ESTATES IN LAND Flashcards
Fee Simple Absolute (2)
- potentially infinite DURATION
2. MUST be fully ALIENABLE (no direct restraints)
Right of 1st refusal (FSA EXCEPTION)
option to buy by 3rd p before it can be sold to anyone else
FSA creation
CL: “To A and her heirs”
MAJORITY CHANGE: presumed unless clear intent otherwise
Fee Tail
@ CL a device to lock the property into grantee’s family
- “to A and the heirs of his/her body” OR
- “to A and his/her bodily heirs”
*this language presumed unless asked to apply CL
Life Estate
- created express or implied
- grantees life is measuring life
LE pur Autre vie
(life estate measure by the life of another)
“to tarzan for the life of jane”
CL: if tarzan dies but jane is still alive, SEISIN VACANT– ANYBODY TAKES
MAJ: goes to tartans estate, LE continues in place until jane measuring life dies
Life Estate (restraint on alienation)
MODERN RULE allows to terminate IF life estate tenant attempts to convey away LE
Voluntary Waste
affirmative action beyond right of maintenance that causes harm to premises
(may be liable to holder of FUTURE INTEREST)
“Open Mines Doctrine”
depletion of natural resources is wasted UNLESS the consumption constitutes “normal use” of the land
ex. life estate in a coal mine or granite quarry
* sale of havestable crops does not involve waste
Permissive Waste (3 MUSTS to avoid liability)
- MUST make ordinary repairs
- MUST pay ALL taxes on prop
- MUST pay INTEREST on any mortgage indebtedness
Ameliorative Waste
alters property substantially but activity increases value of land
(if changed conds have made prop relatively worthless, can alter without incurring liability)
Seisin
holder of seisin is taxpayer
Future Int retained by GRANTOR (3)
- reversion
- possibility of reverter
- right of entry
Future Int retained by GRANTEE (2)
- remainder
2. executory int
Reversion in g’or
whenever the g’or conveys away less than the durational estate g’or had
ex. To A for life
Possibility of reverter
whenever G’OR conveys FSD, automatically retains
“so long as”, “while”, “during”
Right of Re-entry (or power of termination)
G’or conveys a FEE SIMPLE ON COND SUBSEQUENT with an EXPRESS RESERVATION
“provided however”, “but if”, “on condition that”
Reversions (transfer) (3)
- NOT subject to rap
- free transfer on DEATH
- free transfer INTER VIVOS
Possibility of Reverter (transfer) (3)
- NOT subject to rap
- free transfer on DEATH
- free transfer INTER VIVOS
Right of Entry (3)
-NOT subject to rap
-NO free transfer INTER VIVOS
((CAN BE IN FLORIDA))
-free transfer on DEATH
Vested remainder in G’ee
when nothing stands in the way of becoming possessory on the natural expiration of preceding estate
Contingent remainder in G’ee
condition that MUST be satisfied before interest becomes POSSESSORY
*if g’ee NOT in existence at time of conveyance, remainder is contingent on that g’ee being born
“vested remainder subj to open” (class gifts)
when remainder int conveyed to group of UNNAMED PERSONS whose members are NOT FULLY KNOWN
ex. to the children of A
Rule of Convenience
class CLOSES for class gift when ANY class member entitled to a distribution
*this is a rule of construction, apply unless evidence otherwise of g’ors clear intent
Executory Interest
cuts short the estate that comes before it
“vested remainder subj to an exec int”
AKA
vested remainder subj to total divestment
OR
vested remainder subj to an exec int
“but if, then to”
Defeasible Fees
(i) FSD (ii) FS subject to cond subseq (iii) FS subject to exec int
Rule Against Perpetuities
No int is valid unless it must vest within 21 years after death of some life in being who was alive when conveyance was made
Always applies to: (i) exec int (ii) continent remainders (iii) vested remainders subj to open
RAP validity
determined AT THE TIME CONVEYANCE IS MADE
RAP (transfer by will effective..)
at time of TESTATORS DEATH
RAP (transfer by deed effective..)
at time deed TAKES EFFECT
Uniform Statutory RAP
codifies CL rule and provides for alternative 90 year vesting period (“wait and see” approach)
*FLORIDA LAW has enacted US RAP
RAP “Savings Clause”
included to save a grant from violating RAP, making sure vesting MUST occur within time period of rule
“during the lifetime of A or B within 21 years after the death of the survivor of A or B…”
RAP “Charity to Charity Exception”
doesn’t violate if BOTH transferees are charities
