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Property > Mid term- future interest > Flashcards

Mid term- future interest Flashcards

1
Q

What does a future interest do?

A

Confers rights to the enjoyment of property at a future time

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2
Q

Interest restrained by the transferor, know as:

A

Reversion
Possibility of reverter
Right of entry (power of termination)

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3
Q

Interest created in a transferee, known as:

A

Vested remainder
Contingent remainder
Executors interest

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4
Q

Future interest give legal rights to its _____.

A

Owner

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5
Q

Future interest does not entice its owner to presume possession, it is a…

A

Presently existing interest that may become possessory in the future

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6
Q

What is reversion?

A

An interest left in an owner when he carved out his estate a lesser estate and does not provide who is to take the property when the lesser estate expires

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7
Q

What is a possibility of reverter?

A

Owner carves out of his estate a determinable estate of the same quantum. Determinable on the happening of an event

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8
Q

What is right of entry?

A

When an owner transfers an estate subject to condition subsequent and retains the power to cut short or terminate the estate.

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9
Q

A future interest that waits until the termination of the preceding possessory estate is

A

Remainder

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10
Q

A remainder given to an ascertained person and is not subject to a condition precedent (other than natural termination of preceding estates) is

A

Vested

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11
Q

What is a contingent remainder

A

A remainder given to an unacertained person or is made contingent upon some event occurring other than the natural termination of the preceding estates

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12
Q

Indefeasibly vested is a remainder that

A

Is certain to become possessory in the future and cannot be divested

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13
Q

Vested subject to open or vested subject to partial divestment is the remainder of the later-born class

T/F

A

True

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14
Q

Vested remainder accelerated into possession whenever and however the preceding estate ends

T/F

A

True

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15
Q

A contingent remainder can become possessory so long as it remains contingent.

T/F

A

FALSE A contingent remainder must become vested in order for it to become possessory.

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16
Q

Contingent remainders are mere…

A

interests in property

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17
Q

Contingent remainders were ______ if they did not vest upon termination of the preceding life estate.

A

destroyed

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18
Q

An executory interest is a future interest in a transferee that must, in order to become possessory…

A

divest some interest in another transferee OR

divest the transferor in the future

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19
Q

Fee simple subject to an executory limitation is

A

a fee simple that, upon the happening of a stated event, is automatically divested by an executory interest in a transferee

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20
Q

Executory interest are treated as _____ interests

A

contingent

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21
Q

Possibility of reverter or right of entry can be created only in the transferor

T/F

A

True

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22
Q

An executory interest can only be created in a transferee.

T/F

A

True

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23
Q

What interest makes land unmarketable?

A

Contingent

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24
Q

What is the destructibility of Contingent Remainders?

A

The legal remainder in the land is destroyed if it does not vest at or before the termination of the preceding freehold estate.

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25
Q

If one instrument created an estate in A and a remainder in A’s heirs then remainder goes to A. What rule is this?

A

The Rule in Shelly’s Case

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26
Q

What does the Doctrine of Worthier Title state?

A

When there is an inter vivos conveyance of land by a grantor to a person with a limitation to the grantors’ own heirs either by way of remainder or executory interest, no future interest in the heirs is created; rather a reversion is retained by the grantor.

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27
Q

What is the Rule Against Perpetuities?

A

No interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest

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28
Q

When does R.A.P. apply?

A

Only to interest that are not vested at the time of conveyance that creates them

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29
Q

What 3 interests are subject to R.A.P.?

A

Executory
Contingent remainders
Class gifts

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30
Q

You must prove that a contingent interest is certain to vest or terminate no later than 21 years after the death of some person alive at the created of the interest.

T/F

A

True

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31
Q

It takes ONLY one ______ to prove that the contingent interest will vest or fail to vest with the life or at time of the death of that person plus 21 years.

A

validating life

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32
Q

Validating lives do not have to be alive at or before the conveyance is made

T/F

A

FALSE

the person must be alive at or before the conveyance is made.

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33
Q

A class gift is not vested in any member of the class until…

A

the interest of ALL members have vested

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34
Q

A gift that is vested subject to open is vested under R.A.P.

T/F/

A

FALSE

A gift must be closed in order to be vested under R.A.P.

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35
Q

In order for a class to close and comply with R.A.P. all conditions precedent for each and every member of the class…

A

must be satisfied within the perpetuities period.

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36
Q

In class gifts what causes the potential violation of R.A.P.?

A

The possibility that more member may be added to the class at a remote point in the future

37
Q

What is the rule of convenience?

A

A class will close as soon as one member of the class is entitled to immediate possession or enjoyment

38
Q

The rule of convenience will not close the class before is closes naturally, or physiologically.

T/F

A 
FALSE 
The rule of convenience could close the class early.
39
Q

When the class closes early under the rule of convenience who may not thereafter share in the gift?

A

No person born or conceived after the class has closed.

40
Q

What are interests not subject to R.A.P.?

A

Future interests retained by the transferor–reversions, possibilities of reverter, and rights of entry

41
Q

What is an option?

A

the ability to buy in the future

42
Q

Do options cause problems with marketability?

A

Yes, because they could potentially be taking land off the market for a long time. More than 21 years would violate R.A.P.

43
Q

Fee simple defeasible estate is a fee that can be

A

brought to an end by the occurrence of a particular event

44
Q

A determinable estate will end ______ upon the happening of the limiting event.

