Executory Interests

Question 1

What is an Executory Interest?

Answer 1

A Future Interest held by a grantee that divests another estate or interest to become possessory OR a FI that follows a defeasible fee where the interest goes to another grantee rather than returning to the grantor or the grantor’s heirs/estate

Question 2

Executory Interests are…

Answer 2

alienable, devisible, and descendible

Question 3

What are the 2 types of Executory Interests? (no legal difference between them)

Answer 3

Springing Executory Interest

Shifting Executory Interest

Question 4

What is a Springing Executory Interest?

Answer 4

If the interests divest to the grantor

Question 5

What is a Shifting Exec Interest?

Answer 5

If the interests divest to anyone but the grantor

Question 6

How do you spot an Exec. Interest? (magic words)

Answer 6

Words of Duration: so long as, while, during, until
Words of Condition: provided that, but if, on condition that
All followed by “then to”

Question 7

What estate/interest does an Exec Interest follow?

Answer 7

Follows FSSEI as a Future Interest

Question 8

What is Condition Precedent?

Answer 8

could occur or which must be satisfied before the interest can become possessory

Question 9

What is Condition Subsequent?

Answer 9

After interst becomes possessory, typically, qualifies how long the possessory int erst may last

Question 10

What is Life Estate Defeasible (LED)?

Answer 10

where there are words of limitation cutting short the LE, both determinable words and condition subsequent words.