Forms Of Ownership Terms

Question 1

Historical background

Answer 1

1. Enhance power of king (expropriated land among supporters for their loyalty = subinfeduation)
2. Usufructuary aspect = can profit and benefit from land but don’t own
3. Agricultural uses: nonalienavle and noninheritable

To modern ownership
1. Infinite duration, broad managerial rights, right to subdivide (dividible) and sell (alienable)
2. Possessory
3. Owned estate of land (legal package of interests)

Question 2

Present & possessory interest

Answer 2

Present = right to possess property now by sale, will, trust

Possessory = land right to occupy immediately (present) but doesn’t own

Question 3

Types of possessory interest

Answer 3

Fee simple absolute

Life estate (reversion: G & remainder: 3P)

Fee tail = successors (to A and his heirs of his body)

Question 4

Defeasible fees

Answer 4

1. Fee simple determinable = future interest is reverter; automatic vesting
2. Fee simple subject to condition subsequent = future is reentry; grantor must asset
3. Fee simple subject to executors limitation = future is to a third party

Question 5

Future interest

Answer 5

Vested = remainders to identifiable persons & no conditions except death of life estate. 3 kinds:
1. Absolutely vested remainder = not subject to change

2. Vested remainders
   - subject to open = individuals but may be divided
   - rule of convenience = close the class
3. Vested remainders subject to divestment = lost due to event after conveyance

Contingent = remainder contingent if one or two conditions met:
1. Happening or uncertain event
2. Remainder goes to an unascertained person