Property-Land Interests Flashcards
Present possessory estate (PPE) generally
Someone has the right to land now; someone may get the right to land later in some cases
PPE - fee simple absolute
To A and his heirs
Indefinite duration; largest possible estate in land
PPE - fee simple determinable
So long as
Terminates automatically after a duration, grantor has possibility of reverter
PPE - FSSCS - Fee Simple subject to condition subsequent
But if
Can terminate after a named event, grantor has right of entry
PPE - Fee simple subject to executory interest
Automatically divests in a 3rd party on the happening of a named event
PPE - Invalid conditions
Violate public policy, penalize marriage, promote divorce (OK to support until marriage/divorce)
Public policy favors free alienability of property
Life estate
Lasts for duration of grantee’s life. Life estate transferred to someone else lasts for named grantee’s life
Life tenant duties
Maintain property in reasonable estate
Pay mortgage interest only
Pay ordinary taxes
Life estate pur autre vie
To A for life of B
LE measured by life of another
Waste
Grantee of less than fee (life, term) cannot injure future interest of remainderman or revisioner
Voluntary waste
Volitional act that decreases value of estate; intentional/negligent damage
Voluntary waste - exploitation of natural resource by LT limited to PURGE
PRIOR Use of land for exploitation before grant
Repair or maintenance of land that was necessary
Grant to exploit (implied/express)
Exploitation, suitable only for
Voluntary waste - open mines doctrine
LT can continue to mine existing resources
Permissive waste
Failure by LT to take reasonable steps to preserve land or pay taxes or interest (not principal)
Ameliorative waste - CL v. Modern
CL: prohibited
Modern: allowed if FMV not impaired
AND either remaindermen consent OR substantial, permanent change in neighborhood deprived property of reasonable value
Future interest
Someone may get right land to later in some cases
FI - Possibility of reverter
A type of right that is automatically in effect when a grantor creates FSD
FI - Right of reentry
Must expressly state in conveyance of FSSCS and affirmatively exercised
FI - Reversion
Created when grantor transfers less than a fee interest to 3P
