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
