Estates in land - Future interests Flashcards
1
Q
What is a future interest ?
A
A future interest gives its holder the right or possibility of future possession of an estate. It is a present, legally protected right in property.
2
Q
What is a reversion?
A
A reversion is the estate left in a grantor who conveys less than they own.
3
Q
Does a reversion have to be expressly reserved?
A
No, arises by operation of law.
4
Q
Can the holder of a reversion sue for wasted and tortious damage?
A
Yes.
5
Q
What is a remainder?
A
A remainder is a future interest in a third person that can become possessory on the natural expiration of the preceding estate.
6
Q
Does a remainder have to be expressly created?
A
Yes.
7
Q
When is remainder vested?
A
- Created in ascertained person AND
2. Not subject to any condition precedent
8
Q
When is remainder contingent?
A
- Created in unascertained person OR
- Subject to condition precedent OR
- Both
