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Related Flashcards
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Cards In This Set
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Present Possessory Estates - General
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An interest that gives the holder the right to PRESENT possession.
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Present Possessory Estates - Fee Simple Absolute
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Largest estate recognized by law. It can be:
Sold, Divided, Devised, or Inherited and has an INDEFINITE, OR POTENTIALY INDEFINATE DURATION. Today, a fee simple is presumed in absence of express contrary intent (words of inheritance are no longer necessary). |
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Present Possessory Estates - Defeasible Fees
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Defeasible fees are FEE SIMPLE estates (i.e. of uncertain or potentially infinite duration) that can be terminated upon the happening of a STATED EVENT.
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Present Possessory Estates - Fee Simple Determinable (and Possibility of Reverter)
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A fee simple determinable terminates upon the happening of a certain stated event and AUTOMATICALLY REVERTS to the grantor. It is created by durational language such as "For So Long As...." or "While"..or.."Duing"..or..."Until".
A fee simple determinable can be conveyed but the grantee TAKES SUBJECT TO THE CONDITION WHICH WILL TERMINATE THE ESTATE. |
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Bar Tip: Words of Motive vs. Words that create a Determinable Fee
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Words such as "For the Purpose Of" or "to be used for" are merely expressions of motive and do not actually create a determinable fee.
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Fee Simple Defeasibles- 3 types
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Remember these are still Present Estates
1. Fee Simple Determinable - And Possibility of Reverter 2. Fee Simple Subject to Condition Subsequent- And Right of Reentry 3. Fee Simple Subject to Executory Interest |
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Fee Simple Defeasibles - Fee Simple Determinable
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Terminates upon the happening of a stated event. AUTO REVERTS back to the grantor.
Creation Language - To A "SO LONG AS" or "While", etc. Future Interest: Possibility of Reverter back to Grantor Automatic or Action Required?: Auto this is extremely unforgiving. |
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Fee Simple Subject to Condition Subsequent
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Granton RESERVES THE RIGHT TO TERMINATE the estate upon the happening of a certain event.
Creation Language - To A, BUT IF X DOES THIS, Grantor reserves the right to re-enter and retake. Future Interest: Right of Entry or Power of termination to Grantor IF he so chooses Automatic or Action Required?: Action Required. |
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Hypo: Fee Simple Subject to Condition Subsequent
Ross conveys “To Rachel, but if coffee is ever consumed on the premises, grantor reserves the right to re-enter and retake.” Rachel Has? Ross Has? |
Rachel Has a FEE SIMPLE SUBJECT TO CONDITION SUBSEQUENT
Ross Has: Right of Re-Entry (power of Termination) if coffee is ever consumed on the premise |
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Fee Simple Subject to Executory Limitation
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Creation Language - To A, BUT IF X EVENT OCCURS, Then to B. Future Interest: Same as Fee Simple Determinable Except now it AUTO forfeits to Third Party (the shifting executory interest) Automatic or Action Required?: Auto to Third Party |
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Hypo: Fee Simple Subject to Executory Interest
“To Barry Manilow, but if Manilow ever performs music on the premises, then to Mandy.” Barry has: ________________________________. Mandy has: _______________________________. |
Barry Has: Fee Simple Subject to Mandy's Shifting Executory Interest
Mandy Has: a shifting executory interest |
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In each of the following the courts have that
A is vested with a Fee Simple Absolute and NOT a defeasible fee. This is done because the words are mere hope or intent and the courts DO NOT WANT TO ENCUMBER THE ESTATE. |
In each of these instances, A is vested with a fee simple
absolute, and NOT a defeasible fee:
“To A for the purpose of constructing a day care center”; “To A with the hope that he becomes a lawyer”; “To A with the expectation that the premises will be used as a Blockbuster video store.” |
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Absolute Restraints on Alienation are Void
Therefore: An absolute restraint on alienation is an absolute ban on the power to ______________________________, that is not linked to ___________ ____________________________________. |
Sell or Transfer; a Reasonable Time LIMITED Purpose
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Hypo:
O conveys: “To A so long as she never attempts to sell.” Is this valid? If not valid Who has what? |
No. It's an absolute Restraint on Alienation. Void
A will get a FEE SIMPLE ABSOLUTE (everything she could hope for) O will get NOTHING |
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Hypo:
O conveys: “To A so long as she does not attempt to sell until the year 2014, when clouds on the title will be resolved.” Valid? Who has What? |
Valid. The restraint is LINKED to a reasonable time limited purpose. Therefore it is valid and...
A has a Fee Simple Determinable O then has a Possible of Reverter |
