Future Interests Flashcards
1
Q
Possibility of Reverter
A
Accompanies a fee Simple determinable
2
Q
Right of Entry
A
Follows fee simple subject to condition subsequent
3
Q
Reversion
A
Follows when grantor conveys estate of lesser duration
4
Q
Future interests in 3rd Parties
A
- Contingent remainder
- Vested remained
- Executory interest
5
Q
Vested remainder
A
Gonna get it, nothing stopping person
6
Q
Contingent remainder
A
Something must happen before get
7
Q
Vested subject to open
A
When there’s a class
8
Q
Vested subject to total divestment
A
Something could completely unravel one persons interest
9
Q
RAP
A
Must vest within 21 years after the death of a life in being at the time the interest was created
10
Q
What interests does RAP apply to?
A
Contingent, vested, Executory
11
Q
RAP Analysis (4 steps)
A
- Determine future interest
- What must happen for future interest holder to take?
- Find relevant person
- Will we know for sure within 21 years after death?
12
Q
Reform RAP
A
- Wait and See: determine if valid when life ends
- USRAP- Rap but with 90 days
- Ct Pres- court can re draft as near as possible to grantors intent
