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1L > Modern Estates > Flashcards

Modern Estates Flashcards

1
Q

Life Estate

A

Created by words showing a clear intent to create this estate

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2
Q

Duration of a Life Estate

A

Measured by the lifetime of a particular person; either the life of the holder or of a third party

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3
Q

Is a LE alienable?

A

Yes, but the holder can only transfer what she has, and the estate will end when the life ends

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4
Q

Is a LE devisable?

A

No

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5
Q

Is a LE descendible?

A

No

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6
Q

LE Words of Limitation

A

“for life”, “until B dies”, “while B is alive”

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7
Q

FSA Duration

A

potentially infinite

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8
Q

Is a FSA alienable?

A

Yes

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9
Q

Is a FSA devisable?

A

Yes

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10
Q

IS a FSA descendible?

A

Yes

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11
Q

FSA Words of Limitation

A

“to B’s heirs”

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12
Q

Fee Tail Duration

A

determined by the lives of the lineal descendants of a particular person

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13
Q

Is a Fee Tail alienable?

A

limited right to transfer

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14
Q

Is a Fee Tail devisable?

A

No

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15
Q

Is a Fee Tail descendible?

A

Yes

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16
Q

Fee Tail Words of Purchase

A

“to B”

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17
Q

Fee Tail Words of Limitation

A

“and the heirs of his body”

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18
Q

Freehold Estate

A

owner is said to hold seisin (possession & title)

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19
Q

Fee Simple Absolute

A

absolute title to land, free of any other claims against the title, which one can sell or pass to another by will or inheritance. O–> A

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20
Q

Defeasible Estate

A

an estate that ends before it otherwise would naturally end because the condition listed occurs

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21
Q

Decedent

A

Dead person

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22
Q

Intestate

A

a decedent dies “intestate” if she dies without a will

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23
Q

Devise

A

to pass real property by a will

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24
Q

Devisee

A

person receiving the real property; beneficiaries under a will; cannot be a devisee if there is no will

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25
Q

Issue

A

a person’s lineal descendant’s all the way down the line

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26
Q

Ancestors

A

a person’s biological relatives all the way up the line

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27
Q

Collaterals

A

all blood relatives other than issue or ancestors

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28
Q

Escheat

A

If a decedent has no heirs or devisees, the interest in land “escheats” (passes) to state

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29
Q

Largest Type of Estate in U.S.

A

FSA, nearly 99%

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30
Q

Possibility of Reverter

A

retained by the owner of the FSA when he conveys a FSD

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31
Q

O conveys “to A for life, then to B.”

A

A has a possessory estate in a life estate
O has nothing
B has a vested remainder in FSA

32
Q

Defeasible Fees with Future Interests in the Grantor

A

FSD, FSSCS

33
Q

Defeasible Fees with Future Interests in a Grantee

A

FSSEL

34
Q

Future Interest of FSSCS

A

right of entry;

35
Q

Future Interest of FSSEL

A

executory interest

36
Q

Signals of a Condition

A

but if, provided that, on condition that, however; the limitation is placed after punctuation mark signaling the end of the description of the grantee’s estate

37
Q

Signals of Determinable Interest

A

until, so long as, while, during; limitation is placed before the punctuation mark signaling the end of the description of the first grantee’s estate

38
Q

Signals of Determinable Interest/Duration

A

until, so long as, while, during; limitation is placed before the punctuation mark signaling the end of the description of the first grantee’s estate

39
Q

If future interest is held by transferor

A

FSD, FSSCS

40
Q

If future interest is held by transferee

A

FSSEL

41
Q

O to A so long as A does not divorce B, then back to O

A

A: possessory estate in FSD
O: possibility of reverter in FSA

42
Q

O to A & his heirs, but if A divorces B, then to O

A

A: possessory estate in FSSCS
O: right of entry in FSA

43
Q

O to A, on the condition that A does not divorce B

A

A: possessory estate in FSSCS
O: right of entry in FSA

44
Q

Fee Simple Subject to a Condition Subsequent

A

a fee simple estate created in a transferee that may be terminated at the election of the transferor when a certain condition occurs; cannot be alienated inter vivos

45
Q

(FSSCS) If the condition occurs…

A

the estate does not automatically end; the transferor has the power to terminate the estate by taking action through right of entry

46
Q

FCCSC Words of Condition

A

provided that, but if, on condition that; expressly allow the interest to be divested upon a certain event

47
Q

What always follows a FSSCS?

