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19 Cards in this Set
- Front
- Back
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What is a reversion?
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When the grantor holds the future interest once a finite estate terminates
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What is a remainder?
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When a third party holds the future interest once a finite estate terminates
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What happens if someone tries to transfer their life estate?
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It can be done. The transferee will hold the estate for the life of the transferor. This will be a life estate measured by another's life - a life estate pur autre vie
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Is a life estate deviseable or inheritable?
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No, because these activities transfer property at the end of one's life, and at the end of one's life, the life estate terminates
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What is a remainderman?
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a party that holds a remainder
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How is a remainder vested?
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- the remainderman is born and
- the remainderman is ascertainable (you can identify the party by his personal name), and - there is no express condition precedent, in the same clause creating the remainder or the preceding clause |
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If a remainder is not vested, what is it called?
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contingent
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How can someone be born but not ascertainable?
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a remainder can say "to A for ten years, then to whomever is the president of the US." This person would be born but not ascertainable.
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What is a condition precedent?
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a condition that applies to an interest before it becomes possessory
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What is a condition subsequent?
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a condition which applies after the interest becomes possessory
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O --> to A for life, then to B and his heirs if he gets married. State the title. Also state whether the condition is precedent or subsequent.
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O has a reversion
A has a life estate B has a contingent remainder the condition states B must do something before his right becomes possessory - the condition is precedent |
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O --> To A for life, then to B and her heirs as long as she farms the land organically. State the title. Also state whether the condition is precedent or subsequent.
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O has a possibility of reverter
A has a life estate B has a vested remainder in fee simple determinable the condition happens after the land becomes possessory - condition subsequent |
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To be a contingent remainder, does the condition precedent have to be express? What does that mean?
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Yes it does. Take the example of O conveying a life estate to A, then to B for life. B would have to be alive technically to get his life estate, but that's not written out, or expressly stated, so it doesn't make this a condition precedent.
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True or false? A contingent must vest prior to, or at the moment, the preceding finite estte ends, or the contingent remainder is destroyed by operation of law.
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True
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O --> to A for life, then to B if B graduates from law school. State the title.
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A has a life estate
there is a condition precedent B has a contingent remainder in fee simple O has a reversion (in fee simple) |
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O --> to A for life, then to B if B graduates from law school. State what happens if B graduates from law school only after A dies.
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B's contingent remainder is destroyed if A dies before B graduates from law school
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What is an alternative contingent remainder?
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where the conveyance sets forth two contingent remainders, with the second expressly contingent on the first failing to vest.
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O --> t A for life, then to B and her heirs if she graduates from law school, but if she fails to graduate from law school, then to C and his heirs. State the title.
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A has a life estate
there is a condition precedent B has a contingent remainder in fee simple C has an alternative contingent remainder in fee simple O has a reversion in fee simple |
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To A for life, then to B for life if she graduates frrom law school, (but if B fails to graduate from law school), then to C and her heirs. State the title.
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A has a life estate
B has a contingent remainder in a life estate C has a vested remainder in fee simple O has nothing - since C's remainder is vested and it will go to C no matter what, there is no reversion for O |
