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.
What is a fee tail?
Not used much anymore.
Freehold estate whose duration is measured by the lives of the lineal descendants of a person.
To A and the heirs of his body.
- an estate that would endure as long as A’s bloodline continued.
What is a fee simple determinable?
Automatically expires at a stated time, immediately giving the holder the right of first possession.
Example: O grants land “to A as long as used as a park.” once not used as a park reverts back to O
Estates and Future interest originate from what two main sources?
Deeds and wills
Also can arise from a trust but normally a will or deed transfers the property to trust.
What does absolute mean in freehold estates?
Duration is only restricted by the standard limit defined by that category of estate.
What is a future interest?
A legal interest that does not currently entitle its owner to immediate possession, but that may become a present estate in the future.
What is a future interest?
A legal interest that does not currently entitle its owner to immediate possession, but that may become a present estate in the future.
