present estates and future interests Flashcards
fee simple absolute
absolute ownership of indefinite or potentially INFINITE DURATION;
- transferable, devisable, and descendible
fee simple language
“to A;” or “to A and his heirs”
O conveys to A and his heirs. A is alive and well. what do A’s heirs have?
A’s heirs have nothing. a living person has no heirs, only heirs apparent
defeasance
forfeiture
defeasible fees
fee simples, or present possessory estates, with a CONDITION attached that renders the estate subject to the risk of FORFEITURE
fee simple determinable (with possibility of reverter)
fee simple that terminates upon the happening of a stated event and AUTOMATICALLY REVERTS to the grantor.
language to create fee simple determinable
to A… for so long as/while/during/until…
fee simple determinable
distinguishing characteristics
- transferable, devisable by will, descendible through intestacy, BUT ALWAYS SUBJECT TO THE ATTACHED CONDITION
- possibility of reverter
what happens if a fee simple determinable stated condition is violated?
if the stated condition is violated, FORFEITURE IS AUTOMATIC.
what is a possibility of reverter?
REVERSIONARY FUTURE INTEREST in the grantor
AUTOMATICALLY RETAINED when a grantor conveys a fee simple determinable
possibility of reverter
distinguishing characteristics
transferable, devisable by will, descendible by intestacy
FSDPOR
fee simple determinable possibility of reverter (Frank Sinatra didn’t prefer Orville Redenbacher)
fee simple subject to condition subsequent
estate in which grantor RESERVES THE RIGHT TO TERMINATE the estate upon happening of a stated event; NOTE: the estate doesn’t automatically terminate - grantor must take some action
right of entry is synonymous with:
the power of termination
how is a fee simple subject to condition subsequent created?
- the use of conditional words: “upon condition that,” “provided that,” “but it,” and “if it happens that,” and
- an explicit statement of the grantor’s right to re-enter