A

automatically

45
Q

An estate subject to a condition subsequent will end automatically upon the happening of the limiting event.

T/F

A

FALSE

the grantor will have to take some action to reclaim the property

46
Q

What is a Reversion?

A

It comes back.
Whoever owns the reversion is entitled to possession of the land. Interest remaining when transferor transfers less than what he has.

47
Q

What is Possibility of Reverter?

A

The owner carves out his estate a determinable estate of the same quantum.
Determinable on the event happening.

48
Q

The future interest in the grantor that follows a fee simple or life estate subject to condition subsequent

A

Right of Entry

49
Q

O conveys “to A for life, then to B and her heirs if B survives A, and if B does not survive A to C and his heirs”

Is an example of…

A

Contingent remainder

50
Q

O conveys “to A for life, then to B and her heirs, but if B does not survive A to C and his heirs”

Is an example of…

A

Vested subject to divestment

51
Q

Which estates can be absolute?

A

Only fee simple

52
Q

What are the inherently limited estates?

A

Fee tail, life estate, term of years

53
Q

What kinds of estates end naturally?

A

Fee tail, life estate, term of years

54
Q

Which kind of estates ends automatically upon the happening of a limiting condition?

A

determinable estate

55
Q

Which kind of estate does not end automatically upon the happening of a limiting condition?

A

an estate subject to condtion subsequent

56
Q

Which condition allows the grantor to postpone the decision about whether to enforce the condition?

A

an estate subject to condtion subsequent

57
Q

Which condition uses the durational marker defining the length of the estate granted?

A

determinable estate

58
Q

In which estate does the occurrence of the condition interrupt the prior estate?

A

an estate subject to condtion subsequent

59
Q

What interest remains after O conveys a fee simple absolute?

A

none

60
Q

If the future interest following a life estate is in the grantor, what is it called?

A

reversion

61
Q

If the future inerest following a term of years is in the grantor, what is it called?

A

reversion

62
Q

If the future interest following a fee simple determinable is in the grantor, what is it called?

A

the possibility of reverter

63
Q

If the future interest following a fee simple subject to a condition subsequent is in the grantor, what is it called?

A

right of entry

64
Q

If the future interest following a life estate determinable or a term of years subject to a condition subsequent is in the grantor, what is it called?

A

reversion

65
Q

If the future interest following a life estate is in the grantee, what is it called?

A

remainder

66
Q

If the future interest following a term of years is in the grantee, what is it called?

A

remainder

67
Q

If the future interest following a fee simple determinable is in a second grantee, what is it called?

A

executory interest

68
Q

What do we call the future interest following a fee simple subject to an executory limiation?

A

executory interest

69
Q

To A and her heirs until B retires from the Army

is an example of what?

A

executory interest

70
Q

To whom does an executory interest belong?

A

the grantee

71
Q

What is the difference between an executory interest and a right of entry or possibility of reverter?

A

An executory interest is a future interest held by a grantee, while a right of entry or possibility of reverter is a future intrest retained by the grantor.

72
Q

O to A and his heirs, but if A does not graduate from college, then to B.

What do they have?

A

A: fee simple subject to executory limiation
B: executory interest in fee simple absolute

73
Q

O to A while being used as a farm.

A

A: fee simple subject to determinable
O: Possibility of reverter in fee simple absolute

74
Q

O to A and he heirs; however, if used for a pool hall, then to B and his heirs.

A

A: fee simple subject to an executory limitation
B: executory interest in fee simple absolute

75
Q

O to A and her heirs, provided that the land is always farmed.

A

A: fee simple subject to conditional subsequent
O: Right of entry

76
Q

O to A, on the condition that the land is always used as a church but if not, then to B.

A

A: fee simple subject to executory limitation
B: executory interest in fee simple absolute

77
Q

O to A and the heirs of his body.

A

A: Fee Tail
O: Reversion in fee simple absolute

78
Q

O to A, but if A cuts timber on the property, then to B and her heirs

A

A: Fee simple subject to executory limitation
B: Executory interest in fee simple absolute

79
Q

O to A for 25 years if A so long live

A

A:possessory esate in a term of years
O: reversion in fee simple absoloute

80
Q

O to A and her heirs until B reaches 25, then to B.

A

A: Possessory fee simple subject to executory limitation
B: executory interest in life estate

81
Q

What does it mean to say that a vested remainder is subject to divestment?

A

A vested remainder is subject to divestment if the divesting condition could happen before the remainder becomes possessory

82
Q

O to A for life, then to B, but if B ever owns an insurance agency, then to O. What is B’s remainder

A

Vested subject to divestment

83
Q

O to A for 10 years, then to B for life if B has never owned a tavern then to C. What is B’s remainder

A

contingent

84
Q

O to A for two years, then to B, but if B ever uses the land for an insurance agency, then to C. What is B’s remainder

A

vested NOT subject to divestment

85
Q

O to A for life, then to A’s children. (A had one child B)

Subject to Open or Closed?

A

subject to open

86
Q

Conveyance in a testator will: T(testator) to A for life, then to T’s children (T has one child, B).

A

closed

87
Q

O to A for 10 years, then to the 2001 graduates of the law school. Conveyance was made in 2002.

A

closed

88
Q

O to A for life, then to B’s kids. B presently has 3 children.

A

subject to open

Property (2 decks)

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