Pg 8 Flashcards
What is involved in a type of contingent remainder called “subject to occurrence of some stated event“?
Ie: remainder to B and heirs if B marries C
B must first marry C as a condition precedent
What is another example of a contingent remainder “subject to the occurrence of some stated event“?
O grants land to A for life, remainder to the oldest daughter of A that survives him. He has three daughters at the time.
Survival is a condition precedent.
What is the most common type of stated event when there’s a contingent remainder “subject to the occurrence of some stated event“?
Surviving the prior estate holder
What is an alternate contingent remainder?
O grants land to A for life, then if B is a student at A’s death, to him, but otherwise to C
B’s interest is subject to the condition of being a student, and C’s is subject to the condition of B not being a student.
What is involved in the contingent remainder category of “conveyed to unascertained persons”?
Remainder to B’s first kid to reach 21 and his heirs
One of the kids must reach 21
Anytime there is wording where a remainder is left to a living person‘s “heirs” what does that always mean?
The remainder is always contingent because no one is the heir of a living person. Only the dead have heirs, so remainder to a living person‘s heirs is contingent because it is to an unascertained person
What is involved in the contingent remainder category of “conveyed to unborn persons“?
Reminder to B’s next born kid and heirs
Another child must be born
Is it possible for a conveyance to start out as contingent, and then change?
Yes, changed circumstances can make it go from contingent to vested. It happens when the contingent remainder no longer fits its own definition.
I.e.: an unascertained person becomes ascertained, the unborn are born, or a stated event occurs and the contingent remainder becomes vested
How do you destroy/void a contingent remainder?
It becomes void once it is impossible for the contingency to occur. I.e.: if the contingency is marriage to H, but H dies. Then possession reverts back to the grantor. Since destruction is always a possibility, the grantor of a contingent remainder always retains a reversion, unless he provided for a vested remainder instead of reversion.
Many states have abolished this and say that remainders vest and become possessory whenever the contingency is resolved, which can be before or after the end of the preceding particular state
What is abeyance of seisin?
A medieval word for the gap when land reverts back to the grantor while waiting for the next phase
Is it necessary for corporations to have words of inheritance?
No, because corporations do not have heirs
What are executory interests?
Non-reversionary future interests that follow a fee simple determinable or a fee simple conditional. This is a future interest created in favour of a third-party that cuts short the previous estate before it naturally terminates
What are the two different types of executory interests?
Shifting executory interest and springing executory interest
What are the three yeses involved in executory interest?
You need at least one of these:
– must directly follow a fee simple
– must divest a prior estate
– or must directly follow the possession by the grantor
Do executory interests have to be created simultaneously with a present estate?
No, but they often are
How does an executory interest become either a present or a vested future interest?
Automatically on defeasance of a present estate or a vested remainder by operation of an executory limitation
“To A, but if A dies without surviving kids, then to B.” What is this an example of?
Everything after the gift to A is an executory limitation
What is the only time you see an executory interest?
If a third-party gets property if a fee is defeated on fee simple determinable or if a right of entry/power of termination is given to a third-party
What is the key to an executory interest?
It cuts short/divests the life estate. It doesn’t wait for natural termination, it just grabs it away
Is an executory interest ever vested?
It is never vested, is usually just contingent
Is there a limit on the number of executory interests that can be created at once?
No
Why are executory interests indestructible?
Because they are equitable and the subject matter is personal property
Does it matter for an executory interest whether the grantor physically takes possession during the gap?
No, all that matters is that he has the right to possession
How does a delayed effect work for an executory interest?
The grantor doesn’t create an intervening estate at all, he just wants to make a conveyance with a delayed effect “to R and his heirs beginning two years from the date hereof.“ There is no particular estate to precede the future estate, instead the grantor has just subjected his fee simple to an executory interest
