Present Interests Flashcards
Fee Simple Absolute
absolute ownership.
- divisible - able to pass down by will
- descendible - can pass to heirs
- freely inalienable - transferable inter vivos, can transfer during one’s lifetime
Fee Tail
“to heirs and heirs of his bod” Used to pass directly to the grantee’s lineal blood descendant no matter what. Used to keep land in the family. Allows reversion back to O
Defeasible Fees
Present interests with limitations
- Fee simple determinable
- Fee simple subject to condition subsequent
- Fee simple subject to executory limitation
Fee simple determinable
“to A so long as” “to A during” “to A until”
Grantor clear durational language. If condition is violated then forfeiture is automatic. Always possibility of reverter to grantor
Accompanying future interest? Possibility of reverter
Fee simple subject to condition subsequent
“to A but if X happens granter reserves the right to enter and retake”
Interests is not automatically termination but it can be cute short at the grantor’s option if the condition occurs.
Must have 1) durational language; 2) carves out the right of re-entry
Accompanying future interest? Right of entry
Fee simple subject to executory limitation
“to A but if X event occurs then to B”
Someone other than grantor stands to take at the violation of the condition. The estate will be automatically forfeited if the condition occurs to a third party.
Accompanying future interest? Shifting executory interest
Fee simple subject to executory limitation
“to A but if X event occurs then to B”
Someone other than grantor stands to take at the violation of the condition. The estate will be automatically forfeited if the condition occurs to a third party.
Accompanying future interest? Shifting executory interest
Life Estate
“O convey to A for life”
Estate that must be measured in explicit lifetime terms and is never written in years.
Accompanying future interest?
1) Possibility of reverter to O
2) Remainder held by a future partner
Life estate per autre vi
“To A for the life of B”
life estate measured by a life other than the grantee’s life
Doctrine of Waste
the life tenant must not commit waste or do anything that would hurt the future interest holders. Three types of waste: Voluntary, Permissive, Ameliorative Waste
Voluntary Waste
affirmative, wasteful conduct of life tenant that causes a drop of value in the land. willful acts of destruction
Permissive Waste
Neglect. Life-tenant must not allow land to fall into disrepair
Ameliorative Waste
the life tenant must not engage in conduct that will enhance the premises value unless ALL future interest holders consent
