Present and Future Interest Interactions Flashcards
(21 cards)
Fee Simple Absolute
Unlimited in Duration; No other Interests
Life Estate
For someone’s life
Grantor’s Future Interest for Life Estate
Reversion
Fee simple determinable Formation lang
“So long as” “until”
Grantor’s Future Interest for Fee simple determinable
Possibility of Reverter
When does the fee simple determinable terminate?
automatically; polite
Fee simple subject to a condition subsequent
“To A, but if ___ occurs, [provided that/ on the condition that..] grantor reserves the right to reenter and retake”
When does the fee simple subject to a condition subsequent terminate?
Not automatically; rude; when the grantor/third party exercises their rights
Grantor’s Future Interest for Fee simple subject to a condition subsequent
Right of entry
Power of Termination
Fee simple subject to executory limitation
“to A, but if __ occurs, [then to B]/[B may reenter and retake]”
Third Party’s Future Interest for Fee simple subject to executory limitation
Shifting executory interest
When does a fee simple subject to executory limitation terminate
automatically
Two kinds of interests created in a third party grantee
Remainders (vested and contingent)
Executory interests (shifting and springing)
Vested remainder
Is in an ascertained person AND not subject to a condition precedent
Indefeasibly vested remainders
certain to become possessory
“To A for life, remainder to B” when both are alive
Vested remainder in an open class
granted to a class that more people may be added to
“to A for life, then to B’s children” B is still able to have kids
RAP applies
Vested remainder subject to divestment
may be divested by an executory interest before it becomes possessory
“To A for life, remainder to B, but if B dies before 25, to C” B is 20 [B has the vested remainder subject to divestment]
Contingent Remainders
in an unascertained person OR subject to a condition preedent
Language to create a contingent remainder
language to create: “To A for life, then to B’s first child.” Ais alive, B has no children.” OR “To A for life, then to those children of B who survive A.” A is alive.
Shifting executory interests
cuts short the grantee’s interest
RAP applies
Springing executory interests
cuts short the grantor’s interests
RAP applies
