Final Flashcards
Seisin
person who actually has possession of land
Four kinds of Fee simple
Fee Simple Absolute, Fee Simple Determinable, Fee Simple on or subject to a condition subsequent, Fee Simple on or subject to executory interest
Fee Simple Absolute
Largest interest in property. last forever unconditionally and without limitations as far as ownership in law recognizes. MODERN - courts prefer FSA so there is no need for magic words. COMMON LAW - “and his heirs” required to create a FSA because courts favored Life Estates. FSA is inheritable, alienable, and devisable.
Escheat
no heirs (no will) whatsoever, MODERN - goes to the state, CL - went to the overlord
Fee Simple Determinable
“to A for so long as”. Fee simple until the occurrence of a given event. If the event occurs, estate automatically terminates. O retains possibility reverter.
Fee Simple Subject to a Condition Subsequent
Grantor retains the right to enter and terminate the estate. O retains right of entry or power of termination.
Fee Tail
Passes land to future generations without end. Created by “to A and his heirs of his body”. Not used modernly (4 states still have it). MAJORITY - creates a FSA. MINORITY - LE to named transferee and a remainder in FSA to Life Tenant’s issue. VERY FEW - Fee tail to named transferee and FSA in transferees issue.
Life Estate
Created by “to A for life”. Estate endures for A’s life. Not inheritable unless it is an estate pur autre vie (life of another)
Waste
Absent agreement to contrary, generally not allowed to commit waste at CL. Modernly, trend that ameliorative waste is not actionable if tenancy will last a long time
Open Mines Doctrine
Exception to law of waste. If at time life estate created property already being used for that purpose (mining, timber, ect) these could be continued and not be considered waste
Five Future Interests
Possibility of Reverter, Right of Entry, Reversion, Remainder (vested or contingent), Executory.
6 Present Estates/Future Interest that Follows
FSA FSD/Possibility of Reverter FSCS/Right of re-entry FT/Reversion, remainder LE-/Reversion, remainder FSEL/Executory Interest
Contingent Remainder v. Vested Remainder
Contingent Remainder:
Unborn and unascertained person
Subject to a condition precedent
Vested Remainder:
Born and ascertained person
Not subject to a condition precedent
Condition Precedent
Only takes if something happens. On final it will be placed before and most likely separated with a comma.
Rule of Convenience (for closing classes)
If A dies and two members of an open class are ready for the land to vest but still possibility of more class members, class closes because interests are ready to vest.
Executory Interest
Future Interest in a 3rd party that: 1. cuts short the preceding present possessory estate OR vested FI OR 2. takes affect after a gap in time
Common Law rules limiting Future Interest
Rule in Shelley’s Case, Doctrine of Worthier Title, Destructability of CR, and Rule against Perpetuities (this is only one on test)
Merger Rule
If you have a vested interest in property, and no interest in between them, you put them together in largest interest
Rule Against Perpuities
No contingent future interest created in transferee is good unless it must necessarily vest, if at all, not later than perpetuities period (21 years) of some life in being at time of conveyance.
Policy Rationale Behind RAP
Further alienability of property. Applies to CR, EI, VRO. Undue concentration of wealth. Dead hand control.
RAP applies to:
CR, EI, VRO, VROD
Charitable Gift Exception
If defeasible fee is in a nonprofit (1st taker) and 2nd taker is a charity, RAP doesnt apply.
RAP Reforms:
- Wait and See for CL RAP period
2. US RAP (Uniform Statutory RAP) - 90 years wait and see
Cy Pres
allows court to reform a gift to conform to RAP and still trying to accomplish grantors intent