Future Interests

Question 1

Possibility of Reverter

Answer 1

Future Interests Capable of Creation in the Grantor.

It accompanies only the fee simple determinable.

Question 2

The Right of Entry, also know as the Power of Termination

Answer 2

It accompanies only the Fee Simple Subject to Condition Subsequent (Bobby Brown)

Question 3

The Reversion

Answer 3

Catch-All Default Answer.

Future interest that arises in a grantor who transfers an estate of lesser quantum that she started with, other than a fee simple determinable or a fee simple subject to condition subsequent.

Question 4

If our future interest is held by someone other than the grantor, it has to be either:

Answer 4

A vested Remainder (3 types)

A contingenter remainder

An executory interests (2 types)

Question 5

3 Tasks in Assessing Future Interests in Transferees

Answer 5

(1) We MUST distinguish vested remainders (of which there are 3 kinds), from contingent remainders;
(2) We MUST distinguish the 3 kinds of vested remainders from each other, and
(3) We must distinguish all remainders from executory interests

Question 6

Vested Remainder

Answer 6

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

Question 7

Contingent Remainder

Answer 7

If it is created in an unascertained person OR is subject to a condition precedent, or both