Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
51 Cards in this Set
- Front
- Back
|
What are the present possessory interests? |
1) Fee simple absolute
2) Defeasible Fees
3) Life estates |
|
|
What are the defeasible fees? |
1) Fee Simple Determinable
2) Fee simple subject to condition subsequent
3) Fee simple subject to executory limitation |
|
|
"To A for so long as... or during... or until..." |
Fee simple determinable |
|
|
What defeasible fee terminates upon happening of stated event?
Where does it go after that? |
Fee simple determinble
AUTOMATICALLY reverts to grantor |
|
|
What kind of defeasible fee can be terminated by grantor upon happening of a stated event? |
Fee simple subject to condition subsequent |
|
|
"To A, upon condition that... or provided that... or but if... or if it happens that..." |
Fee simple subject to condition subsequent |
|
|
What's the grantor's right under the fee simple subject to condition subsequent? |
Right of entry or termination |
|
|
"To A, but if stated event happens, to B" |
Fee simple subject to executory limitation |
|
|
What kind of defeasible fee terminates upon happening of a stated event, then passes to third party? |
Fee simple subject to executory limitation |
|
|
In a fee simple subject to executory limitation, what happens when the "stated event" happens? |
Termination is automatic and future interst then in third party |
|
|
"To A for life..." |
Life estates, measured by the life of one or more persons |
|
|
What interest does the grantor have in a life estate? |
Creates reversion in grantor |
|
|
Can third parties have any interest in a life estate? |
It can create a remainder or executory interest in a third party |
|
|
What's the term for a life estate measured by life other than the grantee? |
Life estate pur autre vie |
|
|
What are the duties of a life tenant? |
Entitled to ordinary uses, but cannot commit waste. |
|
|
What are the 3 kinds of waste + definitions |
1) Affirmative/voluntary waste - actual overt conduct that decreases value of estate 2) Permissive waste or neglect - failure to protect or preserve land 3) Ameliorative waste - change that economically benefits property |
|
|
What are the future interests a grantor can have? How are they created? |
1) Possibility of reverter - follows a FSD 2) Right of entry - follows a fee simple subject to condition subsequent 3) Reverision - when grantor transfers an estate lesser than grantor had |
|
|
What are the future interests third parties can have? |
1) Vested remainders 2) Contingent remainders 3) Executory interests |
|
|
What do you call an interest that is created in an "ascertained" person and NOT subject to a condition that must happen before their interest becomes possessory? |
Vested remainder |
|
|
What's the interest where a third party's remainder interest could be cut short by a subsequent condition? |
Vested remainder subject to complete defeasance |
|
|
What's the interest created when a third party's interest is subject to dimunition because of additional, "unascertained" persons? |
Vested remainder subject to open |
|
|
What interest does an unascertained person have? |
Contingent remainder |
|
|
What interest does a third party have where their interest vests subject to a condition precedent? |
Contingent remainder |
|
|
What happens when a "remainder" is only to a grantee's heirs of a life estate in the grantee? |
Grantee takes in fee simple, Rule in Shelley's Case |
|
|
What's the term for when a third person's interest can cut short an interest in another person? |
Shifting executory interest |
|
|
What's the term for when a third person's interest cuts short an interest in the grantor or his heirs? |
Springing executory interest |
|
|
J wills a farm in CA to Y, but provides that if Y tries to sell the farm, it goes to S.
What are S's and Y's interests? Why? |
Y: FSA
S: NOTHING
Why? - direct restraint on alienation |
|
|
J wills a farm to Y, provided that if Y allows P onto property, then farm goes to S. |
Y: Fee simple subject to condition subsequent
S: Executory interest |
|
|
L leaves ranch "to U and Y after the death of B" |
B: IMPLIED life estate, created by necessary implication. |
|
|
O conveys "To T for the life of J."
(1) What happens if T does before J?
(2) Or if J dies before T? |
(1) Majority view: T's life estate interest passes to his estate until J dies.
(2) T's life estate terminates |
|
|
Can the grantor of a life estate restrict the life estate holder from conveying away her life estate? |
Yes. Modern rule allows a provisioin that terminates the life estate IF the life tenant attempts to convey away the life estate. |
|
|
O conveys Blackacre to A and her heirs; provided, however, that if coffee is ever consumed on the premises then O or O's heirs shall have the right to re-enter and retake the premises.
