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Present and Future Interests > Present Possessory Estates > Flashcards

Present Possessory Estates Flashcards

1
Q

What is a present Possessory interest?

A

An interest that gives the holder the right to present possession.

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2
Q

What are the types of PPI?

A

1) Fee simple absolute
2) Defeasible fee (3 types)
3) Life estate

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3
Q

What must you know in reference to PPI’s for the exam?

A

1) What language will create what estate?
2) What are the estate at issue’s distinguishing characteristics? Devisable/Descendible/alienable?
3) What future interests is the estate capable of?

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4
Q

What does devisable mean?

A

An estate can pass by will

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5
Q

What does Descendible mean?

A

Will an estate pass by intestacy?

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6
Q

What does alienable mean?

A

Is it transferable during a holder’s life time?

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7
Q

What is presume today absent express contrary intent?

A

A fee simple absolute

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8
Q

What is a Defeasible fees?

A

Fee simple estates that can be terminated upon the happening of a stated event.

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9
Q

What is the structure of a Defeasible fee?

A

1) To A
2) With a condition attached
3) Condition renders risk of estate forfeiture

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10
Q

How do statements of motive/purpose create a Defeasible fee?

A

They don’t.

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11
Q

What type of words create a fee simple determinable?

A

Words that limit the duration of the estate

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12
Q

Is a fee simple determinable devisable?

A

Yes, but it’s condition of forfeiture is still present
Devisable means transferable by will

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13
Q

Is a fee simple determinable Descendible?

A

Yes, but it’s condition of forfeiture is still present
Descendible means transferred through intestacy.

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14
Q

Is a fee simple determinable alienable?

A

Yes, but it’s condition of forfeiture is still present

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15
Q

If a grantor conveys a fee simple determinable, what characteristics does their possibility of reverter have?

A

The POR is transferrible, devisable by will, descendible by intestacy

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16
Q

What does a grantor reserve in a fee simple subject to condition subsequent?

A

The right to terminate the estate
2) upon happening of a stated event.

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17
Q

What is different about a grantor’s reversion in a fee simple subject to condition subsequent and a fee simple determinable?

A

In a fee simple subject to condition subsequent, the reversion interest called a right of entry – which by it name implies the grantor must actively excercise their reentry to take back the interest.

In a fee simple determinable, the grantor’s reversion interest is called a possibility of reverter. By it’s name, it indicates that the possibility exists the interest will automaitacally revert back to Grantor.

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18
Q

in a fee simple subject condition subsequent, what must the grantor do if a condition occurs that was explicit in the granting?

A

Nothing, they have a right of entry and may choose to reenter if they so wish.

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19
Q

What is true about a possibility of reverter compared to a right of entry?

A

1)A right of entry must be expressly reserved
2) doesn’t automatically arise.
3)Most states also hold
4)the right of entry is not alienable.
5) but is devisable and descendible.

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20
Q

What type of estate does policy generally disfavor?

A

Possibilty of reverter.

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21
Q

If a conveyance has both durational language and a power of termination, what will it create?

A

A fee simple subject to condition subsequent.

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22
Q

What is a fee simple subject to an executory interest?

A

A fee simple that is constrained by a condition, but reverts to a third party and not a grantor.

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23
Q

How does a third party get possession of an estate when a triggering condition occurs/is violated?

A

They automatically get the estate.

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24
Q

What do courts disfavor and how does it effect defeasible fees?

A

1)Courts disfavor restrictions on land use, 2)so creation of a defeasible fee
3) must use clear duration language.

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25
Q

What does the following example create:

“To A for the purpose of constructing a day care center”

A

fee simple absolute

26
Q

What does the following example create:

To A with the hope of becoming a lawyer

A

Fee simple absolute

27
Q

What does the following example create:

To A with the expectation that the premises will be used as a hardware store

A

Fee simple absolute

28
Q

What are conditions/limitations in conveyances that are void?

A

Anything against public policy – if it’s to encourage divorce or penalize marriage, it will be void.

29
Q

What are conditions that are not void against public policy in conveying land?

A

1) Giving support until marriage

2) or, in the event of divorce

30
Q

What is a fee tail?

