Present & Future Interest Terms Flashcards
FS Absolute?
What is it?
Largest package of rights in the modern day; presumed to give all that O has unless O indicates otherwise.
FS absolute
magic words
“to A”
“to A and his/her heirs”
“to A in FS”
FS Determinable
what is it?
Defeasible in favor of grantor.
Ends automatically upon the occurrence of a
named event.
If the stated condition is violated, forfeiture of the estate is AUTOMATIC!!
Clock for adverse possession (AP) begins
ticking the second that the event occurs.
FS determinable
magic words
“as long as”
“so long as”
“during”
“until”
“while”
(words indicate length of time/duration of interest)
what does grantor have with FS determinable?
Automatic or Possibility of Reverter
(automatically returns to G/T)
FS Subject to Condition Subsequent
what is it?
Defeasible in favor of grantor.
Doesn’t end automatically; requires action
by grantor or successor.
Clock for AP begins ticking once reverters
initiate measures to kick the disseisor off the property.
FS Subject to condition subsequent
major words
“but if”
“provided that”
“provided however”
“on condition”
“on the condition”
“if”
(there is a condition attached to the transfer)
What does grantor have with FS subject to condition subsequent?
Right of Entry
(not automatic. G/T must take action to claim interest.)
what is a condition precedent?
- In the case of Condition precedent, the vesting of the estate is postponed till the performance or event occurs
what is a condition subsequent
FS subject to executory limitation
what is it?
Defeasible in favor of 3rd party grantee.
Conventional wisdom: FSSEL automatically
cut short if some event occurs (more like FSD in this regard)
subject to RAP
FS subject to executory limitation
major words
“unless or until…”
“then to…”
“but if…”
(indicates a duration or condition LNG with the transfer to a third party. LNG helps create adding interest to third party.)
what does grantor have with FSSEL?
Springing Executory Interest
what does grantee have with FSSEL?
Shifting Executory Interest
Life Estate
what is it?
Ends with the death of a named person, usually holder of the estate.
Alienable by gift or sale. If holder sells the life estate, the purchaser has a life estate pur autre vie – a life estate according to A’s lifespan.
life estate
major words
“for life”
*“for life of A” (LE pur autre vie)
what does grantor get with life estate?
Reversion if
what does grantee get with life estate?
Remainder in general
under Life Estate conveyance–> what are the types of remainders?
- Contigent Remainder
- Vested Indefeasibly Remainder
- Vested Subject to Open Remainder
- Vested Subject to Divestment Remainder
Contingent Remainder RULE
Created to give to unscertained Person, an unborn child, OR Condition Precedent based on LNG
Subject to RAP
Vested Indefeasibly Remainder RULE
o Its certain to become possessory upon death so we know who gets it
o AND Cannot be divested/split up
Vested Subject to Open Remainder RULE
o Remainder is in Class/group
o AND Class can increase (anybody included like adopted kid, husband, cousin, friend, etc.….)
Subject to RAP
Vested Subject to Divestment Remainder RULE
o Condition subsequent
o OR Remainder is known
o AND Can be cut short
RAP Rule
- No Interest is good unless
- if it vests at all
- no later than 21 years
- after some life in being
- at the creation of the interest
