITY OF PRESENT ESTATE? Will, Deed, Intestate |||| ASSOCIATED FUTURE ESTATE? Right of Entry (ROE) = Right of Re-entry = Power of termination (POT) ||||
Examples of Conditional Language
"• but if • provided that • on condition that
An example of LANGUAGE CREATING PRESENT ESTATE for FSSCS
To Ahh on condition that Blackacre is used for residential purposes, but if used for non-residential purposes, then grantor shall have the right to re-enter. [FSSCS Conveyances]
Comparing Conveyances between FSA, FSD, FSSCS
"FSD To Ahh so long as used for residential purposes and if not so used it reverts to Ohh. |||||FSSCS To Ahh, but if not used for residential purposes, then Ohh may reenter. ||||||FSA To Ahh, on condition that it’s used for residential purposes
Why are some states hostile to POR and ROE? How are they hostile?
• Some states have SOL on POR and ROE. In other words, we’re hostile to POR and ROE. - We’re hostility towards these future interests b/c: They cloud land titles w/ O’s dead hand control w/ POR or ROE.  Inhibits property from migrating to its highest and best use.  We don’t want people to be forced to deal w/ all of the owners.
Special aspect of a Fee Simple Subject to an Executory Limitation (FSSEL)
• The executory limitation creates the executory interest which executes the FSSEL. • Executory Interest is about equal to ROE, but it’s automatic in a 3rd party as opposed to being automatic in the grantor.
For a FEE SIMPLE SUBJECT TO AN EXECUTORY LIMITAION (FSSEL), What is the PRESENT ESTATE, LANGUAGE CREATING PRESENT ESTATE, DURATION OF ESTATE, TRANSFERABILITY OF PRESENT ESTATE, ASSOCIATED FUTURE ESTATE?
What is the PRESENT ESTATE? Fee Simple Subject to an Executory Limitation (FSSEL) |||| LANGUAGE CREATING PRESENT ESTATE? To Ahh, but if B marries C to Bhh. |||| DURATION OF ESTATE? Potentially ∞ until the condition is broken |||| TRANSFERABILITY OF PRESENT ESTATE? Deed, Will, Intestate Succession |||| ASSOCIATED FUTURE ESTATE? Executory Interest (EI) ||||
What is a FSSEL Conveyance?
If B marries C, then Bhh gets Blackacre.
What is FSSEL?
Fee Simple Subject to an Executory Limitation (FSSEL)
What is FSSCS?
Fee Simple Subject to a Condition Subsequent (FSSCS)
For a FEE TAIL (FT), What is the PRESENT ESTATE, LANGUAGE CREATING PRESENT ESTATE, DURATION OF ESTATE, TRANSFERABILITY OF PRESENT ESTATE, ASSOCIATED FUTURE ESTATE?
What is the PRESENT ESTATE? Fee tail (FT) |||| LANGUAGE CREATING PRESENT ESTATE? To A and the heirs of his/her body --- To A and the heirs of his/her body then to Bhh --- To A and the heirs of his body. To A and the heirs of her body. Neither is a fee tail maile or faile |||| DURATION OF ESTATE? Potentially ∞ so long as there are descendants of 1st taker. |||| TRANSFERABILITY OF PRESENT ESTATE? By deed but all that is transferable is an estate for life of another. Not devisable generally speaking. Descendable to the heirs of the body. |||| ASSOCIATED FUTURE ESTATE? Reversion Remainder (REM) ||||
For a LIFE ESTATE (L/E), What is the PRESENT ESTATE, LANGUAGE CREATING PRESENT ESTATE, DURATION OF ESTATE, TRANSFERABILITY OF PRESENT ESTATE, ASSOCIATED FUTURE ESTATE?
What is the PRESENT ESTATE? Life Estate (L/E) (------(-----------∞ A L/E O RVN (FSA) |||| LANGUAGE CREATING PRESENT ESTATE? To A for life --- To A during his life --- (No magic required) + Aquring for his life + it was the PFD. Est. so no magic required. |||| DURATION OF ESTATE? For the life of the designated person |||| TRANSFERABILITY OF PRESENT ESTATE? By deed if transfer takes place during the measuring life. By will or intestacy if it is an estate pur autre vie |||| ASSOCIATED FUTURE ESTATE? Remainder Reversion POR ROE EI ||||
What is FT?
Fee Tail (FT)
What is L/E?
Life Estate (L/E)
Special aspects of a LIFE ESTATE (L/E)
"• The preferred estate; the default estate. • A life estate is simultaneously a (1) present estate, (2) possessory estate, & (3) freehold estate. • Implied, even though not explicitly written, O has a RVN (reversion in FSA) • If A transfers her life estate to B, then B has an estate for the life of A, pur autre vie (an estate for the life of another).
Define: pur autre vie
If A transfers her life estate to B, then B has an estate for the life of A, pur autre vie (an estate for the life of another).