A

An estate where is inheritability is limited to lineal heirs.

31
Q

What is true about fee tails?

A

Most jurisdictions have abolished them and it results in a fee simple.

32
Q

How must a life estate be measured?

A

Explicit life time terms

33
Q

What is a life estate pur ature vie?

A

A life estate that is measured by the life of another person other than the grantor.

34
Q

How are life estate pur ature vies created?

A

They are created through the grantor’s language or if a life estate holder transfers their life estate to a third party

35
Q

If the grantor holds a future interest after conveying a life estate, what is the future interest called?

A

A reversion.

36
Q

If a future interest held by a third party after a grantor conveys a life estate, what is the future interest called?

A

A remainder.

37
Q

What is a life tenant entitled to?

A

1) Ordinary uses of the property

2) Ordinary profits from the land

38
Q

When can a future interest holder sue a life tenant?

A

Any time a LT does something to the life estate that injured a future interest holder.

39
Q

What are the three types of waste?

A

1) Voluntary
2) Permissive
3) Ameliorative

40
Q

What is voluntary or affirmative waste?

A

Waste that is:
1) Actual
2)Overt
3) Conduct
4) that causes a drop in value

41
Q

If a life tenant depletes a life estates natural resources, what can that possibly constitute?

A

Voluntary waste.

42
Q

When can a LT exploit natural resources of land?

A

1) Neccessary for REPAIR OR MAINTENANCE of land
2) Land is SUITABLE ONLY FOR SUCH USE
3) it was EXPRESSLY or IMPLIEDLY permitted by the granor

43
Q

What is Permissive waste?

A

Waste that happens when life tenant fails to comply with their duties

44
Q

What is the open mines doctrine?

A

If mining was done on land prior to life estate, life tenant can continue mining but are limited to mines already open.

45
Q

What are examples of Permissive waste?

A

1) Allowing land to fall into disrepair
2) failing to reasonably protect land

46
Q

What is permissive waste synonomys with?

A

Neglect.

47
Q

What are duties of Life tenant?

A

1) preserve land/structures in reasonable state of repair
2) pay ordinary taxes
3) pay interest on mortgage
4) Pay special assessments for public improvements of short duration

48
Q

If a land makes no income/profitWhat is considered the basis of ordinary taxes that life estate tenants must pay?

A

fair rental value

49
Q

If a land generates income/profits, what portion must life tenant pay in taxes?

A

The total income/profits since LT aquired ownership.

50
Q

If life tenant is in possession of land themselves, and it generates income, what ordinary taxes must they pay?

A

Which ever is greater between the fair rental value or the income/profits since LT has taken over land.

51
Q

If a land has a mortgage, what must a life tenant pay of the mortgage?

A

They must pay interest on the mortgage, but not principle.

52
Q

If a special assement for public improvement is for a long duration, what must a life tenant pay?

A

Cost will be apportioned between LT and future interest holder.

53
Q

How sufficiently must a life tenant insure their life estate property?

A

They are not obligated to insure it at all

54
Q

What responsibility do life tenants have for 3p torts?

A

NO responsibility.

55
Q

What is Ameliorative waste?

A

It is a
1) CHANGE to the property
2) that BENEFITS the property

56
Q

When can a life tenant engage in acts that will enhance the property’s value?

A

They can’t unless all future interest holders are
1) aware
2) give consent

57
Q

In modern times, when can a life tenant alter or demolish existing building on a property?

A

1) THe market value of future interests is not diminished

AND EITHER

2) remaindermen do not object

OR

3) A substantial or permanent change in the neighborhood conditions (90%) kill property in its current form of reasonable productivity/usefulness

58
Q

When can leasehold tenants be liable for ameliorative waste?

A

They can be liable even if:
1) neighborhood changed
2) market value increased as a result of amerliorative waste

59
Q

If a land is practically worthless in present state, what can life tenants do?

A

Seek partion of sale
Put proceeds in trust for future holders with interest paid to life tenant

60
Q

How does a life estate give up their interest?

A

They renounce it and the future interest becomes immediate possessory.

Present and Future Interests (4 decks)

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