For a fee simple absolute, what is the:
Language to create
Duration
Transferability
Future interest
For a fee tail, what is the:
Language to create
Duration
Transferability
Future interest
What are the different types of defeasible fees?
For a fee simple determinable, what is the:
Language to create
Duration
Transferability
Future interest
For a fee simple subject to condition subsequent, what is the:
Language to create
Duration
Transferability
Future interest
For a fee simple subject to an executor limitation, what is the:
Language to create
Duration
Transferability
Future interest
For a life estate, what is the:
Language to create
Duration
Transferability
Future interest
What do the fee simple determinable and the fee simple subject to condition subsequent share?
What is their distinction?
They both must have:
But just the fee simple subject to condition subsequent needs:
In the following example, what does A have? Why?
“To A for the purpose of constructing a daycare center.”
Fee simple absolute
The restriction is not based on clear durational language
Courts disfavor restrictions on free land use
So a court would not find this to be a defeasible fee
In the following examples, what do A and O have? Why?
In the following example, what does A have? Why?
“To a for life, but in no event more than 10 years.”
A has a term of years
To have a life estate, it must be measured in explicit lifetime terms, and never in terms of years
What are the two important rules regarding life estates?
What are the different types of waste?
What is the rule regarding waste and natural resources?
A life tenant cannot commit affirmative waste, which includes consuming or exploiting natural resources (e.g., timber, oil, minerals, etc.), unless:
“PURGE”
What is the rule regarding a life tenant’s obligation to repair?
What about paying taxes?
Why is a life tenant prohibited from committing ameliorative waste?
Can a life tenant ever commit ameliorative waste?
Property honors sentimental value
Ameliorative waste is only allowed if:
What are the future interests capable of creation in the grantor?
Explain the accompanying present estates
What are the future interests capable of creation in transferees?
What are their sub-types?
What present estates does the remainder accompany?
What present estated does the remainder never accompany?
How do you remember this?
Remainders accompany:
Remainders never accompany:
Remember:
When is a remainder vested?
When is a remainder contingent?
It is vested if both:
It is contingent if either:
What is the old common law rule of destructibility relating to contingent remainders?
What is the modern common law rule?
Old rule
Modern rule
What is the R__ule in Shelley’s Case?
What type of rule is it (i.e., of law or construction)?
What is the modern approach?
The Rule in Shelley’s Case
It is a rule of law (i.e., still applies even if contrary intent)
Modern approach (including Virginia)
What is the Doctrine Against Worthier Title?
What type of rule is it (i.e., of law or construction)?
What is the modern approach?
The Doctrine Against Worthier Title
It is a rule of construction (i.e., doesn’t apply if contrary intent)
Modern approach
When is a remainder indefeasibly vested?
What happens if the holder of the remainder predeceases the holder of the present estate?
When the holder is certain to acquire the estate with no strings attached
The indefeasibly vested remainder passes by will (devises) or intestacy (descends)