future interest Flashcards
Vested Remainders
-A remainder that is certain to become possessory when the prior estate ends.
-Given to an ascertained person (e.g., “to B”).
-Not subject to a condition precedent (other than the natural end of the prior estate).
Indefeasibly Vested remainder
No conditions; guaranteed to happen.
to A for life, then to B
Indefeasibly Vested
Vested Subject to Divestment
Can be taken away by a condition.
to A for life, then to B, but if B dies before A, to C.
Vested Subject to Divestment
Contingent Remainders
A remainder that is not certain to become possessory because:
It depends on a condition precedent
-It is given to an unascertained person
Condition Precedent
Depends on a future event.
To A for life, then to B if B survives A.
Condition Precedent
Unascertained Person
Given to someone not yet known.
to A for life, then to B’s heirs” (but B is alive, so heirs are unknown).
Unascertained Person
Executory Interests
divests (cuts short) a prior estate instead of waiting for it to end naturally.
- follows vested subject to divestment
Shifting Executory Interest
Cuts off another grantee
-everything else
To A for life, then to B, but if B dies before A, to C.”
Shifting Executory Interest
Springing Executory Interest
Cuts off the grantor’s interest
-follows reversion
To A for life, then to B if B graduates college.”
Springing Executory Interest
grantee
the person who receives an interest in property.
grantor
the person who gives the interest (the original owner).
V for Very certain
Vested Remainders
C for Conditional or Cloudy.
Contingent Remainders
E for Explosive.
Executory Interests
Vested Subject to Open
The remainder is vested in a class of people (e.g., children), but the class can grow.
To A for life, then to A’s children and their heirs.
Vested Subject to Open
Reversion
When an owner transfers a lesser estate (e.g., a life estate) but does not specify who takes after, the property reverts to the owner or heirs.
-if unexplained gap in possession
Possibility of Reverter
Follows a fee simple determinable and automatically returns to the owner if a condition is broken.
Right of Entry (Power of Termination)
follows a fee simple subject to condition subsequent and allows the owner to retake possession if a condition is violated.
right of entry is
is not transferable
possibility of reverter is
alienable
A grantor cannot impose a condition that
that prevents the grantee from selling the land if the grant is a fee simple absolute.
- need to make it a life estate or subject to condition
To A for life, then to A’s heirs
contingent, we wont know wjo heirs are until A dies
To A, then to A’s fisrt child to survive A
We won’t know who this is till A dies
comma rule
if gift and condition are in the same clause. contingent
To A for life, then one year after A’s death, to B
Springing Executory Interest
a life estate ends in:
reversion or remainder
possibility of reverter
- follows a fee simple determinable
- automatically reverts to the grantor if a condition is violated
is a possibility of reverter transferrable?
yes
right of entry
- follows a fee simple subject to condition subsequent
- grantor has to take action to reclaim the property if a condition is violated
is right of entry transferrable
no
rules against restraints on alienation
total restraints on alienation is invalid to fee absolutes
- is generally valid for life estates
property can be transferred but the new owners rights end when the life tenant dies
life estates
