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Definition
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Term
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Definition
| Can pass by intestate succession. |
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| Can be transferred inter vivos |
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| "To A" or "To A and his heirs" |
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| Absolute restraint on alienation |
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Definition
| Absolute ban on the power to sell or transfer the estate that is not linked to any reasonable time limited purpose. |
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Definition
"To A for so long as. . . "
"To A while. . . "
"To A during . . . "
"To A until . . . " |
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| Fee Simple Subject to Condition Subsequent |
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Definition
"provided however"
"but if"
"upon condition that"
- Look for semi-colon before the condition - |
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Term
| What future interest goes with a fee simple determinable? |
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Definition
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Term
| What future interest goes with a fee simple subject to condition subsequent? |
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Definition
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Term
| What is the difference between a fee simple determinable and a fee simple subject to executory interest? |
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Definition
| In a fee simple subject to executory interest the estate automatically goes to someone other than the grantor upon violation of the condition. |
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| Fee Simple Subject to Executory Interest |
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Definition
| "To A, but if X event occurs, then to B." |
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Definition
| The future interest may revert back to the grantor. Given when s/he gives a fee simple determinable. |
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Term
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Definition
Also called the power of termination.
If the condition is violated the grantor MAY enter and retake the property. This right must be exercised, and must be expressly reserved. Future interest kept by the grantor when giving a fee simple subject to condition subsequent. |
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Term
| In an Fee Simple Subject to Executory Limitation to whom does the estate go if the condition is violated? |
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Definition
| A third party, NOT back to the grantor. |
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Term
| If language is ambigous in a defeasible fee what interest will the language be construed to convey? |
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Definition
A fee simple subject to condition subsequent over a fee simple determinable.
This is because the court would favor an outcome that does not result in AUTOMATIC forfeiture. |
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Definition
| An estate that must be measured by life and NEVER in time. |
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Term
| Life Estate Pur Autre Vie |
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Definition
| A life estate measured by the life of another. |
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Term
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Definition
| Future interest kept by the grantor when they transfer less than the full estate they had to begin with. |
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Term
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Definition
| When the future interest is held by a third party that will become possessory upon the natural expiration of the estate before it. |
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Term
| What is a life tenant entitled to? |
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Definition
| Ordinary use and profits from the land. |
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Definition
| Anything more or less than merely maintaining the estate. |
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Term
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Definition
| Any affirmative action beyond the right of maintenacnce causing harm to the premises that decreases its value. |
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Term
| What are the exceptions to a life tenant continuing ordinary use of the property? |
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Definition
Prior use (open mines doctrine)
Reasonable Repairs
Grant (Expressly granted right to do so)
Exploitation (the land is suitable only for exploitation) |
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Term
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Definition
| Where the life tenant fails to maintain & the land is allowed to fall into disrepair or the life tenant fails to reasonably protect the land. |
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Term
| What must a life tenant do to avoid permissive waste? |
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Definition
| Keep property in reasonable repair & pay taxes, and pay interest on the mortgage. |
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Term
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Definition
| When the affirmative acts of the life tenant alters the property substantially but increases the value. |
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Term
| What is the changed conditions exception to ameliorative waste? |
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Definition
| If changed conditions have made the property relatively worthless in its current use, the life tenant can tear it down without liability to the holder of the future interest. |
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Term
| Indefeasible vested remainder |
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Definition
| The FI holder is identified and nothing stands in the way of it becoming possessory once the other estate ends. |
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Term
| Vested Remainder Subject to Open |
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Definition
| Where the remainder interest is to a class of unnamed people whose members are not yet fully known, the class remainds open to allow for future person who qualify as members of the class. Also called a vested remainder subject to partial divestment (the class can grow and so each person's share goes down, divesting them of the bigger share they would have taken). |
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Term
| Vested remainder subject to complete divestment |
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Definition
Where the remainderman is in existence and the interest is not subject to a precedent condition, but his right of possession is subject to being cut short by the happening of some condition subsequent.
O to A for life, then to B for life - B's interest is subject to complete divestment because he must survive A for his interest to take. |
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Term
| Members of a class who predecease the testator are eliminated and do not recover; at common law their gift .... |
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Definition
Lapses.
Most states have anti-lapse statutes, but not on the MBE unless specifically stated. |
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Term
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Definition
| A class closes when any one of the class is entitled to distribution. |
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Term
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Definition
| Something has to happen or be known before the remainder can become possessory. |
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Term
| If at the time of grant the grantee is not in existence then that interest must be a ________________. |
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Definition
Contingent remainder- contingent upon the grantee being born.
