Property Flashcards
Executory interest
future interest that cut short a prior vested interest
Vested remainder
interest given to (a) ascertained grantee and (b) not subject to condition precedent.
If a remainder fails (a) or (b), it is a contingent remainder
Fee simple determinable (FSD)
Limited by specific durational language
Possibility of reverter:
future interest held by grantor following FSD. Vests automatically after the durational period ends.
RAP
certain future interests must vest or fail within 21 years after the death of a life in being at the time that the interest is created.
Effect of a RAP violation
strike the violating interest as if the interest was never created in the first place.
2 Exceptions to RAP:
(1) charity-to-charity gifts
(2) options held by a current tenant to purchase a fee interest in the leasehold property.
Interests subject to RAP
contingent remainder, vested remainder subject to open, and executory interest
Vested remainder subject to open
vested remainder in a (a) class gift and (b) full class membership is unknown (but at least one person in the class must be vested).
If class gift + full class membership is unknown with nobody vested → contingent.
In a class gift (vested remainder) class is closed when
all members are identified
Rule of convenience
interpretive rules that can save a class gift from being invalidated under RAP. closes the class when any member of the class becomes entitled to immediate possession
“All or nothing” class gift rule
If the gift to any member of the class is void under RAP, the gift is void as to all members of the class.
2 Exceptions to all-or-nothing class gift rule:
(1) transfers of a specific dollar amount to each class member and (2) transfers to a subclass that vests at a specific time ( to the children of B, and upon the death of each, to that child’s issue”
Three kinds of concurrent estates:
tenancy in common, joint tenancy, tenancy by the entirety
Presumption in deciding which type of concurrent estates:
tenancy in common
Right of survivorship in tenancy at common
Does not exist
Ownership interest in joint tenancy requires ∑: PITT:
(1) equal right to Possess the whole property (2) they have the equal share of the same type of Interest (3) they received the interest at the same Time (4) they received the interest in the same instrument of Title
Creation of joint tenancy requires
(a) clear expression of intent + (b) survivorship language
Right of survivorship in joint tenancy
surviving joint tenant automatically take the deceased tenant’s interest
Joint tenancy can terminate upon
inter vivos transfer
Granting a mortgage interest in the joint tenancy
Majority (lien theory): does not sever.
Ouster occurs when:
co-tenant in possession denies another co-tenant access to the property. The denied co-tenant to manifest intent to access and get denied.
Remedies for ouster:
injunction granting access or damages for the value of the use while unable to access the property
Co-tenant’s right to receive rent
A co-tenant is entitled to a portion of the rent received from a third party’s possession, minus operating expenses, based on ownership interest.
co-tenant is generally not required to pay rent to the other co-tenants for the value of her own use of the property, even when the other co-tenants do not make use of the property.