Future Interests Flashcards
Fee Simple Absolute
Ownership interest in property extending theoretically to infinity. Complete, unconditioned ownership. The whole pie
Defensible fees
Ownership interest which may terminate upon the occurrence of an event
Fee Simple Determinable
If lain out function ceases, property automatically reverts to original owner/donor (possibility of reverter). If passes to third person, its an executory interest.
Denoted by: so long as, while, during, until; other duration language
Fee Simple Subject to Condition Subsequent (FSSCS)
Upon the occurrence of specified event, does not automatically terminate or transfer, but may at transferors discretion. Gives right of entry. Executory interest when retained by transferee.
Denoting language: provided, however, that, on the condition that, but, if, but if
Language Denoting a Fee Simple Determinable
Language indicating a duration aspect.
So long as, while, during, until
Language denoting Fee Simple Subject to Condition Subsequent
Words indicating condition.
That, but, if, but if, however, that, on the condition that
Life Estate
Estate in land for life of person. Reversion to transferor when life ends, or remainder in transferee. Can be for life of another
Life Estate per autre vie
Life estate for the life of another
Term of Years
Possessory interest measured by the calendar
Waste
One with future interest has a right to prevent misuse of the property resulting in decreased value
2 types of waste
Affirmative: voluntary acts cause damage
Permissive: negligent care of the property causes damage
Difference between defeasible fee and contingent remainder
A contingent remainder follows a life estate, a defeasible fee is first
A vested remainder grants a [] and is followed by a []
Fee simple absolute
Executory interest
Vested remainder, condition creates a
Fee simple subject to executory limitation, which is followed by an executory interest in a 3rd party
Contingent remainders are followed by
Another contingent remainder or a reversion