O to A for life, then to A's children. At the time of grant A has no children. |
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Term
| If you cannot identify, by name, the person who holds the remainder then the remainder is ________ until you can identify the taker |
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Definition
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Term
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Definition
| Operates to cut short the estate that comes before it, it does not come into possession at the natural expiration of the earlier estate. |
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Term
| Shifting Executory Interest |
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Definition
| If an executory interst operates by taking from one grantee and giving it to another grantee. |
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Term
| Springing Executory Interest |
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Definition
| If an executory interest operates by taking the title from the grantor and giving it to a grantee. |
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Term
| Which estates to the Rule Against Perpetuitites apply to? |
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Definition
Contingent Remainders
Executory Interest
Vested Remainders Subject to Open |
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Term
| Rule Against Perpetuities |
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Definition
| No interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest. |
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Term
| In Michigan if an interest actually does vest within ________ years, even if there were a chance it might not, it is valid. |
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Definition
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Term
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Definition
| Anyone, regardless of age, is capable of having children for purposes of the Rule Against Perpetuities. |
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Term
| Bad as to One, Bad as to All |
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Definition
| If Rule Against Perpetuities operates to void the gift over to one member of the class becasue of the possibility that interest might vest outside the time period, then all members of the class lose even those who already satisfy the condition. |
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Term
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Definition
| If the grant is written so he vesting cannot occur until the death of the widow(er) the grant violates the rule against perpetuities. |
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Term
| Characteristics of a Joint Tenancy |
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Definition
Right of Survivorship
Right to Partition |
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Term
| Four Unities of Joint Tenancy |
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Definition
| TTIP - Time, Title, Interest, Possession |
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Term
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Definition
| All interests must vest at the same time. |
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Term
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Definition
| All interests must vest at the same time. |
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Term
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Definition
| The grant to all JT must be by the same instrument. |
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Term
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Definition
| All JTs must take the same kind and same amount of interest. |
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Term
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Definition
| All must have equal rights of possession. |
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Term
| To create a joint tenancy..... |
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Definition
| The estate must be referred to as a joint tenancy with rights of survivorship EXPRESSLY in the grant. Otherwise it is a tenancy in common. |
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Term
| What are the two ways to destroy a joint tenancy? |
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Definition
Partition - a voluntary destruction
Severance- involuntary, when one of the unities is disturbed. |
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Term
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Definition
| A JT transfer interest and destroys the joint tenancy. The buyer takes as a tenant in common. Other JTs continue to have a joint tenancy. |
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Term
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Definition
IN A TITLE THEORY STATE- the title actually passes to the lender so the unity of title is disturbed.
IN A LIEN THEORY STATE- there is no severance because a lien is placed on the title. |
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Term
| Severance by Contract of Sale |
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Definition
| Severs the unity of title under the doctrine of equitable conversion. This doctrine says that when the contract of sale is signed the buyer becomes the equitable owner, this disturbs unity of title. |
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Term
| Severance by Creditor Sale |
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Definition
| A creditor's judgment lien is not enough, there must actually be a judicial sale which disrupts the unity of title. |
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Term
| Characteristics of a Tenancy in Common |
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Definition
Right to Partition
NO right of survivorship |
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Term
| Tenancy in common only requires one unity: |
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Definition
| Possession - all tenants in common must have equal rights of possession. |
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Term
| In Michigan what are the two additional types of tenancies? |
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Definition
Joint Tenancy with Indestructible Survivorship - if property is transferred to two more people with all four JT unities and it expressly states right of survivorship that right is indestructable;
and Tenancy by Entirey- created when the estae is deeded to the husband and wife. |
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Term
| The default tenancy is ... |
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Definition
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Term
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Definition
| When one co-tenant is either keeping another off the property or claiming right to exclusive possession. The co-tenant must account to the other co-tenant(s) under this exception. |
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Term
| What is a non-exclusion clause? |
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Definition
| A clause in a lease that specifically states the lessor has non exclusive possession of the property. Such a clause circumvents ouster because all other tenants still can possess the property |
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Term
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Definition
Any estate measure by a specified period of time, no matter how short the tenancy is for.
THIS DOES NOT HAVE TO BE FOR A NUMBER OF YEARS, IT COULD BE ONLY FOR A COUPLE DAYS |
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Term
| Any tenancy over one year must be in .... |
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Definition
| writing. Statute of Frauds. |
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Term
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Definition
| An ongoing, continuing, repetitive estate, until one party gives valid notice. |
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Term
| If a lease does not specify how long it is to last, then it is presumed to be a periodic tenancy measured by the .... |
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Definition
| Rent Payment (monthly rent- month-to-month lease, etc.) |
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Term
| A ______ lease over a year violates the statute of frauds, but can be overcome by operation of law if the landlord accepts rent creating a periodic tenancy. |
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Definition
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Term
| What is a hold over tenant? |
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Definition
| A tenant who stays beyond the expiration of the lease. |
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Term
| If a landlord accepts rent after the expiration of the lease from a hold over tenant ......... |
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Definition
| A new periodic tenancy by operation of law is created. |
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Term
| Valid notice is required to terminate a periodic tenancy. On the MBE periodic valid notice is... |
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Definition
Time- equal to the full period in advance
The Right Effective Date of termination, which is the last day of a period. |
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Term
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Definition
| An estate in land that both the landlord and tenant have the right to terminate the lease at any time. |
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Term
| What are the six ways a party can terminate a tenancy at will? |
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Definition
| Notice, death, waste, assignment, transfer of title, or if the landlord leases to someone else. |
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Term
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Definition
| Arises when a tenant wrongfully remains in possession after the stipualted date for termination of a tenancy for years of a holdover tenant. |
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Term
| What two things may a landlord to under the hold over doctrine? |
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Definition
Evict- hold tenant as a trespasser and sue to throw tenant of the property and recover damages.
OR
Impose a new period tenancy that bind tenant. |
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Term
| True or False: Terms and conditions of experied tenancy, such as rent and covenants, DO apply tot he new tenancy of a hold over tenant. |
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Definition
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