Present, Future And Concurrent Estates

Front 1

Fee simple absolute - language to create

Back 1

"To A and his heirs" or "To A"

Front 2

Fee simple absolute - duration

Back 2

Absolute ownership of potentially infinite duration

Front 3

Fee simple absolute - transferability

Back 3

Devisable, descendible, alienable

Front 4

Fee simple absolute - future interest

Back 4

None

Front 5

Fee tail - language to create

Back 5

"To A and the heirs of his body"

Front 6

Fee tail - duration

Back 6

Lasts only as long as there are lineal blood descendants of grantee

Front 7

Fee tail - transferability

Back 7

Passes automatically to grantee's lineal descendants

Front 8

Fee tail - future interest

Back 8

Reversion (grantor) or remainder (grantee)

Front 9

Fee simple determinable - language to create

Back 9

"To A so long as...", "To A until..." "To A while…" (clear durational language)

Front 10

Fee simple determinable - duration

Back 10

Potentially infinite, so long as event does not occur

Front 11

Fee simple determinable - transferability

Back 11

Alienable, devisable, descendible, subject to condition

Front 12

Fee simple determinable - future interest

Back 12

Possibility of reverter (always held by grantor, automatic)

Front 13

Fee simple subject to condition subsequent - language to create

Back 13

"To A, but if X event happens, grantor reserves the right to reenter and retake" (Grantor must carve out right of reentry)

Front 14

Fee simple subject to condition subsequent - duration

Back 14

Potentially infinite, so long as event does not occur, and, thereafter, until holder of the right of entry timely exercises the power of termination

Front 15

Fee simple subject to condition subsequent - transferability

Back 15

Alienable, devisable, descendible, subject to condition

Front 16

Fee simple subject to condition subsequent - future interest

Back 16

Right of entry/power of termination (grantor must exercise)

Front 17

Fee simple subject to an executory limitation - language to create

Back 17

"To A, but if X event occurs, then to B"

Front 18

Fee simple subject to an executory limitation - duration

Back 18

Potentially infinite, so long as stated contingency does not occur

Front 19

Fee simple subject to an executory limitation - transferability

Back 19

Alienable, devisable, descendible, subject to condition

Front 20

Fee simple subject to an executory limitation - future interest

Back 20

Executory interest (3d party, automatic)

Front 21

Life estate - language to create

Back 21

"To A for life" or "To A for life of B"

Front 22

Life estate - duration

Back 22

Measured by life of transferee or pur autre vie

Front 23

Life estate - transferability

Back 23

Alienable, devisable and descendible if pur autre vie and measuring life still alive

Front 24

Life estate - future interest

Back 24

Reversion (grantor) or remainder (grantee)

Front 25

Sinead O'Connor rule of property

Back 25

A living person has no heirs

Front 26

Mick Jagger rule of property

Back 26

You can't convey more than you own

Front 27

Frank Sinatra Didn't?

Back 27

Prefer Orville Redenbacher

Front 28

Bobby Brown Estate

Back 28

Fee simple subject to condition subsequent - grantor has prerogative to terminate estate if condition occurs but may look to the other way

Front 29

Words of mere desire, hope, or intention

Back 29

Insufficient to create a defeasible fee

Front 30

Absolute restraints on alienation

Back 30

Void

Front 31

Life tenant is entitled to

Back 31

all ordinary uses/profits from the land

Front 32

Life tenant must not

Back 32

commit waste

Front 33

Types of waste (3)

Back 33

Voluntary/affirmative, permissive/neglect, ameliorative

Front 34

Voluntary waste - exceptions (4)

Back 34

PURGE: Prior Use, Reasonable repairs, Grant, Exploitation

Front 35

Obligations to avoid permissive waste (2)

Back 35

Maintain property in reasonably good repair, pay all ordinary taxes to extent of income/profits - if no income/profit, must pay all ordinary taxes to the extent of fair rental value

Front 36

Future interests in transferees (3)

Back 36

Vested remainder, contingent remainder, executory interest

Front 37

Remainderman cannot/never

Back 37

Cut short or divest a prior transferee/follows a defeasible fee

Front 38

Vested remainder (2)

Back 38

Created in an ascertained person, is not subject to any condition precedent

Front 39

Contingent remainder - creation (2)

Back 39

Created in as yet unborn or unascertained persons/subject to a condition precedent

Front 40

Rule of destructibility of contingent remainders - common law

Back 40

Contingent remainder was destroyed if it was still contingent when the preceding estate ended

Front 41

Rule of destructibility of contingent remainders - modern

Back 41

Abolished

Front 42

Rule in Shelley's Case - common law - "To A, then to A's heirs" if A is alive

Back 42

A receives a fee simple absolute. Applied despite contrary grantor intent.

