Property I

Front 1

Heirs

Back 1

includes:

issue,
ancestors, and
collaterals.

Front 2

Issue / Descendants

Back 2

children, grandchildren, great grandchildren of decedent

Front 3

Ancestors

Back 3

decedents parents

Front 4

Collaterals

Back 4

remote relatives of decedent, such as:

brothers, sisters, uncles, aunts

Front 5

Escheat

Back 5

no taker... then the property passes to a State government

Front 6

By Representation

Back 6

a common approach is division at generational level with surviving descendants

Front 7

Name of Parties in Deed Conveyance

Back 7

O -> grantor

A, B -> grantee

Front 8

Name of Parties to a Will (at death)

Back 8

O -> testator

A, B -> Devisee

Front 9

Name of Parties in either a Deed or Will?

Back 9

O -> transferor

A, B -> transferee

Front 10

What type of interest can the transferor have?

Back 10

possible future interests (reversion)

Front 11

What type of interest can the transferee have?

Back 11

present possessory estate

future interest

Front 12

Fee Simple

Back 12

"words of purchase "to A", may last forever
"and his heirs" words of limitation

Front 13

Fee Tail

Back 13

lasts until the bloodline runs out
"To A and the heirs of his body"

Front 14

Life Estate

Back 14

lasts for the duration of one's life
"To A for life"
"for life" words of limitation

Front 15

Leasehold Estate

Back 15

usually lasts for a period of time measured by the calendar

Front 16

Steps in classifying future interests:

Back 16

1) read the exact language
2) analyze the interests in sequence
3) classify the present possessory estate.
4) ask who holds any future interest - the transferor or the transferee

Front 17

Future Interests retained by the transferor

Back 17

Reversion

Possibility of Reverter

Right of Entry

Front 18

Future Interests created in Transferee

Back 18

Vested Remainders

Contingent Remainders

Executory interests

Front 19

Steps in classifying future interests:

Back 19

1) read the exact language
2) analyze the interests in sequence
3) classify the present possessory estate.
4) ask who holds any future interest - the transferor or the transferee

Front 20

Future Interests retained by the transferor

Back 20

Reversion

Possibility of Reverter

Right of Entry

Front 21

Future Interests created in Transferee

Back 21

vested remainder

contingent remainder

executory interests

Front 22

Possibility of Reverter is associated with what fee?

Back 22

Fee Simple Determinable (FSD)

Front 23

Right of Entry is associated with what fee?

Back 23

associated with fee simple subject to condition subsequent (FSS2CS)

Front 24

What is a vested remainder?

Back 24

1) ascertained person

AND

2) Not subject to condition precedent.

Front 25

What is a contingent remainder?

Back 25

1) Un-ascertained person

OR

2) Contingent to condition precedent.

Front 26

Executory Interests follow?

Back 26

vested fee simple
vested in possession of remainder.

Front 27

Tenancy In Common - TIC
(CO-Tenants)

Back 27

Modern Presumption:
Default estate even if conveyance satisfies the four unities of JT unless the parties adequately express an intent to create a joint tenancy. Separate but undivided intersts in the property.

Front 28

Joint Tenancy - JT

Back 28

Common Law Presumption

Front 29

Tenancy by the Entirety - TBE

Back 29

Husband and Wife, only available in in 20 states and disappearing

Front 30

TIC
How Conceived

Back 30

seized of an undivided share of the whole (half and half, but conceptually considered undivided interest)

Front 31

JT
How Conceived

Back 31

seized of a share and of the whole.

Front 32

TBE
How Conceived

Back 32

seized by the whole

Front 33

TIC
How Created

Back 33

a) created by an inter vivos conveyance

b) often a result of inheritance - inheritance of one item of property by more than one person, a tenancy in common is created

Front 34

JT
How Created

Back 34

Four Unities:
time
title
interest
possession

Front 35

Four Unities:
Time

Back 35

vested at the same time

Front 36

Four Unities:
Title

Back 36

created by the same instrument

Front 37

Four Unities:
Interest

Back 37

same type of interests for the same duration

Front 38

Four Unities:
Possession

Back 38

equal right to possess the whole (possession is also for TIC)

Front 39

JT
Key Language

Back 39

"to A and B jointly" ambiguous
"to A and B as joint tenants" is better, but in some States it is no guarantee
"to A and B as joint tenants with right of survivorship" is good.
"to A and B as joint tenants with right of survivorship and not as tenants in common" is perfect

Front 40

JT
Statutes

Back 40

statutes may be used to specify the language used to create JTs

Front 41

TBE

Back 41

same as joint tenancy plus marriage

Front 42

Four Unities:
Interest

Back 42

same type of interests for the same duration

Front 43

Four Unities:
Possession

Back 43

equal right to possess the whole (possession is also for TIC)

Front 44

JT
Key Language

Back 44

"to A and B jointly" ambiguous
"to A and B as joint tenants" is better, but in some States it is no guarantee
"to A and B as joint tenants with right of survivorship" is good.
"to A and B as joint tenants with right of survivorship and not as tenants in common" is perfect

Front 45

JT
Statutes

Back 45

statutes may be used to specify the language used to create JTs

Front 46

TBE

Back 46

same as joint tenancy plus marriage