Final Defeasible Estates and Concurrent Estates Flashcards
FSD key words
durational nature:
1) So long as
2) while
3) during
4) until
FSSCS key works
conditional nature:
1 )On the condition that
2) but if
3) provided that
What is a FSD always followed by?
possibility of reverter
what is the transferability of a FSD?
alienable, devisable and descendible but always subject to the condition
what is a FSSCS always followed by?
a right of re entry
what is the transferability of a FSSCS?
same as FSD alienable, devisable and descendible ut always subject to the condition
what happens with a FSSEL?
it automatically terminates and passes to a third party when the condition is violated
what interest does the third party of a FSSEL have?
an executory interest
what is the future interest of the grantor in a life estate or term of year?
right of reversion
what is true if the third party is capable of becoming immediately possessory?
that there is no condition precedent
what are the elements that need to be present for a vested remainder?
1) an ascertained person (certain that it can vest) and
2) they are not subject to any condition precedent
what are the elements that need to be present for a contingent remainder?
1) an un ascertained person or
2) a person that is subject to a condition precedent
who does a shifting executory interest divest?
a third party (To A and his heirs, but if A does not graduate from law school then B and his heirs) (B has an executory interest and if A does not graduate from law school, his interest will divest)
who does a springing executory interest divest?
the original grantor (To A when she marries) (A has a springing executory interest and when she marries it will divest O of their FSSEL)
what does the RAP mean?
that no interest is good unless it MUST VEST if at all, no later than 21 years AFTER THE DEATH of SOME LIFE BEING at the creation of the interest
what does the RAP apply to?
1) contingent remainders
2) executory interests
3) options and rights of first refusal
what does the RAP NOT apply to?
1) vested remainders
2) future interest in the grantor (reversion, right to re enter, possibility of reverter)
what is the “wait and see rule” of the RAP?
some states use the time of vesting rather than time of creation of the interest and wait to see if it vests before 21 years after the interest is created.
are the 4 unities required for a tenancy in common?
NO
what are the 4 unities?
1) Time
2) possession
3) interest
4) title
what do most states assume with a TIC?
there is equality of ownership
what can a TIC convey?
their individual interest in the WHOLE property
what does the grantee of a TIC become with the other TICs?
they will become another TIC
at death what happens to a TIC?
the individual’s property interest will pass to the decedent’s heirs and not the other TICs (no right of survivorship)
in a TIC, if one of the tenants improves the property without the approval of the other owners, are they obligated to reimburse him?
No BUT if the improvements raise the value of the property, he may be reimbursed when they later sell the property
can one tenant in a TIC ouster another tenant?
NO and if they try to do so, the tenant that was ousted could being an action for partition
what is a title theory in a Joint tenancy?
when the borrower (mortgagee) TRANSFERS TITLE to the property to the lender (borrower)
what happens to the title in a title theory?
it’s transferred and severs the joint tenancy
what is a lien theory in a JT?
borrower (mortgagee) RETAINS TITLE and grants the lender (mortgagor) a security interest in the property
what happens to the title in a lien theory?
the title is NOT transferred and there is no severance of the JT
what does possession consist of in the 4 unities?
that all tenants possess the same access and right to use the WHOLE property
what does interest consist of in the 4 unities?
each tenant must have an undivided identical interest in the whole property both as to duration and fractional share
what does time of the 4 unities consist of?
the ownership interest of each joint tenant in the whole property must be ACQUIRED AT THE SAME TIME
What does the title of the 4 unities consist of?
all tenant must derive their interest from the same SOURCE OF TITLE (same deed or instrument)
do you need the 4 unities for a JT?
YES
how do you separate a JT?
give a tenant exclusive ownership of one portion of the land through judicial partition
what is required of a tenancy by entirety?
the 4 unities + marriage
is there survivorship in a JT?
there is a severable right of survivorship
is there survivorship in a tenancy by entirety?
NO unseverable right of survivorship
in a TIC, is partition or sale allowed by one party?
YES
in a JT, is partition or sale allowed by one party?
YES
in a tenancy by entirety, is partition or sale allowed by one party?
NO not without the consent of the other party
what is a partition by kind?
each party gets half
which partition is favorable when one party has a business or lives on the property?
partition by kind
what is a partition by sale?
when the house is sold and each party gets half
which partition does the interest of the owners benefit?
partition by sale
what is an ouster?
when a co-tenant in possession is not liable unless there’s been an ouster
what is an ouster for rent?
when the occupying co-tenant refuses demand for use and possession
what is an ouster for adverse possession?
when the occupying tenant claims absolute ownership
when a marriage splits up, how is the property split up?
1) split what was brought in during the marriage excluding any gifts or inheritance
2) exclude any money made or had before the marriage
how is property split up in a marriage in common law?
property belongs to spouse with title + alimony
how is property split up in a marriage in modern law?
equitable distribution
