Present Estates Flashcards
what are the 4 present estates
1) fee simple absolute
2) fee tail
3) defeasible fees (3 species)
4) life estate
what does land that is devisable mean
it can pass by will
what does land that is descendible mean
it will pass by statutes of intestacy
what land that is alienable mean?
inter-vivos gift
are CL words “to a and his heirs” needed today for FSA
NO
- To A alone is enouhg
what does FSA mean?
absolute potentially infinite duration
1) freely divisible
2) descendible and
3) alienable
if stated FSA to A and A’s heirs. What does A’s heirs have?
NOTHING
- only A has FSA
does a living person have heirs
NO. A living person only has prospective heirs
what a fee tail language
To A and the heirs of his body
has the fee tail been abolished
yes.
what does creating a fee tail do?
creates FSA
what does creating fee tail in IL do?
creates LIFE ESTATE in A and remainder in A’s lineal blood descendants
what are the 3 defeasible fees
1) fee simple determinable
2) fee simple subject to condition subsequent
3) fee simple subject to executory limitation
how to create fee simple determinable language
To A for so long as…
To A during…
To A until…
does the grantor need to use clear durational language to create fee simple determinable
YES
what happens if the stated condition of a fee simple determinable is violated
AUTOMATICALLY forfeiture
what are the distinguishing characteristics of a fee simple determinable
estate like all of the defeasible fees are
1) devisible
2) descndible and
3) alienable but always subject to condition
can a person grant more than what they have
NO nemo dat.
- You may convey less than what you started with, but you cannot convey more, in other words “you cant always get what you want
what does the grantor obtain with a fee simple determinable
POSSIBILITY OF REVETER (automatic)
what is the acrnoym to know for fee simple determinable (FSDPOR)
frank sinatra didnt prefer orville redenbacher
- Fee simple determinable
- Possibility Of Reveter
how to create a fee simple subject to condition subsequent
To A, but if X event occurs, grantor reserves the right to re-enter and take
what must grantor do for language for fee simple subject to condition subsquent
grantor MUST use clear duration language and STATE right to reneter
does the grantor need to state the right to re-enter for a fee simple subject to condition subsequent
YES
does the estate automatically end for fee simple subject to condition subsequent
NO. but can cut short if stated condition occurs. Grantor must have RIGHT TO RE-ENTER
what is the future interest in fee simple subject to condition subsequent
right of re-entry
how to create a fee simple subject to EXECUTORY INTEREST
to A, but if X event occurs, to B
distinguishing characteristics of fee simple subject to executory interest
estate is AUTOMATICALLY FOREFITURED in favor of
2) SOMEONE other than grantor
is the condition of a fee simple subject to executory interest automatic
YES
what is the difference b/w a fee simple subject to executory interest and fee simple determinabile
both end automatically on certain event, but
FSSE= goes automatically to 3rd party
FSD= goes automatically to grantor
what are the 2 rules for defeasible fees in construction?
1) words of mere desire, hope or intention ARE INNSUFFICIENT TO CREATE a defeasible fee
2) absolute restraints on alienation are void
are mere desires, hopes or intention of words enough to create a defeasible fee?
NO, need express and clear duratational language to be used
is an absolute restraint on alienation void for defeasible fees?
YES
how is a life estate measured in?
measured in explicit life time terms
can a life estate be measured in years
NO
what is a holder of a life estate called
life tenant
what does O hold if only gives out life estate to someone
reversion, reverts back to O or O’s heirs
what is a life estate pur autre vie
life estate measured by the life of another
example of life estate pur autre vie
To madonna, for the life of David Letterman
what is the major rule that applies to life tenants entitlements
doctrine of waste
what are the 3 doctrines of waste
1) voluntary or affirmative waste
2) permissive waste or NEGLECT
3) ameliorative waste (improvements w/o consent)
what is voluntary or affirmative waste under life estate
willful destruction
voluntary waste and natural resources
life tenant must NOT consume or exploit natural resources on the property (such as timber, oil, minerals) unless 1 of 4 X/C
what is the 4 x/c for doctrine of waste (PURGE)
1) PU: prior use
2) R:repairs
3) G: granted
4) E: explicitly stated
prior use x/c for doctrine of waste and natural resources
prior use, meaning land was used for exploitation
open mines doctrine
if mining was done on the land BEFORE the life estate began, life tenant is limited to MINES ALREADY OPEN . Thus the life tenant may not open any new mines
repairs x/c for doctrine of waste
the life tenant may consume natural resources for repairs and maintenance
granted for x/c to doctrine of waste
the life tenant may exploit if granted that right
exploitation x/c for doctrine of waste
meaning land used only for exploit
permissive or neglect waste
land falls into despair
- life tenant must simply MAINTAIN the premises in reasonably good repair
what is life tenant required to do for taxes
obligated to pay all ordinary taxes on the land, to the extent of income or profits of the land.
what if there is no income or profit on land of life tenant
the life tenant is required to pay all ordinary extent to premises FAIR RENTAL VALUE
- NO income or profit, only tax on FAIR RENTAL VALUE
what is aemoliorative waste
must not engage in acts that will ENHANCE THE PROPERTY’s value unless
1) all future interest holders ARE KNOWN and
2) CONSENT
what must happen to make acts that will engage the property value of life estate
1) all future interest holders are KNOWN and must
2) consent
are direct restraints on fee simple allowed
NO they are held to be void
if future interests can be transferred voluntary can they also be reached involuntary by creditors?
YES.
- All vested remainders are fully transferable during life
Life tenant duties for mortgages
life tenants have to pay the interest on the mortgage but not the principal
Do life tenants have to pay the principal of the mortgage
NO only have to pay the interest
Are life tenants responsible for paying property taxes on land
YES responsible for the property taxes on the land ( do not have to pay the principal of a mortgage but must pay the interest on mortgage)
