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Property I > Possesory Estates & Future Interests > Flashcards

Possesory Estates & Future Interests Flashcards

1
Q

List all future interest in order (ascending or descending)

A

Fee Simple
Fee Simple Defeasible

Fee Tail
Leasehold/Term Estate
Life Estate

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2
Q

How many fee simple defeasible are there? What are they?

A

Three types:
1. Determinable
2. Subject to Condition Subsequent
3. Subject to Executory Limitation

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3
Q

What is Fee Simple Determinable (FSD)?

A

A fee simple that automatically comes to an end when stated event occurs. Determines the use or prevents the property from being put to a certain use.

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4
Q

What Future Interests are in FSD?

A

Possibility of Reverter

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5
Q

Does RAP apply to FSD?

A

No, RAP is usually held NOT to apply to a possibility of reverter, following a fee simple determinable.

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6
Q

What is Fee Simple Subject to Condition Subsequent (FSSCS)?

A

Geared toward the happening of a particular event but does not automatically end when the event occurs. Instead, the grantor has a right of renters, but nothing happens until the affirmative exercise of rights.

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7
Q

What are words needed to create a FSD?

A

“So long as”
“During” or “Until”

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8
Q

What are the words needed to create FSSCS?

A

“Upon express condition that”
“Provided that”
And the clear statement of right of re-entry.

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9
Q

How can I decipher FSD from FSSCS?

A

Statute of Limitations. For FSSCS it usually starts upon the occurrence of the stated event and for a short period. Whereas FSD SOL is barred after a certain period after the fee simple determine able is created.

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10
Q

Is RAP applicable in FSSCS? If so, what are the limitations?

A

RAP does not apply to a right of entry following a FSSCS.

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11
Q

What is a Fee Simple Subject to Executory Limitation?

A

Provides for an estate to pass to a third person upon the happening of the stated event.

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12
Q

Does RAP apply to F.S. Executory Limitation?

A

Rap applies to Executory interest following a fee simple subject to Executory limitations.

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13
Q

What is a fee tail?

A

A fee tail ensures that the property reminds within his family indefinitely.

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14
Q

What are the words needed to create a Fee Tail?

A

“to A and the heirs of his body.”

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15
Q

What is a life estate?

A

An interest which lasts for the lifetime of the person.

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16
Q

What is Life Estate Per Autre Vie?

A

A life estate that is measured by the life of one one other than the grantee.
Example: O conveys to A for the life of B, then to C and his heirs. A has a life estate per autre vie

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17
Q

What are the words needed for a life estate?

A

“For life”
“For the life of X”

18
Q

How many future interest are there? What are they?

A

Five future interest:
1. Possibility of reverter
2. Right of entry
3. Reversion
4. Remainder
5. Executory Interest

19
Q

What is possibility of reverter and the right of entry

A

They follow the FSD and FSSCS, respectively.

20
Q

When do you automatically have a possibility of reverter?

A

When the owner of a Fee Simple Absolute transfers a fee simple determinable, the grantor automatically retains a possibility off reverter.

21
Q

When does grantor have a right of entry?

A

If the holder of an interest in land conveys his interest but attached a condition subsequent, the transferor has a right of entry.
One who holds a fee simple absolute and who then conveys a FSSCS has a right of entry.

22
Q

What are reversions?

A

Interest remains in the grantor.
Reversions are created when the holder of an estate transfers to another smaller estate.

23
Q

How does Reversions differ from Reverter?

A

If the grantor has given away a fee simple determinable, he retains only a possibility of reverter.
If the grantor has given away something less than a fee simple, he retains a reversion.

24
Q

What is are remainders?

A

A future interest in someone other than the grantor, if the future interest can become possessory only upon the expiration of the prior possessory interest.

25
Q

What are the requirements for a future interest to be a remainder?