A

Right of entry/power of termination

48
Q

Fee Simple Subject to an Executory Limitation

A

estate created in a transferee that is followed by a future interest in another transferee

49
Q

Who holds the future interest in a FSSEL?

A

third party; any transferee is also subject to the condition

50
Q

Common Law order of 4 basic possessory estates (based on potential duration)

A
  1. Fee Simple
  2. Fee Tail
  3. Life Estate
  4. Leasehold/Term of Years
51
Q

Future Interests Retained by the Transferor

A
  1. Reversion (default answer!) (cannot be paired with FSSEL)
  2. Possibility of Reverted (only paired with FSD)
  3. Right of Entry (only FSSCS)
52
Q

Future Interests Created in a Transferee

A
  1. Remainder

2. Executory Interest

53
Q

Indefeasibly Vested Remainder

A

created in an ascertainable person and not subject to a condition precedent; cannot be divested

54
Q

Vested Remainder Subject to Divestment

A

subject to a condition subsequent; divesting condition could happen before the remainder becomes possessory

55
Q

O conveys “to A for life, then to B, but if B does not live to age 21, then to C”

A

Vested Remainder Subject to Divestment

56
Q

Vested Remainder Subject to Open

A

held by one or more members of a class that may be enlarged in the future; both ascertainable and subject to a condition precedent

57
Q

Contingent Remainder

A

Held by an unascertainable person or subject to a condition precedent

58
Q

O conveys “to A for life, then to B if B does not die before A, otherwise to C”

A

Contingent Remainder

59
Q

Executory Interest

A

interest must divest or “cut short” another estate or interest to become possessory; automatic possession

60
Q

Springing Executory Interest

A

divests the grantor/transferor

61
Q

Shifting Executory Interest

A

interests follow the grantee/transferee

62
Q

O to A for life, then to B

A

shifting executory interest

63
Q

O to A for life, then to B after 1 year

A

springing executory interest

64
Q

Rule in Shelley’s Case

A

If a freehold estate is given to a person, and in the same instrument, a remainder is given to the heirs (or the heirs of the body) of that person, he takes both the freehold estate and the remainder); contingent remainder in the heirs of a grantee is transformed into a vested remainder in the grantee

65
Q

4 Requirements of the Rule in Shelley’s Case

A
  1. One instrument
  2. Creates a freehold estate in a transferee
  3. A remainder in that transferee’s heirs
  4. Both interests are legal or both equitable
66
Q

4 Rules Limiting Contingent Remainders and Executory Interests

A
  1. Rule in Shelley’s Case
  2. Doctrine of Worthier Title
  3. Doctrine of Destructibility of Contingent Remainders
  4. Rules against Perpetuities
67
Q

Doctrine of Worthier Title

A

If a grantor creates a remainder or an executory interest in his own heirs, the grantor retains a future interest in himself rather than creating a future interest in those heirs

68
Q

When does the Doctrine of Worthier Title apply?

A

When

  1. a conveyance creates a remainder or executory interest
  2. In the grantor’s heirs (contingent future interest in the heirs becomes a vested future interest in the grantor)
69
Q

Doctrine of Destructibility of Contingent Remainders

A

any contingent remainder that has not vested at the termination of the preceding freehold estate is destroyed

70
Q

When does the Doctrine of Destructibility of Contingent Remainders Apply?

A

When:

  1. a contingent remainder
  2. does not vest before the preceding freehold estate (typically a life estate) ends
71
Q

Rule against Perpetuities

A

No interest is good unless it must vest, if at all, no later than 21 years after some life in the being at the creation of the interest

72
Q

RAP only applies to which interests?

A

contingent remainders, vested remainders subject to open, and most executory interests (those that are contingent) DOES NOT APPLY to future interests in grantors

73
Q

From when is the perpetuities period measured?

A

measured from the creation of the interest, either the date when the deed is delivered or when the will becomes effective

74
Q

Future Interests NOT subject to RAP

A

Future interests that remain in the grantor: reversion, possibility of reverter, right of entry

75
Q

Vesting

A

the point where uncertainty is removed

76
Q

Only 3 Interests Subject to RAP

A
  1. Contingent Remainders
  2. Executory Interests
  3. Vested Remainders Subject to Open

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