Patent & Interest Flashcards
patentable subject matter
- New
- Useful
- A process, machine, manufacture, or composition of matter
Exceptions to patent NAP
laws of nature, physical phenomena, and abstract idea
Present interest is..
effective immediately
Fee Simple Absolute (FSA)
- total ownership, transferable, no conditions
Fee Tail
- last as long as the direct descendants are around
- stays inherited until the last one dies
- most states have abolished this
- modern version of FSA
“To A and his heirs”
FSA
“To A”
FSA
“To A and the heirs of their body”
Fee Tail
“To A and descendants”
Fee Tail
Defeasible Fees
- some kind of condition that could cause loss of land
- can be defeated
Fee Simple Determinable
-Ends automatically return to grantor if condition is broken
“So long as” “while” “until”
fee simple determinable
“To A so long as A uses the land for a park”
fee simple determinable
Fee simple subject to condition subsequent
- grantor has discretion to reclaim if condition is broken
“To A but if A stops using land for park, I can retake the land”
Fee simple subject to condition subsequent
Fee simple subject to executory interest
- transfers to a third party if condition id broken
- not necessary to use vertain phrases
“To A but if A stops using it as a park, then to B”
Fee Simple Subject to Executory Interest
A life tenant can…but..
- live, rent, do whatever
- but the new owner rights end when the orig owner does
remainderman
when A dies and the property goes to another party
reversion
when a dies the property gets returned to the original grantor
Life estates have language that states
another person will eventually get the land
“To A for life”
life estate
life estate tenants cannot
commit waste
estate pur autre vie
life estate measured by another persons life
“To A for the life of B”
estate pur autre vie
permissive waste
- neglecting repairs, not paying taxes, one must maintain the property
- failure leads to reimbursement, not forfeiture
- must make routine repairs
voluntary waste
active harm to property value
- cannot damage the property
- life tenant cannot make permanent changes to the house
- cannot harm remaindermens interest
amerliorative waste
cannot make substantial changes that alter the property value without consent
-unless the property is otherwise worthless
present interest definition
gives the holder the immediate right to possess and use the property
future interest
gives the holder the right to possess the property in the future, but not now
