Interests, Present Flashcards
What are the four categories of present possessory freehold estates?
- The fee simple absolute
- The fee tail (no longer in use)
- The defeasible fees
- The life estate
The fee tail has been largely replaced by life estates in modern practice.
What is the language used to create a fee simple absolute?
“To A,” or “To A and his heirs.”
The phrase “and his heirs” is no longer necessary for creating a fee simple absolute.
What are the distinguishing characteristics of a fee simple absolute?
- Absolute ownership of potentially infinite duration
- Freely devisable
- Descendible
- Alienable
It is considered the best possible option when obtaining land.
What future interest accompanies a fee simple absolute?
None
Only the owner, A, has absolute ownership.
What is the language used to create a fee tail?
“To A and the heirs of his body.”
The fee tail is virtually abolished in the United States today.
What is the historical purpose of a fee tail?
To preserve family dynasties
This aim is contrary to more egalitarian American sensibilities.
What are the three types of defeasible fees?
- Fee simple determinable
- Fee simple subject to condition subsequent
- Fee simple subject to executory limitation
Defeasible fees refer to present possessory estates subject to certain conditions.
What characterizes a fee simple determinable?
- Automatic forfeiture upon violation of condition
- Accompanied by a possibility of reverter in O
Typical phrases include “so long as,” “while,” “until,” or “during.”
What distinguishes a fee simple subject to condition subsequent from a fee simple determinable?
- Not automatically terminated
- Requires grantor action to assert right of reentry
Typical phrases include “but if,” “provided that,” or “on condition that.”
What happens if a condition is breached in a fee simple subject to executory limitation?
Forfeiture is automatic in favor of someone other than the grantor
The future interest is called a shifting executory interest.
What does the term ‘defeasible’ mean?
Subject to the risk of forfeiture
Defeasible fees are dependent on certain conditions being met.
What are the two important rules of construction concerning defeasible fees?
- Words of mere desire, hope, or intention are insufficient
- Absolute restraints on alienation are void
Courts disfavor restrictions on the free use of land.
What distinguishes the termination mechanisms of determinable and condition subsequent estates?
- Determinable: Ends automatically upon breach
- Condition Subsequent: Continues unless grantor takes action
Precision in drafting deeds is critical.
What is the language used to create a life estate?
“To A for life,” or “To A for the life of B.”
The holder of a life estate is called a life tenant.
What happens to a life estate pur autre vie when the measuring life dies?
The estate reverts back to O, the grantor
Life estate pur autre vie is measured in terms of another person’s life.
What are the three forms of waste a life tenant must avoid?
- Affirmative waste
- Permissive waste
- Ameliorative waste
Major alterations to the premises require consent from future interest holders.
What future interest accompanies a life estate when held by O?
Reversion
In a third party, it is called a remainder.
What happens to a life estate upon the death of the measuring life?
Terminates immediately
The estate is dependent on the life of the measuring individual.
What is the effect of merger on a life estate?
Interests may merge into a fee simple
This occurs if the same party acquires both the life estate and the next vested interest.
