Present Possessory Estates Flashcards
Fee Simple Absolute
all possible rights a person may have in that parcel of land
Example of Fee Simple Absolute
CL: “To A and his heirs” Modern: “To A”
What is a defeasible estate?
an estate that may terminate upon some happening or event before its maximum duration has run
What is a fee simple determinable?
a) created by durational language ( “To A for so long as liquor is not served on the premises.”)
b) Terminates automatically on happened of a named future event and estate returns to grantor
What is a fee simple subject to a condition subsequent?
a) created by conditional language as to occurrence of a condition that will terminate estate
(Power of termination must be expressly reserved to grantor)
b) if language is ambiguous, courts interpret it as an attempt to create a Fee Simple Subject to a Condition Subsequent)
What is a fee simple subject to an executory interest?
a) created by either conditional or durational language
b) termination on happening of event that terminates estate, property passes to someone other than the grantor.
Fee tail
CL: an estate that descended to grantee’s children only
Modern: fee tails are disfavored and are treated as a fee simple absolute
Life Estate
Life estates last for duration of grantee’s life and can be made defeasible
Life estate pur autre view
duration of estate is measured by life of someone other than the grantee “ To B for the life of C”
Non-freehold estates: Term Estate
estate that is limited in duration (basically a landlord tenant relationship)
Future Interests: Possibility of Reverter
possibility of reverter: future interest in grantor that follows a determinable estate
Creation: a fee simple determinable automatically creates possible of reverter, no special language needed, upon happening of event: land automatically reverts back to grantor
Transferability of possibility of reverter
CL: could not be devised or transferred inter vivos (could pass through intestacy or will)
Modern law: freely transferable, devisable, and descendible
Power of Termination (right of reentry)
a future interest in grantor when grantor attempts to create a FSSCS or a defeasible life estate
creation: not automatic, must be spelled out in conveyance. Upon happening of event does not automatically revert; grantor must do something to retake property
Transferability of Power of Termination
CL: could descend through intestacy or will but could not be devised or transferred inter vivos
Modern: freely descendible and devisable but many jurisdictions still limit inter vivos transfers
