MPQ assorted Flashcards
Rule Against Perpetuities
No interest in property is valid unless it must vest, if at all, within 21 years after some life in being at the time of creation.
Does the Rule Against Perpetuities apply to options to purchase attached to leasehold?
No. Though it does apply to options to purchase not attached to a leasehold.
Are vested remainders subject to the Rule AGainst Perpetuities?
No except vested remainders subject to open.
Generally, which rights are not subject to the RAP (and give examples)?
Grantor’s rights.
Possibility of Reverter,
Reversion,
Right of Entry
Who gets the land?
A landowner deeds her RP to her friend “for so long as the property is used for residential purposes, but if the property ceases to be used for residential purposes, it goes to the American Cancer Society.”
Possibility of Reverter to the grantor (landowner).
“Delivery” – explain what it means.
Delivery refers to the Grantor’s intent.
It is satisfied by
i) words or conduct showing that the grantor INTENDED the deed to have
ii) a PRESENT OPERATIVE EFFECT (i.e., that title pass immediately and irrevocably, even though the right of possessing the land may be postponed until some future time).
To convey a future interest, what must you also show specially to have delivery?
A present intent to convey an interest.
Terminating an Easement – how to?
- Estoppel
- Necessity (created by necessity ends when necessity ends)
- Abandonment (* not mere nonuse. e.g. building a wall so can’t use.)
- Merger
- Prescription (COAH for prescription period)
Creating an Easement – how to?
- Prescription (COAH)
- Implication (from prior/existing use if apparent at time of division)
- Necessity (landlocked)
- Grant
What is the doctrine of FIXTURES?
A chattel that has been annexed to real property is converted from personalty to relaty. As an accessory to the land, it passes with ownership of the land rather than with a transfer of the personal property of an estate.
–**Manifest intent of the annexor determines whether the chattel becomes a fixture.
What if a seller of RP conceals defects?
Although the General Rule is that a sale of RP carries no implied warranties of quality or fitness, a seller may be liable where she actually concealed conditions on the property.
Reasonable Use Theory (Water)
Under R use theory, the owner can use as much percolating water as she wants as long as it is for the beneficial purposes of the overlying land.
If a condition subsequent attempts to restrict the transferability of a fee simple
it is stricken and the holder of the fee simple has a fee simple absolute.
Accretion
Accretion is the slow and imperceptible change in course of a river serving as a boundary. Any resulting deposit of soil belongs to the owner of the riparian land.
