Estates & Future Interest - Present estates Flashcards
What are the requirements for possession for a finder?
Possession requires:
1. Intent to control
2. Actual act of control
What is Permissive Waste?
Stems from inaction: the failure of the estate owner to exercise reasonable care to protect the estate.
example: failing to fix a leaky roof
What are the 3 main variables used in classifying an estate?
- Freehold or nonfreehold
- Absolute or defeasible
- Legal or equitable
What are the 3 Types of defeasible fee simple estates?
- Fee simple Determinable
- Fee Simple Subject to a condition subsequent
- Fee simple subject to an executory limitation.
What is the rule with future interest and waste?
A person who holds an estate subject to a future interest must not commit waste.
What is a fee simple subject to an executory limitation?
-Automatically expires when a stated event occurs, but gives the right to possession to a transferee.
Ex: To A, but if the land is not used as a park to B
What does defeasible estate mean in freehold estates?
A defeasible estate is subject to a special provision that ends the estate prematurely if a particular event occurs.
example: To A, but if A smokes, then to B
What is the rule against restraints on Alienation?
Any total or absolute restraint on alienation of a fee simple is null and void.
Example: to A, but if A ever attempts to sell the land, then to B. This restraint is void.
Partial restraints on alienation of a fee simple may be allowed if reasonable in nature, purpose, and duration.
What is a fee simple subject to a condition subsequent?
Does not automatically expire when the triggering condition occurs, rather, the future interest holder must take affirmative action to end the estate.
Ex: O grants land “to A, but if not used as a park, then the land shall return to me.”
If park ceases then O must take action to end A’s estate, such as filing suit against A
What are the six basic types of estates?
Break them into freehold and nonfreehold estates.
Freehold estates: Fee simple, life estate, fee tail
Nonfreehold estates:
- Term of years tenancy
- periodic tenancy
- Tenancy at will
What is a fee simple?
What language designates?
Fee simple is a freehold estate whose duration is potentially infinite.
To A and his heirs
Or TO A
How to we view freehold and nonfreehold estates?
- Freehold estates as forms of owning land
- nonfreehold estates forms of leasing land
What is life estate pur autre vie?
A life estate whose duration is measured by the life of a person other than the grantee.
To A for B’s life
What is a life estate?
A freehold estate whose duration is measured by the lives of one or more specified persons.
- Ex. To A for A’s life
- A has a life estate for as long as A lives
What is a present estate or estate?
A legal interest that entitles its owners to the immediate possession of real or personal property.
