27-50 Flashcards
Fee Simple Subject to Executory Limitation(Shifting Executory Interest)
Type of defeasable fee that terminates upon the happening of a specified event and vest in third party.(Shifting Executory Interest)
Fee Tail =
Present interest which limits inherence to lineal descendants of grantee.
Life Estate
Estate who’s duration measured by life of grantee or another (per autre vie)
Doctrine of waste
Duty of present possessor not to do anything that will harm the interest of the person holding a future interest.
Voluntary Waste
Type of waste which occurs from intentional act.
Permissive waste
Type of waste which occurs when property is allowed to fall into disrepair.
Reversion *
Future interest in grantor when after conveying lesser estate than what he has, becomes possessory after natural termination of preceding estate.
Vested Interest +
Interst which the owner and event when it becomes possesory are certain, but time is unknown.
Remainder *
Future interest expressly created in someone other than grantor /which will become possessory upon natural expiration of prior estate.
Vested Remainder Subject to Complete Divestment +(Shifting)
Interest in a existing ascertained person and subject to condition subsequent. (Shifting Executory Interest)
Vested Remainder Subject to Partial Divestment or Subject to Open +
Interst where there is one or more ascertained persons and there’s a possible increase to the number of people who can take the property.
Contingent Remainder
Remainder held by unasertained person or subject to condition precedent.
Executory Interest(Springing Interest)*
Future Interest created in third party /becomes possessory when it divest or cut short prior estate. Springing Interest.
Doctrine of Merger
Merging of present and future interest when person obtains successive estate in same land.
Rule in Shelly’s Case
If an instrument creates a present possessory interest in a person and a remainder in his heirs, heirs not recognized and present possessor gets both estates.
Destructability of Contingent Remainder
Contingent remainder interest is destroyed if it does not vest at or before termination of preceding estate.
Restraint on Alienation
Restraints in deeds, wills, or mortgages that keep the grantee from conveying his estate in various ways.
Rules Against Perpetuities
An interest is void if there is a possibility that it may vest 21 years after some life in being /at the creation of interest.
Concurrent Estate
Estate in land held by two or more persons at the same time, each having a right to possession and enjoyment of land.
Joint Tenancy
Concurrent Estate with right of survivorship, and are co-tenants who own an undivided share of property.
Tenancy in Common
Concurrent Estate with no rights of survivorship. Each owner has distinct undivided share in property which is freely alienable.
Tenancy by the Entireties
Concurrent Estate created between husband and wife with right of survivorship. Consent needed to severe.
Partition
Remedy availible to joint tenant or tenants In common to have co-tenancy terminated and divided.
Leasehold
Estate in land and is relationship between landlord and tenant.
Benefit
Benefit is a non-possesory interest/ and the right to make use of land possessed by another.
