Term
Present & Future Interests:
Must ask two questions... |
|
Definition
1) is the future interest enforceable?
2) has the condition triggering the future interest been violated or occurred? |
|
|
Term
|
Definition
Property ownership with no associated future interest.
if no future interest is made at convenyance, ct presumes grantee receives all ownership rights of seller.
O to A. |
|
|
Term
|
Definition
| some condition that exists that can terminate present interest from current owner |
|
|
Term
Fee Simple Determinable
(FSD) |
|
Definition
- future interest reverts automatically to the grantor when stated condition occurs
- durational; period of time
Present interest= FSD
Future Interest= Possibility of Reverter
"as long as" |
|
|
Term
| O to A so long as used for residential purposes |
|
Definition
Present interest= FSD
Future Interest= Possibility of Reverter |
|
|
Term
| O to A while used for residential purposes |
|
Definition
Present interest = FSD
Future interest = Possibility of Reverter |
|
|
Term
| O to A during residential use |
|
Definition
Present interest = FSD
Future interest = Possibility of Reverter |
|
|
Term
| O to A unless used for non-residential purposes |
|
Definition
Present interest = FSD
Future interest = Possibility of Reverter |
|
|
Term
| O to A so long as used for residential purposes; if used for non-residential purposes, property automatically reverts to O. |
|
Definition
Present interest = FSD
Future interest = Possibility of Reverter |
|
|
Term
| Fee Simple Subject to a Condition Subsequent |
|
Definition
- after violation of a condition, grantor may chose to retain right to decide whether to retake the property
- if right is exercised, property ownership shifts back to her
- if chooses not to, ownership stays with current owner
Present interest=FSSCS
Future Interest = Right of Entry |
|
|
Term
| O to A on condition property is used for residential purposes, if not O shall have right to entry |
|
Definition
Present Interest= FSSCS
Future Interest=Right of Entry |
|
|
Term
| O to A, but if used for non-residential purposes, O shall have right of entry |
|
Definition
Present Interest= FSSCS
Future Interest=Right of Entry |
|
|
Term
| O to A provided that the property is sued for residential purposes, if condition is violated, O shall have a right of entry |
|
Definition
Present Interest= FSSCS
Future Interest=Right of Entry |
|
|
Term
| Statute of Limitations in Fee Simple Determinable v. Fee Simple Subject to a Condition Subsequent |
|
Definition
FSD: reverts automatically to grantor; statute of limitations begins to run as soon as violation of condition occurs
- if O waits 10 years, cannot tell A to leave bc of adverse posesssion
FSSCS: grantor can kick grantee off property at anytime after violation bc SOL does not start running until O tells A to leave
**Cts have SOL to prevent this from occurring 30 yrs later now** |
|
|
Term
|
Definition
A conveyance of property for a person's lifetime.
- |
|
|
Term
|
Definition
| Life estate with future interest with grantor |
|
|
Term
|
Definition
| Life estate with future interest with 3rd party |
|
|
Term
|
Definition
| Life Estate future, reversion to O |
|
|
Term
| O to A for life, then to B |
|
Definition
| Life estate, remainder for B |
|
|
Term
| O to A for life, then to B so long as used as a farm |
|
Definition
| Life estate, remainder to B as a FSD |
|
|
Term
|
Definition
One or both conditions exist:
1) remainder will take effect only upon the happening of an event that is not certain to happen
2) the reaminder will go to a person who cannot be ascertained at the time of the initial conveyance |
|
|
Term
| O to A for life, then to B if be graduates law school |
|
Definition
| Life estate, remainder to B if he graduates; reversion to O if B doesnt graduate |
|
|
Term
| O to A for life, then to the children of B |
|
Definition
| Life estate, contingent remainder bc B did not have any children at time of initial conveyance |
|
|
Term
| O to A for life, then to heirs of B |
|
Definition
| Life estate, contingent remaidner bc it is impossible to know who B's heirs are until B dies |
|
|
Term
|
Definition