Front 43

Rule in Shelley's Case - modern - "To A, then to A's heirs" if A is alive

Back 43

A: Life estate; A's unborn heirs: Contingent remainder; O: reversion

Front 44

Doctrine of worthier title - common law

Back 44

Contingent remainder in O's heirs is void (but grantor's intent controls)

Front 45

Doctrine of worthier title - modern

Back 45

Contingent remainder in O's heirs is void (but grantor's intent controls)

Front 46

Vested remainders - 3 types

Back 46

Indefeasibly vested remainder, vested remainder subject to complete defeasance, vested remainder subject to open

Front 47

Indefeasibly vested remainder

Back 47

No conditions attached

Front 48

Vested remainder subject to complete defeasance (total divestment)

Back 48

Remainderman's right to possession could be cut short because of a condition subsequent

Front 49

Vested remainder is subject to open

Back 49

Remainder is vested in a class, at least one member is qualified to take, but additional takers can still join the class

Front 50

Rule of convenience

Back 50

A class closes when any member can demand possession

Front 51

Womb rule

Back 51

A child in the womb will share in a class gift

Front 52

Remainderman is like

Back 52

Tom Hanks

Front 53

Executory interest is like

Back 53

Dr. Evil

Front 54

Shifting executory interest cuts short

Back 54

Someone other than the grantor

Front 55

Springing executory interest cuts short

Back 55

The Grantor

Front 56

Rule against perpetuities - approach

Back 56

Determine which future interests have been created, identify the conditions precedent to vesting of the suspect future interest, find a measuring life, ask if we will know, with certainty, within 21 years of the death of our measuring life, if our future interest holder(s) can or cannot take?

Front 57

Interests subject to the rule against perpetuities (4)

Back 57

Contingent remainders, executory interests, vested remainders subject to open, rights of first refusal

Front 58

Interests NOT subject to the rule against perpetuities (3)

Back 58

Any future interest in O, indefeasibly vested remainders, vested remainders subject to complete defeasance

Front 59

Key interests that violate the common law rule against perpetuities (2)

Back 59

A gift to an open class that is conditioned on the members surviving to an age beyond 21, an executory interest with no limit on the time within which it must vest

Front 60

Charity-to-charity exception

Back 60

Exempt from rule against perpetuities

Front 61

"Wait and see" or "second look" doctrine

Back 61

Majority reform effort; validity of suspect future interest determined on the measure of the facts as they exist at the end of the measuring life

Front 62

USRAP alternative

Back 62

90-year vesting period

Front 63

Cy pres doctrine (modern approach to rule against perpetuities)

Back 63

"as near as possible" - a court may reform a disposition to most closely match grantor's intent while still complying with the rule against perpetuities

Front 64

Age contingency reduction (modern approach to rule against perpetuities)

Back 64

Any offensive age contingency is reduced to 21 years

Front 65

Joint tenancy - traits (2)

Back 65

Two or more owners, right to survivorship

Front 66

Joint tenancy - creation (4, 1)

Back 66

T-TIP: same TIME, same TITLE, identical INTERESTS, rights to POSSESS the whole; grantor must clearly express the right of survivorship

Front 67

Tenancy by the entirety - traits (2)

Back 67

Marital interest with right of survivorship

Front 68

Tenancy in common - traits (2)

Back 68

Two or more owners, NO right to survivorship

Front 69

Straw

Back 69

Middleman to aid in creation of joint tenancy

Front 70

Joint tenancy - severance (3)

Back 70

SPAM: SALE, PARTITION AND MERGER

Front 71

Joint tenancy - severance and sale (2 key points)

Back 71

A joint tenant may sell or transfer interest during lifetime, even secretly; mere act of entering into a contract will sever tenancy as to that share

Front 72

What is the meaning/effect of equitable conversion?

Back 72

Equity regards as done that which ought to be done - applies during escrow period. Buyer considered owner, so joint tenancy severed and/or buyer liable for damage to property

Front 73

Partition (3)

Back 73

Voluntary agreement, partition in kind, forced sale

Front 74

Joint tenancy - severance - mortgage - title theory

Back 74

Minority view: One joint tenant's execution of a mortgage/lien on his or her share will sever the joint tenancy as to that share

Front 75

Joint tenancy - severance - mortgage - lien theory

Back 75

Majority view - Joint tenant's execution of mortgage on his or her interest will NOT sever the joint tenancy

Front 76

Tenancy by the entirety - creation

Back 76

Default for married partners, if a state recognizes TIE

Front 77

Tenancy by the entirety - "can't touch this" (2)

Back 77

Creditors of only one spouse can't touch TIE, and neither tenant alone can defeat the right of survivorship by unilateral conveyance

Front 78

Rights and duties of cotenants (4)

Back 78

Possession of the whole; share of rent from 3d parties, carrying costs, repairs; no waste; action for partition

Front 79

NOT rights or duties of cotenants (3)

Back 79

Rent from co-tenants in exclusive possession; adverse possession; improvements (but credit/liability at partition)

Front 80

Joint tenancy - effect of severance

Back 80

A tenancy in common between any remaining joint tenants and owner of severed share

Front 81

Tenancy by the entirety - termination (4)

Back 81

Death of a spouse, divorce, mutual agreement, execution by a joint creditor of both spouses

Front 82

Tenancy by the entirety - mortgage requirement

Back 82

Both spouses must join

Front 83

Why does a deed offering "A and his heirs" the right of first refusal to buy property when offered for sale?

Back 83

Because it could vest more than 21 years after the death of a life in being at the time of the grant

Front 84

Who must pay the taxes on a property?

Back 84

Holder of present possessory interest

Front 85

What if taxes aren't paid on a property?

Back 85

Property will be sold at a tax sale and future interest holders will lose their interests