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16 Cards in this Set
- Front
- Back
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Adverse Possession - Disability - SOL
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The statutes of limitations for adverse possession is tolled by the owner's disability only if he was under the disability at the time his cause of action accrued (when the claimant begins the adverse possession).
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What is a Reversion?
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A reversion is transferable, devisable by will, and descendible by inheritance.
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What is the Rule Against Perpetuities?
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No interest in property is valid unless it must vest, if at all, not later than 21 years after one or more lives in being at the creation of the interest.
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What is an Executory Interest?
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A future interest created in a transferee that is not capable of taking on the natural termination of a preceding life estate.
An executory interest divests the preceding interest or follows a gap in possession. |
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Duties of a Life Tenant?
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A LT has a duty not to change the premises in a way that the holders of subsequent estates have a reasonable ground to object to.
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What is a Fee Simple Absolute?
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A FSA is the most extensive estate with a potentially infinite duration. "Fee" indicates an estate of inheritance. "Simple" signifies that there are no restrictions on the estate with respect to inheritance.,
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What is a Fee Simple Determinable?
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A FSD is a fee simple estate created to continue until some specified event occurs. the estate terminates automatically.
O maintains a Possibility of Reverter. |
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Determinable Fee - Possibility of Reverter
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The estate automatically comes to an end when the stated event happens.
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Creation of a FSD
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"so long as", "during", "until", "while."
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Creation of a FSSCS
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"on condition that", "subject to the condition that", "but if."
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What is a Fee Simple Subject to a Condition Subsequent?
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A FSSCS is a fee simple estate that may be terminated upon the happening of a named event by the grantor or his successors in interest.
The estate continues until the grantor or the future interest holder exercises his right of entry or power of termination. |
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What is a Reversion?
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A reversion is the estate remaining in a grantor who has conveyed a lesser estate than that owned by the grantor.
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What is a Remainder?
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A remainder is a future interest created in a third person which is intended to take after the natural termination of a preceding estate.
It must be created as part of the same grant which created a prior possessory estate, and the preceding estate must be smaller than a fee simple. |
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What are the two types of Remainders?
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Vested Remainders and Contingent Remainders
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What is a Vested Remainder?
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A vested remainder is a remainder created in an ascertainable and existing person that is not subject to any condition precedent except the normal termination of the preceding estate.
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What is a Contingent Remainder?
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A contingent remainder is any remainder which is created in favor of an ascertained person but:
(a) is subject to a condition precedent, or (b) is created in favor of an unborn person, or (c) is created in favor of an existing bu unascertained person. |