Types of Life Estates
• “Garden variety” (not a technical term) life estates. • Estates pur autre vie • Defeasible Life Estates
Types of Defeasible Life Estates
"1. Determinable Life Estates 2. Life estate subject to a condition subsequent 3. Life estate subject to an executory limitation
What is another name for Present Nonfreehold Estates?
Another name: The leasehold..
What is TFY?
Terms for Years (TFY)
Types of Terms for Years
1. Determinable term for years 2. Term for years subject to a condition subsequent 3. Term for years subject to an executory limitation
What is FI?
Future Interests (FI)
Special aspects of Future Interests (FI)
• Property interests which don’t give a present right of possession. • Every present estate has an associated future interest.
What kind of PROPERTY INTERESTS are FUTURE INTERESTS?
FI Are property interests which do not give a present right of possession.
What are the FUTURE INTERESTS CREATED IN THE TRANSFEROR [future interests retained in the transferor] ?
1. Reversion (RVN) 2. Possibility of Reverter (POR) 3. Right of Entry (ROE)
What is a REVERSION transferable as?
"A reversion is tranferrable by deed, will or intestacy. Saying that differently, it is freely Alienable (deed) Devisable (will) + Descendible (intestacy)
Define: Reversion (RVN)
"• A future interest retained by the grantor after she conveys a vested estate of a lesser quantum than she has. • The future interest created in O after O has conveyed a TFY, L/E, or FT. • The RVN is always a RVN in what O had before the conveyance. • Transferable by deed, will or intestacy.
What is the Quantum of Estates between: Fee simple, Fee tail, Life Estate, Leasehold Estates?
Quantum of Estates: Fee simple>Fee tail>Life Estate>Leasehold Estates
Define: Possibility of Reverter (POR)
• FI retained in O after conveying a FSD. • Devisable, descendible, & in many places, alienable.
Special aspects of Right of Entry (ROE)?
• Devisable, descendible, & freely alienable in some jurisdictions. • In other jurisdictions, it’s alienable only 1) w/ the RVN or 2) by release to the holder of the preceding estate.
What must FI's created in the 3rd persons be?
FI created in 3rd persons (transferees) must be remainders or executory interests.
How can a 3rd person/party aquire a RVn, POR or ROE?
• RVN, POR or ROE may be transferable to a 3rd person, but are not created in 3rd persons. - Example: I can create a POR in me and transfer it to you, but I can’t create a POR in you. - FIs stay as they are when transferred. Once a POR, always a POR. - FI are created in 3rd parties. O= 1st Party, A = 2nd party, B = 3rd party.
What kind of FI are created in 3rd parties?
Only 2 kind of FI created in 3rd parties: Remainders and Executory Interests.
What is a REMAINDER (REM)?
"• A FI created in someone other than the transferor, which, according to the terms of its creation, will become a present estate, if ever, immediately upon, and no sooner than, the expiration of all prior estates created simultaneously with it. • A FI in a transferee which can become a present possessory estate only on the expiration of a prior estate created in favor of another transferee by the same instrument. • Must be perfectly behaved, waits politely for the preceding interest(s) to terminate naturally. • No cutting off of a previous estate and no time gap between the prior estate and the REM.
Types of Remainders
"VESTED (1. Indefeasibly vested (IVR) 2. Vested subject to open (VRSTO) or Vested remainder subject to partial defeasance, or vested remainder subject to partial divestment 3. Vested subject to complete defeasance or vested remainder subject to complete divestment (VRSTCD) |||| CONTINGENT
Define: VESTED REMAINDERS
REM is vested if it is in an ascertained person(s) and there is no condition precedent to taking.
Define: Indefeasibly Vested Remainders (IVR)
Indefeasibly vested remainders are those interests certain to become possessory at some future time and also certain not to be prematurely cut off or cut down in size.
Examples of IVR Conveyances
1. “To A life, REM to Bhh” 2. “To A life, then to Bhh” 3. “To A life, then to 1st child of A to reach 21 & that child’s heirs.”
Define: Vested Remainder Subject to Open (VRSTO)
"A vested remainder subject to open is a gift to a class capable of increase with at least one class member qualified. • Remainder that might be cut down in size, might be partially cut off. • The FI remainder is still there, it’s just smaller.
What are other names for Vested Remainder Subject to Open?
"Vested subject to open = vested subject to partial defeasance; = vested subject to partial divestment.
What is RVN?
Reversion (RVN)
What is POR?
Possibility of Reverter (POR)
What is ROE?
Right of Entry (ROE)
What is REM?
Remainders (REM)
What is IVR?
Indefeasibly Vested Remainders (IVR)
What is VRSTO?
Vested Remainder Subject to Open (VRSTO)
What is VRSTCD?
Vested Remainder Subject to Complete Defeasance (VRSTCD)