A

Three requirements:
1. The grantor must convey a present possessory estate to one transferee.
2. Grantor must create a non-possessory estate in another transferee by the same instrument.
3. The second, non-possessory estate, the remainder must be capable of becoming possessory only to the natural expiration of the prior estate.

26
Q

What is the term used to refer to an estate that is following a term of years?

A

Remainder

27
Q

What distinguishes a remainder from a reversion?

A

Remainder is created in someone other than the transferor.
Reversion is an interest left in the transferor after he has conveyed an interest to someone else.

28
Q

What is the relationship between fee simple and remainders?

A

There cannot be a remainder after any kind of fee simple.

29
Q

What is the difference between a contingent remainder and a vested remainder?

A

A vested remainder is one that is certain to become possessory.
A contingent remainder is one that is not certain to become possessory.

30
Q

What are the elements of a vested remainder?

A

A vested remainder requires two elements:
1. No condition precedent is attached and
2. The person holding it has already been born and his ident is ascertained.

31
Q

What makes a remainder contingent?

A

All remainders not vested are contingent. There are two elements:
1. A remainder subject to condition precedent and
2. The reminder is crated in favor of a person who at the time of creation is either unborn or unascertained.

32
Q

How do I distinguish a condition subsequent from a condition precedent

A

A condition subsequent is subject to divestment. Whereas a condition precedent makes the remainder contingent because the condition is incorporated in the clause giving the “gift” to the “remainderman.”

33
Q

What is the doctrine of destructibility of contingent remainders (abolished)?

A

A contingent remainder is deemed “destroyed” unless it vests at or before the termination of the preceding freehold estates. This can be seen through normal expiration or by merger.

34
Q

Are all remainder subject to the RAP?

A

Only contingent remainders are subject to the rules against perpetuities, but vested remainders are not.

35
Q

What is the transferability of Contingent Remainders compared to vested remainders.

A

Both are now transferable inter vivos. Once upon a time, Contingent was not transferable inter vivos.

36
Q

How many vested remainders are there and what are they?

A

Three vested remainders:
1. Indefeasibly Vested Remainder
2. Subjected to Defeasance
3. Subject to Open

37
Q

What are the Executory interests created from Fee Simple Executory Limitations?

A

Springing (Cuts O Short) and Shifting Executory Interest (cuts shorts another transferee, not grantor)

38
Q

What are the seven basic types of estates? Categorize them.

A

Three Freehold estates (ownership of real property): 1. Fee Simple, 2. Fee Tail, 3. Life Estate
Four non-freehold estates (leasing of real property): 1. Terms of years, 2. periodic tenancy, 3. tenancy at will, 4. tenancy at sufferance.

39
Q

What happenes when the language of a deed, trust or will create a freehold estate?

A

It will be deemed:
A Fee simple Absolute or
A Fee simple Defeasible
- FSD
- FSSCS
- F.S. Executory

40
Q

What is the Rule Against Perpetuities (RAP)?

A

Common Law States, “No interest is goof unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of interest.”

Simply put: A future interest is subject to rap only if it is logically provable that the interest will either vest or forever fail to vest within one relevant life plus 21 years.

41
Q

What is the five-step approach when applying a RAP analysis?

A
  1. Determine whether the future interest is subject to RAP
    • Contingent Remainder
    • Vested remainder subject to open
    • Contingent Executory Interest
  2. Determine when the Perpetuity window begins or becomes legally effective.
    • Deed: when delivered by grantor
    • Will: when testator dies
    • Testamentary Trust
  3. Determine what must happen for future interest to vest or fail to vest? (and for class to close if member of class)
    • Future interest vests when it is no longer contingent
    • Class gifts are all or nothing
  4. Identify who the relevant lives in being are that can be used as an initial point.
    - Relevant life: the person alive at the time who can affect the vesting of the future interest.
  5. Test each relevant life to determine if anyone can validate the future interest.
    • You only need one.
    • KNOW MODERN REFROMS

Property I (3 decks)

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