Various Flashcards
Can’t quitclaim deed
A contingent remainder
Executory devise
Created by a will
Statute of uses
Statute “executed” uses which made legal title transfer to the owner of the equitable title
Shifting use
Exec int
Conditionally transfers tright of possession from one GRANTEE to another.
Executory limitation
Created by a deed
springing uses
exec. Int.
Conditionally transfer the right of possession from the GRANTOR to a granTEE.
Exceptions to statute of uses
- Only executes the FIRST use.
- only applies to REAL PROPERTY
- will not execute is title holder has additional duties (to maintain & collect income, etc will not execute)
New estates created by the statute of uses?
Executory interests
Executory estates
Cutoff a prior estate before it would naturally terminate
Not subject to RAP?
Possessory estates
Future int in grantor(re versions,posslty revrtr, pwr termtn.
In grantee: indefensibly vested remainders, vested remainders subj total divestiture.
Interests that ARE subject to RAP?
- Executory interests
- contingent remainders
- vested remainders subject to open
- non-charitable trusts
Statement if RAP
“No interest is good unless it must vest, if at all, no later than 21years after some life in being at the creation of the interest.”
Ab initio
From the beginning
Ex) Rap…void ab initio
So long as
Fee simple determinable
Possibility of reverter
“Provided” “On condition that”
Fee simple subject to condition subsequent
Pwr of termination or right of entry