What's this called? What's everyone's interest? |
"fee simple on condition subsequent"
Title stays in grantee A until O exercises right of entry. |
|
|
O conveys Blackacre to college "for the purpose of" building a gym. If college doesn't build a gym, will college lose title? |
NO |
|
|
Can a grantor transfer his right of entry during his lifetime? After he dies? |
Lifetime: no After he dies: yes |
|
|
O conveys blackacre to A for life; and then on A's death to B and heirs |
A: life estate
B: VESTED remainder in fee simple |
|
|
When is a remainder vested? |
When nothing stands in the way of its becoming possessory on the natural expiration of the preceding estate.
* taker is (1) ascertainable, and (2) no conditions to taking |
|
|
What if a member of a class dies before the class closes? |
They are eliminated and their heirs get nothing. |
|
|
O conveys blackacre to A so long as the property is used for residential purposes; and if the property is ever used for other than residential purposes, then B and his heirs. |
A: Fee simple subject to EXECUTORY INTEREST
B: executory interest |
|
|
O conveys blackacre to A for life, then to B and his heirs; but if at B's death B is not survived by issue, then to C and her heirs. |
A: Life estate B: vested remainder in fee simple subject to executroy interest C: Executory interest |
|
|
"But if... then to..." |
= Executory interest |
|
|
O conveys blackacre to A and his heirs for so long as no liquor is consumed on the premises; and if liquor is ever consumed on the premises, title shall go to B and her heirs. |
A: Fee simple subject to executory interest B: Executory interest fee simple O: Nothig, gave away entire estate
BUT: RAP, B gets NOTHING, O gets possibility of reverter! |
|
|
What future interests are ALWAYS subject to the rule against perpetuities? |
1) Executory interests 2) Contingent remainders 3) Vested remainders subject to open |
|
|
At one point does the rule against perpetuities apply in a conveyance? Will? Deed? |
Conveyance - determined at time of conveyance Will - determined at testator's death Deed - at the time the deed takes effect |
|
|
O conveys blackacre to A and his heirs for so long as no liquor is consumed on the premises; and if liquor is consumed on the premises during the lifetime of A or B within 21 years after the death of the survivor of A or B, then title shall pas to B and his heirs |
A: Fee simple determinable subject to executory interest B: Executory interest O: Possibility of Reverter |
|
|
O conveys blackacre to A and her heirs; provided, however, that if the premises shall ever cease to be used for residential purposes, then B has the right to re-enter and retake the premises. |
A: Fee simple subject to executory interest
B: Executory interest -- bud VOID because of RAP - It is entirely possible that the property may be used for non-residential purposes outside the time period of RAP.
O: NOTHING. - Right of entry can be created in favor of the grantor ONLY. |
|
|
B conveys Blackacre to F and his heirs; but if F and his heirs ever try to sell the property, G and his heirs have a right of first refusal. |
G: NOTHING F: Fee simple absolute
It is possible that the condition could be voilated, triggering G's right of first refusal, way outside the time frame for the rule. |
|
|
Testator dies with a will devising Blackacre to A for life, then to such of A's children as reach age 30. A has no children at time of Testator's death. |
A: life estate
A's Children: Contingent remainder [VOID! RAP] (1) The taker(s) must be ascertained; and (2) the taker(s) must reach age 30
O: Reversion - just in case no child of A is born AND reaches age 30 before A dies. |
|
|
What kinds of class gifts voilate the RAP? |
Age contingency beyond 21 years in an open class, arises where class is open and the gift over is contingent on class member reaching a certain age. |
|
|
O conveys Blackacre to M for life, then to such of M's children as reach the age of 30. M is now 87, she as 3 children in her 60's. |
Attempted Grants: M: Life estate M's Children: vested remainder subject to open ----- M: life estate M's Children: NOTHING O: Reversion Possible that a class member's gift (future children) vests outside the time period of the rule. |
|
|
What are the special rules regarding RAP and class gifts? |
If RAP voids ANY member of the class because their interest might vest outside the time frame for the rule, then ALL class members lose
- EVEN IF there are persons to satisfy the class definition and appear vested in their interest |
|
|
When are members of a class subject to a contingent remainder? |
They must be (1) born (ascertainable), and (2) reach a certain age -> meeting both of these requirements makes their interest "vest," but it COULD vest outside the RAP time period.
** watch out for (1) age, and (2) medical condition. |
