Present Estates and Future Interests Flashcards
A fee simple is absolute ownership of indefinite or potentially infinite duration. It is freely transfersable, devisable by will, and
descendible through intestacy
There is _____ future interest with a fee simple absolute
NO
A defeasible fee is a fee simple with
a catch
to be defeasible means it’s capable of risk of
forfeiture
a FSD terminates upon the happening of a stated event and automatically
reverts to the grantor
FSD is created by using ____ language
durational
examples of durational language
“to A for so long as …”
“to A while….”
“to A during…”
“to A until….”
in a FSD, if the stated condition is violated, then forfeiture is
automatic
the future interest that accompanies a FSD is a
possibility of revertor (POR)
a POR means that the estate automatically reverts back to the grantor upon
the happening of the stated event
the POR is TDD meaning its
transferable, devisable by will, and decendable by intestacy
A fee simple subject to condition subsequent is an estate in which the grantor reserves the right
to terminate the estate upon the happening of a stated event, meaning that the estate does NOT AUTOMATICALLY terminate - grantor MUST take some action
the two main ingredients for a fee simple subject to condition subsequent is
(1) use of conditional words like “upon condition that…. provided that… but if”
AND
(2) an explicit statement of the grantor’s right of re-entry
when thinking about the fee simple subejct to condition subsequent, remember the key phrase “its my….”
prerogative
the “right of entry” that accompanies a fee simple condition subsequent is also called a
power of termination
If a fee simple terminates upon the happening of a stated event and then passess to a _____ rather than ______ then the third party has an ____
3 party
reverting to the grantor or giving grantor right to terminate
executory interest
The future interest that accompanies the executory interest is a
shifting executory interest
words of mere desire, hope, aspiration, expectation, or motivation are insufficient to render an estate a ___
defeasible fee
An absolute restraint on alientation that purports to restrict the transferee’s ability to transfer a fee simple is
NOT ALLOWED