- anything that is not a contingent remainder
- people who are identifiable at time of intial conveyance and for whom there are no condition precedent other than natural termination of life estate |
|
|
Term
| Vested Remainder Subject to Open |
|
Definition
| - property may be divided by persons born in future |
|
|
Term
O to A for life, then to B's kids
(B had no kids at time of initial conveyance) |
|
Definition
| Life estate, contingent remainder if B has no kids, Vested Remainder Subject to Open (VRSO) when B has kids, bc we now know who they are |
|
|
Term
O to A for life, then to B's kids
(if both A, and B's first child die) |
|
Definition
- Vested Remainder subject to open
- property goes to child's heirs |
|
|
Term
O to A for life, then to B's kids
(if A dies, and B's kids, Joey and Danielle are alive) |
|
Definition
- Vested Remainder Subject to Open
- property goes to both Joey and Danielle |
|
|
Term
O to A for life, then to B's kids
(A dies, and B's kids, Joey and Danielle are alive, Bonnie is born after A's death) |
|
Definition
- vested remainder subject to open
- Bonnie is an after born child and has no right to the property, only Joey and Danielle do |
|
|
Term
| Vested Remainder Subject to Divestment |
|
Definition
- if language is set off by comma, it is VRSD
- if not, it is contingent remainder |
|
|
Term
| O to A for life, then to B, but if she divorces X, then to C |
|
Definition
Life estate, Vested Remainder Subject to Divestment
B is vested at time bc she is ascertained, but if she divorces X, she is divested of property right |
|
|
Term
| O to A for life, then to B if she doesnt divorce X, otherwise to C. |
|
Definition
Life estate, with contingent remainder.
- B does not get property until X dies |
|
|
Term
Springing Executory Interest
O to A for life, then to B if B graduates from college |
|
Definition
| Modern Rule: contingent remainders cannot be destroyed by death of A. If A dies, it divests back to O, and when B graduates from college, O is divested of property and it goes to B. |
|
|
Term
|
Definition
|
|
Term
| Remainder v. Springing Executory Interest |
|
Definition
- if possible to take property, immediately after preceeding estate= remainder
- if not possible= executory interest
ex: eulogy example |
|
|
Term
|
Definition
- converts remainder in the grantee's heirs into a remainder in the grantee
- A owns life estate and remainder, two are merged to create FSA |
|
|
Term
| Doctrine of Worthier Title |
|
Definition
| - O to A for life, then to O's heirs |
|
|
Term
| Doctrine of Worthier Title v. Shelley's Case |
|
Definition
John to Mike for life, then to Johns heirs = Worthier title
Mark to Betty for life, then to Betty's heirs = Shelley's case |
|
|
Term
O conveys Blackacre to G and her heirs until Alaska secedes from the US
What type of interest does G have?
What type of interest does O have? |
|
Definition
G: Fee Simple Determinable
O: Possibility of Reverter |
|
|
Term
O conveys Blackacre to L provided that the Oklahoma City Thunder win the NBA championship in 2014, but if they do not, then O has the right to re-enter and retake.
What type of interest does L have?
What type of interest does O have? |
|
Definition
L: FSSCS
O: Right of entry |
|
|
Term
O conveys Blackacre to A so long as the Miami Marlins have a losing record each yet, otherwise to B.
What type of interest does...
A have?
O have?
B have? |
|
Definition
A: FSSEL
O: no interest
B: executory interest; B is divesting A |
|
|
Term
O conveys Blackacre to B for life, then to M if she gets married.
What interest does...
B have?
M have?
O have? |
|
Definition
B: Life estate
M: Contingent Remainder; it may or may not occur
O: Reversion; where there is contingent remainder there must be reversion |
|
|
Term
O conveys Blackacre to A for life, then to R's children who live to be 35. R has six children (3,5,7,11,15, and 34).
What interest does...
A have?
R's children have?
O have? |
|
Definition
A: life estate
R's children: contingent remainder; kids who live to 35 become vested remainder subject to open
O: reversion |
|
|
Term
O conveys Blackacre to H on the condition that H never be convicted of a felony, then to Z.
