Chapter 5 Flashcards
If the future interest following a life estate is in the grantee, what is it called?
Remainder
If the future interest following a term of years is in the grantee, what is it called?
Remainder
What is the name of the grantee’s future interest that “waits patiently” for the prior estate to “end naturally”?
Remainder
How can you recognize a continent remainder?
Its holder is unascertained or it contains a condition precedent or both.
What two characteristics define a vested remainder?
Its holder is ascertained and it has no condition precedent/
What two characteristics define an ascertained person?
The person is born and identified.
What is a condition precedent?
A condition that (a) is set out within the description of a particular estate and (b) must be satisfied before that estate can become possessory.
What are “alternative contingent remainders”?
Contingent remainders are alternative when they each follow the same estate and when their conditions precedent are the opposite of each other, so that the vesting of one precludes the vesting of the other/
Is a reversion deemed vested or contingent?
vested
Is a right of entry deemed vested or contingent?
vested
To whom does a reversion belong?
the grantor
To whom does a remainder belong?
the grantee
Distinguish between a remainder and a reversion.
If a future interest is in a second grantee, it is a remainder. If the future interest in in a grantor, it is a reversion.
In column 2 on the chart, how do we decide whether to work above the liner below the line?
Look to see if the next estate is held by the grantor or a grantee. If it is held by the grantor, work above the line, If it is held by a grantee, work below the line.
In column 3 on the chart, how do we decide whether to work above the line or below the line?
(a) by deciding whether to work above or below the line in column 2 and then following the arrow or (b) by observing whether the interest column 3 describes is in a grantor ir in a grantee. If it is in the grantor, work above the line; if it is in a grantee, work below the line.
State remainder and whether it is ascertained: O to A for life, then to B.
then to B; ascertained
State remainder and whether it is ascertained: O to A for life, then to A’s first child.
then to A’s first child; yes
State remainder and whether it is ascertained:O to A for life, then to A’s heirs.
then to A’s heirs; no
State remainder and whether it is ascertained:O to A for life, then to B and her heirs. (B has no children).
then to B and her heirs; Yes
State remainder and whether it is ascertained:O to A for life, then to A’s widow.
then to A’s widow; no
State remainder and whether it is ascertained:O to A for life, then to A’s first child. (A has no children.)
then to A’s first child; no
State remainder and whether it is ascertained: O to A for life, then to this year’s first-year law students at State University Law School who pass the bar.
then to this year’s first year law students at State University Law School who pass the bar; no
Is the remainder subject to a condition precedent? O to A for life, then to B if B has refrained from drinking alcoholic beverages for the five years prior to A’s death.
Yes
Is the remainder subject to a condition precedent? O to A for life, then to B if B has reached 21. (At the time of the conveyance, B is 22).
No
Is the remainder subject to a condition precedent? O to A for life, then to B; however, if B ever drills for oil on the land, then to C.
No
Is the remainder subject to a condition precedent? O to A for life, then to B for life, on condition that B has passed the bar.
No
State whether remainder is vested or contingent: O to A for life, then to B for life, on condition that B has passed the bar. (B has been practicing law for 10 years.)
vested
State whether remainder is vested or contingent: O to A for life, then to B, but if B uses the land for an insurance agency, then back to O.
vested
State whether remainder is vested or contingent: O to A for life, then to B if B does not then own an insurance agency/
contingent
State whether remainder is vested or contingent:O to A for life, then to B if B is then married.
contingent
State whether remainder is vested or contingent: O to A for life, then to B; however, if B divorces after A dies, then to O.
vested
State whether remainder is vested or contingent:O to A for life, then to A’s surviving cousins (A has two cousins).
contingent
State whether remainder is vested or contingent: O to A for life, then to A’s children (A has one child.)
vested
State whether remainder is vested or contingent: O to A for life, then to the 2001 graduates of O’s law school class. (The conveyance was made in 2002.)
vested
State whether remainder is vested or contingent: O to A for life, then to A’s widow.
contingent
State whether remainder is vested or contingent: O to A for life, then to B’s heirs. (B is alive.)
contingent
