Estates and Future Interests Flashcards
The Four Categories of Estates
fee simple absolute
fee tail
defeasible fees
life estate
Fee Simple Absolute - Language
To A or To A and his heirs
Fee Simple Absolute - Characteristics
Absolute ownership that is devisable, descendible, and alienable
Fee Simple Absolute - Future Interest
None
Devisable
Give by will
Descendible
Capable of being inherited, even if no will
Alienable
Able to be sold or given to another party
Fee Tail - Language
To A and the heirs of body
Fee Tail - Characteristics
Pass directly to grantee’s lineal blood descendants, no matter what
Fee Tail - Future Interest
O aka Grantor (reversion)
Defeasible Fees
Ownership with a catch; 3 types
Fee Simple Determinable
Fee Simple Subject to Condition Subsequent
Fee Simple to Executory Limitation
Fee Simple Determinable - Language
To A for so long as - must use clear durational language
Fee Simple Determinable - Characteristics
Devisable, Descendible, and Alienable; all with a catch; as soon as condition is violated, forfeiture is automatic.
Fee Simple Determinable - Future Interest
Possibility of reverter in O
Fee Simple Subject to Condition Subsequent - Language
To A, but if X event occurs, grantor reserves the right to reenter and retake
Fee Simple Subject to Condition Subsequent - Characteristics
Estate is not automatic forfeiture if condition violated
Statute of limitations doesn’t start until grantor does something to assert right
Fee Simple Subject to Condition Subsequent - Future Interest
O has right of entry aka power to terminate
Fee Simple Subject to Executory Limitation - Language
To A, but if X event occurs, then to B
Fee Simple Subject to Executory Limitation - Characteristics
Breach is automatic forfeiture but in favor of someone other than the grantor
Fee Simple Subject to Executory Limitation - Future Interest
The entity who receives the property after breach is the shifting executory interest
Life Estate - Language
To A for life
or
To A for the life of B (pur autre vie)
Life Estate - Characteristics
Affirmative waste - willful acts of destruction
Permissive waste - neglect
Ameliorative waste - renovations that aren’t known/consented by future interests
Life Estate - Future Interest
O (grantor) - reversion
Third Party - remainder
Future Interests to the Grantor
Reverter (only w/ fee simple determinable)
Right of entry (only w/ condition subsequent)
Reversion (only when grantor has carved out less than they have)
Future Interests to someone other than Grantor
Vested Remainder (3 types)
Contingent Remainder
Executory Interest (2 types)
Vested vs Contigent
vested = created in a person and there is no precedent condition
contingent = created in an unknown person or is subject condition precedent
Remainders do not follow______
defeasible fees
Indefeasily vested remainder
certain to acquire the estate w/ no strings attached
vested remainder to complete defeasance
there’s nothing keeping this remainder from getting the property however, there are subsequent conditions that could cut their time short with it
vested remained subject to open
group of takers who are qualified to take possession
it closes whenever any member can demand possesssion
Shifting Executory
cuts short someone other than the grantor
Springing Executory
cuts short the grantor
