Future Interests Flashcards
Which three future interests are capable of creation in the grantor?
Possibility of Reverter
Right of Entry (i.e., Power of Termination)
Reversion
The possibility of reverter accompanies which and only the . . .
Fee Simple Determinable
The Right of Entry (i.e., power of termination) accompanies only the . . .
Fee Simple Subject to Condition Subsequent.
A reversion is the default answer when the property of going back to O unless the estate is a _____ or _____.
Fee Simple Determinable
or
Fee Simple Subject to Condition Subsequent.
Which future interest for O? O conveys: “To A for life.”
Reversion
Which future interest for O? O conveys: “To A for 99 years.”
Reversion
Which future interest for O? O conveys: “To A for life, then to B for 99 years.”
Reversion
If the future interest is held by someone other than the grantor, it has to be either (3):
Vested remainder (indefeasibly vested; vested subject to complete defeasance; vested subject to open)
Contingent remainder
Executory interest (shifting or springing)
What is a remainder?
Future interest created in a grantee that is capable of becoming possessory upon the expiration of a prior possessory estate created in the same conveyance in which the remainder is created.
A remainderman has what three traits? He is . . . (think Jack Johnson)
Sociable, patient, and polite
Remainder men always accompany a preceding estate of ______ _______.
Fixed duration
The preceding estate of a remainder is usually a _____ ____ or a ____ ___ ______
Life Estate
Term of Years
A remainder man is patient and polite. This means that he never follows . . .
A defeasible fee
Remainder men wait for the present estate to end _______.
Naturally
Remainder man can/cannot cut short or divest a prior transferee.
Cannot
If your present estate is a defeasible fee, your future interest is NOT remainder. Instead, it will be an __________________ if held by someone other than the grantee
Executory interest
Remainders are either ___ or ____.
Vested or contingent
A remainder is vested if it is both ____ and ___.
Created in an ascertained person AND
Is not subject to any condition precedent.
A remainder is contingent if it is ______ OR _____.
Created in an unascertained person OR
Is subject to a condition precedent.
Can a contingent remainder be created in an unascertained person?
Yes, has to be.
Can a vested remainder be created in an unascertained person?
No.
To A for life, then to B’s first child.
A is alive. B, as yet, has no children.
Type of remainder?
Contingent
To A for life, then to B’s heirs.” A is alive. B is alive.
Type of remainder? Explain
Contingent. A living person cannot have heirs, so while B is alive his heirs are unknown. Thus, contingent remainder.
Why is the following a contingent remainder?
To A for life, then to those children of B who survive A.
A is alive.
We don’t know yet which, if any, of B’s children will survive A
A condition is a condition precedent when it appears _______ the language creating the remainder OR is _______ into the grant to remainderman.
Before
Woven
Identify the condition precedent:
To A for life, then if B graduates from college, to B.
“If B graduates from college.”
Identify the condition precedent:
To A for life, and if B has reached the age of 21, to B.
A is alive. B is 19.
If B has reached the age of 21.
