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22 Cards in this Set
- Front
- Back
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With a fee simple on a condition subsequent, title doesn't automatically go back to the grantor if condition is violated...why?
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Grantor must exercise the right of entry.
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What's key language to look for for a fee simple on a condition subsequent?
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provided however, but if, upon condition that.
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Is right of entry subject to RAP, can it be transferred?
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Not subject to RAP.
It can't be transferred inter vivos (but can be transferred by will or intestate succession). |
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CATEGORY 2:
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FUTURE INTERESTS GIVEN A GRANTEE
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REMAINDER?
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3 types:
1. Vested remainder 2. Vested remainder subject to open 3. Contingent remainder |
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What is a vested remainder?
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Nothing stands in the way of its becoming possessory on the expiration of the estate that comes before it. ie. we know who will take and there are no conditions to taking.
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Vested remainder subject to open?
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Where the remainder interest is to a class whose members are not yet fully known. The class remains open to allow for future persons who qualify as members of the class.
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What else is a vested remainder subject to open called?
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Vested remainder subject to partial divestment.
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Contingent remainder?
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Something has to happen or be known before the remainder can become possessory.
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3 types
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1. Condition
2. Grantee not in existence 3. Identity of exact taker unknown |
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Condition?
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Remainder is contingent if a condition must be satisfied before the grantee can be certain of possession.
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Grantee not in existence?
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If at time of grant the grantee is not in existence, then that interst must be a contingent remainder--grantee's interest is contingent on grantee being born.
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Identity of exact taker unknown?
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If you can't identify, by name, the person who holds the remainder, then remainder is contingent until you can identify the taker.
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Common to both vested and contingent remainders?
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They will become possessory, if at all, only upon the natural expiration or termination of the estates coming before them.
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EXECUTORY INTEREST?
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Operates to cut short the estate that comes before it; it does not come into possession at the natural expiration of the earlier estate.
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IF a future interest in a grantee is NOT a remainder, what must it be?
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An executory interest.
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Vested remainder subject to an executory interest is also called what?
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Vested remainder subject to total divestment.
Vested remainder subject to an executory limitation. |
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If a future interest in a grantee cuts short an earlier estate, it must be?
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An executory interest.
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Can the holder of an executory interest sue the life tenant for waste?
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No.
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What's a SHIFTING executory interest?
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An executory interest that operates by taking title from one grantee and giving it to another grantee.
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What's a SPRINGING executory interest?
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An exec interest that operates by taking title from the grantor and giving it to a grantee.
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RULE AGAINST PERPETUITIES
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STUDY LATER!
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