Future Interests Flashcards
Despite the fact that a future interest holder’s possession is in the future, a future interest is a …
present, legally protected right in property.
If a future interest is held by someone either than the grantor, it has to be either:
- a contingent remainder, or
- a vested remainder; or
- an executory interest.
A remainder is a future interest in a third person that can become possessory on the…
natural expiration of the preceding estate.
A remainder is contingent if:
(1) it’s created in unborn or unascertained persons; or
(2) it’s subject to a condition precedent.
If O grants “To A for life, then if B graduates from college, to B,” what does B have?
A contingent remainder.
A vested remainder is one…
(1) created in an existing and ascertained person, and
(2) not sibject to a condition precedent.
An indefeasibly vested remainder is one where the holder is….
certain to acquire an estate in the future, with no strings or conditions attached.
A vested remainder subject to total divestment is whose right to possession…
could be cut short because of a condition subsequent.
A vested remainder subject to open is created in a class of persons, so it is…
certain to become possessory, but is subject to diminution.
The rule of convenience states that a class closes whenever…
any member can demand possession.
Executory interes are future interests in third parties that either…
- Divest a transferee’s preceding freehold estate; OR
- Follow a gap in possession or cut short a grantor’s estate.
In Virginia, what future interests can be transferred inter vivos or by will?
ALL – even rights of entry.
