Fee simple absolute: 1. Language? 2. Duration? 3. Transferability? 4. Future interest?
Fee simple absolute: 1. Language to
Create: “To A and his heirs.” or “To A.”
2. Duration: Absolute ownership, of potentially infinite duration.
3. Tranaferability: Devisable, descendible, alienable
4. Future Interest: None
Fee tail: 1. Language? 2. Duration? 3. Transferability? 4. Future interest?
Fee tail: 1. Language? “To A and the heirs
of his body”
2. Duration? Lasts only as long as there are lineal blood descendants of grantee
3. Transferability? Passes automatically to grantee’s lineal descendants
4. Future interest? Reversion (if held
by grantor); Remainder (if held by third party).
Defeasible fee simple determinable: 1. Language? 2. Duration? 3. Transferability? 4. Future interest?
Defeasible fee simple determinable: 1. Language? “To A so long as
…” or “To A until ….” or “To A while ….” (CLEAR DURATIONAL LANGUAGE providing that upon the happening of a stated event, the land is to revert to the grantor)
2. Duration? Potentially infinite, so long as event does not occur. IF EVENT OCCURS, FORFEITURE AUTOMATIC
3. Transferability? Alienable, devisable, descendible, subject to condition.
4. Future interest? Possibility of Reverter (held by grantor).
Defeasible fee simple subject to condition subsequent: 1. Language? 2. Duration? 3. Transferability? 4. Future interest?
Defeasible fee simple subject to subsequent: 1. Language? “To A. but if X
event happens, grantor reserves the right to reenter and retake.” Grantor must carve out right of reentry.
2. Duration? Potentially infinite, so long as the condition is not breached and, thereafter, until the holder of the right of entry timely exercises the power of termination.
3. Transferability? Alienable, devisable, descendible, subject to condition.
4. Future interest? Right of Entry/Power of Termination (held by grantor)
Defeasible fee simple executory limitation: 1. Language? 2. Duration? 3. Transferability? 4. Future interest?
Defeasible fee simple executor limitation: 1. Language? “To A, but if X event occurs, then to B.”
- Duration? Potentially infinite, so long as stated contingency does not occur.
- Transferability? Alienable, devisable, descendible, subject to condition.
- Future interest? Executory Interest (held by third party).
Life estate: 1. Language? 2. Duration? 3. Transferability? 4. Future interest?
Life estate: 1. Language? “To A for life.” or “To A for the life of B.”
2. Duration? Measured by life of transferee or by some other life (pur autre vie).
3. Transferability? Alienable, devisable and
descendible if pur autre vie and measuring life is still alive.
4. Future interest? Reversion (if held by grantor); Remainder (if held by third party).
Define: 1. Devisable? 2. Descendible? 3. Alienable?
- Devisable = it can pass by WILL;
- Descendible? Can pass by statutes of INTESTACY;
- Alienable? Transferable INTER VIVOS, during the holder’s lifetime.
Bruce Willis rule. Do heirs have an interest while current holder is alive?
A living person has no heirs. Thus, while A is alive, he has only PROSPECTIVE HEIRS. They are powerless B/C THEY DON’T YET EXIST – NOT YET AN HEIR.
Fee tail today is treated as?
Fee tail treated as fee simple absolute.
Mick Jagger rule of property
You may convey less than what you started with, but you can’t convey more. In other words, YOU CAN’T ALWAYS GET WHAT YOU WANT.
Accompanying future interest in fee simple determinable? (Frank Sinatra Didn’t Prefer Orville Redenbacher)
Yes, the “POSSIBILITY OF REVERTER” in the grantor. FSDPOR = fee simple determinable possibility of reverter
“So long as” creates what?
Fee simple determinable
“To A, but if X event occurs, grantor reserves the right to re-enter and retake” creates what?
Fee Simple Subject to Condition Subsequent = clear durational + right to reenter.
Fee Simple Subject to Condition Subsequent = automatic reversion? Bobby Brown
NO, it merely gives the grantor the OPTION to reenter. It’s not automatic. Bobby Brown = IT’S MY PREROGATIVE = RIGHT OF ENTRY, RIGHT OF TERMINATION
“To A, but if X event occurs, then to B” creates what?
Fee Simple Subject to Executory Limitation.
In Fee Simple Subject to Executory Limitation, to A, but if X occurs, to B, creates __________ in B? Automatic?
Shifting executory interest. Automatic forfeiture to B if condition occurs.
Two rules of construction re defeasible fees?
1) Words of mere desire, hope, or intention are insufficient to create a defeasible fee b/c COURTS DISFAVOR RESTRICTIONS ON FREE USE OF LAND ==> requires CLEAR DURATIONAL LANGUAGE.
2) Absolute restraints on alienation are VOID –> can’t ban power to sell or transfer in way that is not linked to a REASONABLE, TIME-LIMITED PURPOSE, e.g., “so long as she never attempts to sell” becomes FEE SIMPLE ABSOLUTE.
Life estate requires language of… ROMANTIC ESTATE
EXPLICIT LIFETIME TERM and not some number of years. ROMANTIC = REST OF YOUR/MY LIFE.
- Person with life estate is a _______? 2. Grantor who granted life estate has ________?
- Is the LIFE TENANT
2. Grantor has a REVERSION (goes to A or A’s heirs)
The life estate pur autre vie means?
“To A for the life of B.” Life estate measured by life other than the grantees.
Gen rule re profit/waste on life estates.
Life tenant entitled to all ordinary use/profit from land, but must not COMMIT WASTE, i.e. must not hurt future interest holders.
Three variations on waste theme re life estate.
Life tenant must not COMMIT WASTE, i.e. must not hurt future interest holders. Three species of waste
- VOLUNTARY/affirmative waste = overt conduct causing drop in value; (A) re natural resources: PURGE = Prior Use determines life tenant usage; Repairs and maintenance can be paid for w/ nat resource; Granted right to use nat resources; Exploitation - okay if land is suitable only to exploit (rock quarry).
- PERMISSIVE waste = life tenant must MAINTAIN estate and pay taxes; cannot neglect/allow waste.
- AMELIORATIVE waste: can’t engage in acts that will enhance property value UNLESS ALL FUTURE INTEREST HOLDERS ARE KNOWN AND CONSENT.
- Post-death life estate interest held by grantor is?
2. Held by third party is?
W/R/T life estate
- Reversion w/ grantor.
- Remainder w/ third party.
does language such as “for the purpose of” pr “to be used for” create fee simple determinable?
no, that’s merely a statement of desire. you need CLEAR DURATIONAL LANGUAGE
