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28 Cards in this Set
- Front
- Back
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A determinable estate is one that is defined as one that
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Automatically terminates and reverts to grantor on the happening of a specified contingency.
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A grantor's reversionary interest is known as
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Possibility of reverter
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What is the language of a determinable estate?
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So long as, until, during.
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An estate subject to a condition subsequent is called
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Estate subject to condition subsequent
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Words of estate condition subsequent are
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But it, on condition that, provided that.
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Estate is subject to executory limitation when
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ownership goes to a third party on the happening of a contingency
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To a and at her death to her children creates
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A life estate in A
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A life tenant is obligated to
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avoid waste at the property
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There are three types of waste
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a. Voluntary means he cannot exhaust natural resources on the land, act in any way so that remainder value of the land is reduced
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The second type of waste
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Permissive waste for which the life tenant is obligated to keep the property from slipping into disrepair
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Ameliorating waste is
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the kind of changes effected by a life tenant which increases the value of the estate
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Involuntary waste is
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waste committed by third parties which LT doesn't prevent.
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Who can sue for waste?
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Any remainderman or a grantor with a reversionary interest
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Life tenant in possession is obligated to pay taxes especially if
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property produces income.
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If there is a mortgage on the property then LT must pay
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Interest on the mortgage
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A tenant in common does not have right of survivorship and
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is devisable and conveyable. 4 Unities are not necessary
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Joint tenancy implies
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ROS
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Joint tenancy created with
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4 unities; TTIP. Equal interest for each JT (unity of interest)
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How do you destroy JT?
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Conveyance, (but not lease) or partition. When destroyed, we have TIC
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Who are the only kind of people that can hold in tenancy by the entirety?
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Married people.
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TBE can only be destroyed by
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Divorce or partition. The result is TIC. Conveyance by one spouse does not destroy ROS in other spouse
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Creditors of indiv spouses who hold property by entirety are
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Out of luck except for joint debts.
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JT has the right to (PPCs)
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Possess, Partition or Convey their interest
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May a joint tenant or TIC lease property or grant an easement on it?
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Yes, lease, but no covenant or easement.
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Does Co-T have to account to cotenants for rentals or mineral extraction?
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Not as to her portion, and she can deduct taxes, mortgage, insurance.
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If one JT pays more than his share of taxes, mort, etc, is he entitled to contribution for co-JTs?
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Yes.
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When does cotenant commit waste?
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When they exceed the reasonable use and enjoyment of the land
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Future interests held by grantor are never subject to
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Rule Against Perpetuities
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