Property--Week 5 Notes (Fi To Rap) Questions

Front 1

What is the differnce between a PRESENT ESTATE (present possessory estate) and a FUTURE ESTATE (future interest) on the TIMELINE?

Back 1

PRESENT ESTATE = first estate on the timeline. FUTURE ESTATES (future interests) = all others on the timeline.

Front 2

How does INTENT affect PRESENT FREEHOLD ESTATES?

Back 2

INTENT is IRREVELANT

Front 3

What kind of INTEREST do people own in LAND? How is that ownership projected?:

Back 3

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.

Front 4

When is the FOREVER LINE not filled?

Back 4

The FOREVER LINE must ALWAYS be FILLED.

Front 5

Does TRANSFERRING ESTATES affect the estates?

Back 5

No. Transferring estates DOES NOT affect the estates. It only affects thouse who own thouse estates.

Front 6

In WORDS OF CONVEYANCE, what is a shorthand of a WORD OF PURCHACE?

Back 6

Word of Purchase = WHO

Front 7

In WORDS OF CONVEYANCE, what is a shorthand of a WORD OF LIMITATION?

Back 7

Word of Limitation = WHAT

Front 8

What are the WORDS OF LIMITATION in "To A and her heirs"?

Back 8

To A

Front 9

What are the WORDS OF PURCHASE in "To A and her heirs"?

Back 9

and her heirs

Front 10

What are the WORDS OF PURCHASE in "To A for life"?

Back 10

To A

Front 11

What are the WORDS OF LIMITATION in "To A for life"?

Back 11

for life

Front 12

Fill out the COMPARISON CHART OF PRESENT ESTATES

Front 13

What is one word to describe the OWNERSHIP of a FEE SIMPLE ABSOLUTE?

Back 13

ABSOLUTE OWNERSHIP

Front 14

What kind of DIVISIONAL interest does a FEE SIMPLE ABSOLUTE (FSA) have?

Back 14

An undivided durational interest, an eternal (≠ temporal) interest.

Front 15

what are the limitations on INHERITABILITY of a FEE SIMPLE ABSOLUTE (FSA)?

Back 15

No limitations on inheritability; cannot be divested.

Front 16

What is FSA?

Back 16

Fee Simple Absolute (FSA)

Front 17

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?

Back 17

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 ||||

Front 18

How would you convey a life estate and not a FSA in 1530?

Back 18

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

Front 19

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?

Back 19

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.

Front 20

Define: DEFEASIBLE PRESENT FREEHOLD ESTATES and what are they?

Back 20

"• Fee simple capable of being undone on the plane of time; capable of being made void. - FSD - FSSCS - FSSEL

Front 21

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?

Back 21

" 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)

Front 22

How does a FSD terminate? What is a way to describe the FSD?

Back 22

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.

Front 23

What are some examples of WORDS OF DURATION for FSD?; signals of FSD

Back 23

"• So long as • While • Until • During the time that • While during

Front 24

What is FSD?

Back 24

Fee Simple Determinable (FSD)

Front 25

Define: Fee Simple Subject to a Condition Subsequent (FSSCS)

Back 25

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.

Front 26

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?

Back 26

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) ||||

Front 27

Examples of Conditional Language

Back 27

"• but if • provided that • on condition that

Front 28

An example of LANGUAGE CREATING PRESENT ESTATE for FSSCS

Back 28

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]

Front 29

Comparing Conveyances between FSA, FSD, FSSCS

Back 29

"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

Front 30

Why are some states hostile to POR and ROE? How are they hostile?

Back 30

• 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.

Front 31

Special aspect of a Fee Simple Subject to an Executory Limitation (FSSEL)

Back 31

• 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.

Front 32

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?

Back 32

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) ||||

Front 33

What is a FSSEL Conveyance?

Back 33

If B marries C, then Bhh gets Blackacre.

Front 34

What is FSSEL?

Back 34

Fee Simple Subject to an Executory Limitation (FSSEL)

Front 35

What is FSSCS?

Back 35

Fee Simple Subject to a Condition Subsequent (FSSCS)

Front 36

For a FEE TAIL (FT), What is the PRESENT ESTATE, LANGUAGE CREATING PRESENT ESTATE, DURATION OF ESTATE, TRANSFERABILITY OF PRESENT ESTATE, ASSOCIATED FUTURE ESTATE?

