Present Estates Flashcards
Fee Simple Absolute
“To A”
Freely devisable, descendible and alienable
Future Interest: None
Fee Tail
“To A and the heirs of his body”
historically: would pass to grantee’s blood descendants
today: fee simple absolute
Not in NY
Future Interest: historically reversion or remainder
Defeasible fees
Fee SImple Determinable
Fee Simple Subject to Condition Subsequent
Fee Simple Subject to Executory Interest
Rules of Construction for Defeasible fees
- words of mere desire, hope or intention are insufficient
fee simple absolute created with:
“to A for the purpose of constructing X”
“To A with the hope that he becomes a lawyer”
“To A with the expectation that the premises ill be used as a store”
- Absolute restraints on alienation are void
Ok: “To A so long as she does not attempt to sell until the year 2014, when clouds on the title will be resolved.”
A has Fee Simple Determinable
O has Possibility of Reverter
Not ok: “To A so long as she never attempts to sell”
A Fee Simple Absolute
O nothing
fee simple determinable
New York: Fee on Limitation
“To A for so long as” “to A during…”
devisable, descendible an alienable, subject to condition
future interest: possibility of reverter in the grantor
fee simple subject to condition subsequent
New York: Fee on Condition
“To A, but if X event occurs, grantor reserves the right to re-enter and re-take” “upon condition that” “provided that” “but if” “if it happens that”
must carve out a right to re-enter
Not automatically terminated, but can be cut short at the grantor’s option if condition occurs
Future Interest: Right of re-entry, Power of termination
New York: Right of Acquisition
Fee Simple Subject to Executory Interest
“to A but if X occurs, then to B”
devisable, descendible an alienable, subject to condition.
if condition occurs, estate is automatically forfeited to a third party
Future Interest: Shifting executory interest
Life Estate
Measured in explicit lifetime terms and NEVER in term of years
Life estate pur autre vie
“To A for so long as alcohol is not used o the premises”
“To A for life, but if A is divorced, to B”
Future Interest: reversion. If held by a third party, a remainder.
“To A for life, but if A is divorced, to B”
A: Life estate subject to condition subsequent
O: Reversoin
B: Executory Interst
Voluntary/Affirmative Waste and PURGE
over destruction
Natural Resources cannot be exploited unless: PURGE Prior land Use (open mines doctrine) Repais and maintenance Granted right to exploit land Exploitation
Permissive waste
neglect
Life Tenant obligated to pay all ordinary taxes on the land, to the extent of income or profits from the land.
If no income or profit, the life tenant must pay all ordinary taxes to the extent of the premise’s fair rental value
Ameliorative Waste
Consent required - Life tenant must not engage in acts that will enhance the property’s value, unless all future interest holders are known and consent
Worthless property – life tenant may seek partition in sale the proceeds of which are put in a trust with income paid to the life tenant
New York: Life tenant may make reasonable improvements, unless remaindermen object
