Chapter 4: Future Interests Flashcards
Under the Doctrine of Worthier Title, a conveyance by a grantor of “to A for life, then to my heirs” creates what type of interest in the grantor’s heirs?
a. Executory Interest
b. Contingent Remainder
c. Vested Remainder
d. No Interest
d. no interest
The Rule of ________________ is a class-closing mechanism to avoid application of the Rule Against Perpetuities to a class gift.
convenience
A future interest in a third party that divests a prior vested interest in a grantor is a ____________ executory interest. A future interest in a third party that divests a prior vested interest in a grantee is a ____________ executory interest.
springing
shifting
A remainder is a future interest that follows what present possessory estate?
Life Estate
If the holder of a vested remainder dies, to whom does the interest pass?
to the holder’s heirs
A vested remainder is an interest that is:
1. Given to an _____________ grantee
AND
2. Not subject to a __________ ______________
ascertained (i.e., someone who can be identified)
condition precedent (i.e., there is no condition that must be satisfied in order for the interest to vest)
Example: Oliver conveys Blackacre “to Anna for life, then to Ben.”
What does it mean to say that “full class membership is unknown”?
There are people coming into this class and we don’t know when this class will close
When all members of a class are identified, the class is _________.
closed
At least one member of the class must be vested. If no one is vested, then the remainder is ____________.
contingent
Oliver conveys “to Anna for life, then to Ben’s children.” Ben has one child. When will this class close under the Rule of Convenience?
On Anna’s Death
Why do we care about Executory Interests?
Because they subject to the Rule Against Perpetuities
A springing executory interest divests the ____________.
grantor
Example: Oliver conveys Blackacre “to Anna for life, then to Ben one year after Anna’s death.”
Ben has a springing executory interest here
