Future interests

Question 1

Grantor: What future interest accompanies fee simple determinable? (“To A so long as remain lawyer”)

Answer 1

Possibility of reverter

Question 2

Grantor: What future interest accompanies fee simple subject to condition subsequent? (“To A, but if coffee is ever consumed on site, grantor reserves right to reenter and retake”)

Answer 2

Right of reentry, AKA the power of termination

Question 3

Grantor: What future interest arises in grantor who transfers an estate of lesser quantum than she started with, other than fee simple determinable or fee simple subject to condition subsequent?

Answer 3

Reversion

Question 4

Transferees: 3 types of future interest

Answer 4

(1) vested remainder
- indefeasibly vested remainder
- vested remainder subject to complete defeasance aka vested remainder subject to total divestment
- vested remainder subject to open
(2) contingent remainder
(3) executory interest
- shifting executory interest
- springing executory interest

Question 5

Transferees: Remainder must exist in…

Answer 5

grantEE NOT grantOR

Question 6

Transferees: Remainderman is sociable. He never travels alone. Always accompanies a preceding estate of known fixed duration. What type of estates, usually?

Answer 6

life estate OR term of years

Ex: “To A for life, then to B” or “To A for ten years, then to B”

B = remainderman

Question 7

Transferees: Remainderman waits patiently for present estate to end, not cutting short a prior transferee, thus he never follows a…

Answer 7

defeasible fee

Question 8

Transferees: Vested remainder if…

Answer 8

it is both created in an ascertained person and is not subject to any condition precedent

Question 9

Transferees: Contingent if…

Answer 9

created in an unascertained person OR subject to a condition precedent