What interest does..
H have?
Z have? |
|
Definition
H: FSSEL
Z: shifting executory interest; Z is taking property from H (grantee to grantor= shifting) |
|
|
Term
O conveys Blackacre to D for life, then to T if T becomes a lawyer. T is a lawyer.
What interest does...
D have?
T have?
O have? |
|
Definition
D: life estate
T: vested remainder; condition in interest, but condition has been met= vested
O: none |
|
|
Term
O conveys Blackacre to A for life, then to D's children. D has two children, Jose and Lauren.
What interest does...
A have?
D's children have?
O have? |
|
Definition
A: life estate
D: vested remainder subject to open
O: none |
|
|
Term
O conveys Blackacre to A for life, then to B if she becomes a lawyer, but if B does not become a lawyer, then to C.
What interest does...
A have?
B have?
C have?
O have? |
|
Definition
A: life estate
B: contingent remainder; cond is become lawyer
C: contingent remainder; cond is B doesnt become a lawyer
O: Reversion; where there is contingent remainder there is always reversion, even though land will never go back to O. |
|
|
Term
O conveys Blackacre to A for life, then to B if B survives A, but if B does not survive A, then to C if C graduates from law school.
What interest does...
A have?
B have?
C have?
O have? |
|
Definition
A: life estate
B: contingent remainder; outlive A
C: contingent remainder; B doesnt survive A and graduate law school.
O: reversion; O can get prop back here |
|
|
Term
O conveys Blackacre to A for life, then to B, but if C should ever join the NRA, then to C. At the time of the conveyance, C is not a member of the NRA and is a pacifist.
What interest does...
B have?
C have?
O have? |
|
Definition
B: vested remainder subject to divestment or vested remainder subject to executory limit
C: shifting executory interest
O: none |
|
|
Term
O conveys Blackacre to A for life, then to A's children. At the time of conveyance, A has no children.
What interest does...
A's children have?
O have? |
|
Definition
A's children: contingent remainder, bc cannot be ascertained at time of initial conveyance
O: reversion |
|
|
Term
O conveys Blackacre to A for life, then to the first person of FIU Law to become a judge. O dies in 2015. A dies in 2025. By 2025, no FIU Law graduates have become judges.
Who has title? |
|
Definition
| O's heirs until someone becomes a judge; not A bc when A has life estate A cannot convey property to her heirs bc she does not have that right. |
|
|
Term
O convey's Blackacre to A for life, then to B, but if B does not become a priest before A's death, then to C. At the time of the conveyance, B is not a priest.
What interest does...
B have?
C have? |
|
Definition
B: Vested Remainder subject to divestment, bc of comma! or vested remainder subject to executory limitation (they function same way)
C: shifting executory interest |
|
|
Term
O conveys Blackacre to A for life, then to B if B delivers the eulogy at A's funeral.
What interest does...
A have?
B have?
O have? |
|
Definition
A: life estate
B: springing executory interest
**It is not remainder bc a remainder takes posession of the estate IMMEDIATELY upon expiration of the preceeding life estate. Here, there is certainly a gap in time where the estate must revert to O (or O's heirs) for some period of time before B may take possession of the estate.
O: reversion; for time between A's death and B giving the eulogy, but if B does not give eulogy, O keeps property |
|
|
Term
O convey's Blackacre to A for use as a petting zoo.
What interest does...
O have?
A have? |
|
Definition
O: none
A: FSA; no restrictions |
|
|
Term
O conveys Blackacre to A for life, remainder to B if she is 21.
Could B take when A dies?
What interest does....
B have?
O have? |
|
Definition
1) Yes, if she is 21 and A died she can take it
B: contingent remainder
O: Reversion |
|
|
Term
O conveys Blackacre to A for life, remainder one day after A's death to B if she is 21.
Could B take when A dies?
What interest does...
B have?
O have? |
|
Definition
1) No bc there is the one day gap
B: springing executory interest
O: One day reversion |
|
|
