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
define: absolute restraint on alienation
an absolute ban on power to sell or transfer that isn’t linked to any reasonable time-limited purpose
are absolute restraints on alienation valid?
no, they are VOID; repugnant to public policy favoring free transfer of land
life estate pur autre vie
life estate for the life of another
future interest accompanying a life estate pur autre vie
- if held by grantor, it’s a REVERSION
- if held by third party, it’s a REMAINDER
life estate pur autre vie
distinguishing characteristics
- life tenant entitled to all ORDINARY uses and profits from the land
- life tenant must NOT COMMIT WASTE