Back 36

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) ||||

Front 37

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?

Back 37

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 ||||

Front 38

What is FT?

Back 38

Fee Tail (FT)

Front 39

What is L/E?

Back 39

Life Estate (L/E)

Front 40

Special aspects of a LIFE ESTATE (L/E)

Back 40

"• 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).

Front 41

Define: pur autre vie

Back 41

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).

Front 42

Types of Life Estates

Back 42

• “Garden variety” (not a technical term) life estates. • Estates pur autre vie • Defeasible Life Estates

Front 43

Types of Defeasible Life Estates

Back 43

"1. Determinable Life Estates 2. Life estate subject to a condition subsequent 3. Life estate subject to an executory limitation

Front 44

What is another name for Present Nonfreehold Estates?

Back 44

Another name: The leasehold..

Front 45

What is TFY?

Back 45

Terms for Years (TFY)

Front 46

Types of Terms for Years

Back 46

1. Determinable term for years 2. Term for years subject to a condition subsequent 3. Term for years subject to an executory limitation

Front 47

What is FI?

Back 47

Future Interests (FI)

Front 48

Special aspects of Future Interests (FI)

Back 48

• Property interests which don’t give a present right of possession. • Every present estate has an associated future interest.

Front 49

What kind of PROPERTY INTERESTS are FUTURE INTERESTS?

Back 49

FI Are property interests which do not give a present right of possession.

Front 50

What are the FUTURE INTERESTS CREATED IN THE TRANSFEROR [future interests retained in the transferor] ?

Back 50

1. Reversion (RVN) 2. Possibility of Reverter (POR) 3. Right of Entry (ROE)

Front 51

What is a REVERSION transferable as?

Back 51

"A reversion is tranferrable by deed, will or intestacy. Saying that differently, it is freely Alienable (deed) Devisable (will) + Descendible (intestacy)

Front 52

Define: Reversion (RVN)

Back 52

"• 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.

Front 53

What is the Quantum of Estates between: Fee simple, Fee tail, Life Estate, Leasehold Estates?

Back 53

Quantum of Estates: Fee simple>Fee tail>Life Estate>Leasehold Estates

Front 54

Define: Possibility of Reverter (POR)

Back 54

• FI retained in O after conveying a FSD. • Devisable, descendible, & in many places, alienable.

Front 55

Special aspects of Right of Entry (ROE)?

Back 55

• 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.

Front 56

What must FI's created in the 3rd persons be?

Back 56

FI created in 3rd persons (transferees) must be remainders or executory interests.

Front 57

How can a 3rd person/party aquire a RVn, POR or ROE?

Back 57

• 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.

Front 58

What kind of FI are created in 3rd parties?

Back 58

Only 2 kind of FI created in 3rd parties: Remainders and Executory Interests.

Front 59

What is a REMAINDER (REM)?

Back 59

"• 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.

Front 60

Types of Remainders

Back 60

"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

Front 61

Define: VESTED REMAINDERS

Back 61

REM is vested if it is in an ascertained person(s) and there is no condition precedent to taking.

Front 62

Define: Indefeasibly Vested Remainders (IVR)

Back 62

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.

Front 63

Examples of IVR Conveyances

Back 63

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.”

Front 64

Define: Vested Remainder Subject to Open (VRSTO)

Back 64

"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.

Front 65

What are other names for Vested Remainder Subject to Open?

Back 65

"Vested subject to open = vested subject to partial defeasance; = vested subject to partial divestment.

Front 66

What is RVN?

Back 66

Reversion (RVN)

Front 67

What is POR?

Back 67

Possibility of Reverter (POR)

Front 68

What is ROE?

Back 68

Right of Entry (ROE)

Front 69

What is REM?

Back 69

Remainders (REM)

Front 70

What is IVR?

Back 70

Indefeasibly Vested Remainders (IVR)

Front 71

What is VRSTO?

Back 71

Vested Remainder Subject to Open (VRSTO)

Front 72

What is VRSTCD?

Back 72

Vested Remainder Subject to Complete Defeasance (VRSTCD)