estates in land Flashcards
fee simple determinable
property automatically reverts back to grantor upon the happening of a given event
fee simple determinable future interest
possibility of reverter (retained by grantor)
fee simple subject to condition subsequent
grantor retains power to terminate grantee’s estate; grantor must take action (not automatic)
FSSCS future interest
right of reentry (retained by grantor)
fee simple subject to an executory interest
property automatically transfers to a third party upon the happening of a given event
FSSEI future interest
shifting executory interest
life estate
interest that lasts only for the life of the interest holder
life estate future interest
reversion or remainder
reversion
future interest in grantor when a life estate does not provide for disposition of property to a third party
remainder
future interest following a life estate that identifies a third person; expressly granted and freely transferable
life estate pur autre vie
a life estate measured by the life of someone other than the life tenant
doctrine of waste
a life tenant cannot commit acts that constitute an unreasonable use of land and/or injure the interests of a future interest-holder
types of waste
1) affirmative (voluntary) waste
2) permissive waste
3) ameliorative waste
affirmative (voluntary) waste
life tenant cannot consume/exploit natural resources on the land except:
1) where necessary for repairs/maintenance
2) when grant expressly gives right to exploit, or
3) if land was used for exploitation of resources prior to the grant
permissive waste
harm to property due to life tenant neglect; LT has a duty to repair/maintain property up to the extent of income/profits derived from land or its rental value
ameliorative waste
LT acts that economically benefit the land; prohibited under common law but now usually permitted in most modern jdxs
categories of vested remainders
1) indefeasibly vested remainders
2) vested remainder subject to total divestment
3) vested remainder subject to open
vested remainder
a remainder that automatically becomes possessory upon the natural expiration of the preceding estate; cannot be subject to a condition precedent or vest in an unknown person
indefeasibly vested remainder
becomes possessory immediately upon termination of the prior estate
e.g., “to A for life, then to B”
vested remainder subject to total divestment
subject to some condition subsequent, such that the remainderman could be divested after taking possession
e.g., “to A for life, remainder to B; but if B weds, then to C”
vested remainder subject to open (class gift)
remainder vested in a described class of takers, at least one of whom is capable of taking possession
e.g., “to A for life, remainder to children of B and their heirs”
open vs. closed class
class stays open to allow for future members and closes when no new members can be created
Rule of Convenience
class closes whenever any member can call for distribution of her share; after-born class members get nothing
contingent remainder
a remainder will be contingent if it is either:
1) subject to a condition precedent, or
2) created in favor of an unascertained or unborn person
contingent remainder subject to condition precedent
remainder’s taking is contingent on the prior occurrence of some event or condition
once the event/condition occurs, the interest automatically becomes an indefeasibly vested remainder
rule of destructability
at common law, a contingent remainder is destroyed if it remains contingent when the preceding estate ends
merger (Shelley’s Rule)
arises when a conveyance attempts to give a life estate to grantee with a remainder to grantee’s intestate heirs
at common law, the two estates merge; modern rule is A has a life estate and his heirs have contingent remainders and O has a reversion b/c A could die without heirs
doctrine of worthier title
arises when grantor creates a life estate in another but grants a future interest in grantor’s heirs; contingent remainder in O’s heirs is void and A instead has a life estate and O has a reversion
executory interests
a future interest in a third party that takes effect by cutting short some interest
devisable, descendible, and usually transferable
types of executory interests
shifting and springing
shifting executory interest
always follows a defeasible fee or vested remainder subject to total divestment; cuts short someone other than the grantor
springing executory interest
cuts short a present interest held by the grantor or grantor’s estate
Rule Against Perpetuities
a future interest is void if there is any possibility, no matter how remote, that it will vest more than 21 years after the death of the measuring life
measuring life
a life “in being” when the interest was created whose actions during life, at death, or within 21 years after death determines whether a future interest satisfies RAP
