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19 Cards in this Set

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Define: Vested Remainder Subject to Complete Defeasance (VRSTCD)
The vested remainder subject to complete defeasance, subject to being completely cut off, subject to a condition subsequent. • The remainder beneficiary is in existence and ascertained and the interest is not subject to a condition precedent. But, it is subject to a condition subsequent from an EI or ROE (generally speaking). • May come to an end prematurely; may be completely defeased. • Distinguished from a Contingent Remainder.
Clues Your Looking at a VRSTCD
• A grant of a piece of the timeline followed by a comma, a “but if” (or equivalent language), conditional language, & then a ROE or an EI. • A VRSTCD can be followed by a ROE, less likely, or a shifting EI, more likely A DIAGRAM FOLLOWS (From notes) A VRSTCD in A FSA In B (--------------------(----------------------------------∞ Life C E.I. (shifting)
Define: Condition Subsequent
• If a transfer is of a full durational piece of the timeline, followed by conditional language, which takes away what has just been given, then one is looking at a condition subsequent. - A condition subsequent plus the correctly stated FI is the instrument of the potential cutting off. - A condition subsequent comes afterwards in the grant, in the language of conveyance. A condition subsequent is a condition subsequent b/c the language of condition is subsequent in the sentence to the language creating the first FI. - In other words, a condition subsequent is a condition subsequent b/c the FI first vests in the owner and if it is to be lost then there must be a later divestment, a subsequent divestment.
Clues to a Condition Subsequent:
Clues to a Condition Subsequent: Expect to find a REM, which durationally is probably in a FSA (but doesn’t have to be), a comma, a condition, and then an EI or a ROE. The condition will likely be stated in terms of but if, provided, however.
What is C/R?
Contingent Remainders
C/R is a REM in an ascertained person, which is subject to a condition precedent or a REM in an unborn or unascertained person.
A C/R is a REM that is contingent b/c:
1. Condition Precedent b/c: a. Language of condition precedes the grant; or b. Language of condition is part of the description of the taking. 2. Beneficiary/Taker is unborn or unascertained.
Whats a key to determine if something is usually a condition precedent? [language of condition is part of the description of the taking]
If you look at the conveyance and conclude the condition has to be satisfied before REM beneficiary can go into possession, then it’s usually condition precedent.
Special aspects of: Doctrines of SEISIN – Pre-1536
1. Destructibility of C/Rs 2. No Springing Interests 3. No Shifting Interests
Destructibility of C/Rs: [how must a C/R that is not already destroyed stay not destroyed?]
A C/R must vest on or before the termination of the preceding estate otherwise it’s destroyed. [The C/R that isn’t ready is destroyed.]
What sometimes happens to a C/R when a MERGER takes place?
Sometimes when a merger takes place, a C/R that stands in the way is destroyed. [Merger]
What do Springing Interests spring out of?
• Springing interests spring out of the grantor.
When do we have No Springing Interests?
• No freehold estate could commence in the future – No Springing Interests. - Not Allowed: 1) To Ahh, 1 week hence; 2) I’m going to be out of town, so To Ahh in one week hence
Problem with No Springing Interests:
- O has a son whom no one wants to marry, Prince Harold the weak. Princess Albertina will marry Harold if the price is right. O, H’s parent, doesn’t want to give up seisin before the marriage and A wants to make sure she gets the property she bargained for. - O → Ahh upon her marriage to H was a conveyance that would satisfy all interests, but this wasn’t allowed under the rule of no springing interests.
What are SHIFTING INTERESTS and in PRE 1536 Seisin, what could you not say?
• Shifting interests shift off of another transferee’s interests. • Was against the law to say, “To Ahh, but if she doesn’t go to college next Fall, to Xhh.”
What are the diagrams for the 2 types of titles? [LEGAL] [EQUITABLE]?
2 Types of Title LEGAL T FSA (---------------------------∞ EQUITABLE O FSSEL (-------------------∞ A Spr. EI
What happened with the Statute of Uses – 1536 Onward?
• Enacted 1535. Effective 1536. - Said uses of the sort described (stuff in equity column) were executed (killed) and seisin passed through from T to the holders of the equitable title - from T to A and X. • Passage of the Statute of Uses created 2 new legal FIs: - Springing EI - Shifting EI • Result: Equitable titles came to be recognized in courts of law. • C/R are still destructible, but springing and shifting interests are now allowed. - C/R destructible; EIs indestructible until RAP.
1) EIs are by definition contingent. The divesting condition is a condition precedent to their effect. 2) EIs are by definition contingent. The divesting condition is a condition precedent to their effect. 3) If the EI failed, then it would become a FSA. 4) If something happened to the EI w/ a FSD conveyance, then we give a POR to O.
"The worthier title passes at death by descent or devise and not by conveyance. • Under the doctrine of worthier title a REM in the heirs of the grantor is a nullity.