Property

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Author:
pbazemore
ID:
113758
Filename:
Property
Updated:
2011-11-21 16:37:46
Tags:
property
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Description:
Fee tail estate
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  1. What is the language to create a fee tail estate
    "to A and the heirs of his body"
  2. Is the fee tail estate infinite
    NO! - the guarantor retains a reversion
  3. How long does a fee tail estate last
    As long as there are BLOOD descendants of the original guarantee.
  4. FACT: Most states have abolished the fee tail estate
    fact
  5. How long does fee simple absolute last
    An infinite duration
  6. What are the historic words need to create a fee simple absoulte.
    " TO X AND HIS HEIRS"
  7. HISTORICALLY what would " to X" create
    A life estate only
  8. In his will, khufu devises his fee simple estate, Great Pyramid, "to Bhufu." At common law, do Khufu's heirs retain a reversion in great pyramid
    NO. because Bhufu got a fee simple absolute. the magic words to create a fee simple absolute- "and his heirs"- were only necessary for Conveyances, not Bequests.
  9. What is a life estate Pur autre vie
    a life estate measured by the life of a person other than the grantee
  10. what is a life estate
    an estate whose duration is measured bt the life or lives of one or more person
  11. Fact: Divorce terminates a husbands right to curtesy
    Fact
  12. Can a person sell the property in which they have a life estate.
    • -No.
    • -One cannot convey an interest greater than one has.
    • -At common law an action to see would create a FORFEITURE of the life estate
  13. Fact: in the event of " to A for life, then B and his heirs" ...
    -A(life estate) would pay the interest
    -B (remainder) pays the principal
    fact
  14. Fact:

    -a holder of a life estate is only required to make reasonable repairs.

    - Rebuilding after a disaster would be unreasonable
    fact
  15. With a reversion, possession is regained...
    Automatically
  16. what is "a life state pur autra vie"
    A life estate measured by another's life
  17. Fact

    Life tenants are obliged not to unreasonably impair the value of the property
    fact
  18. Can a life tenant convey his or hers interest
    Yes.

    -However, upon life tenant death the conveyed property goes to the grantor of the property
  19. Phrase

    "one cannot convey a greater estate than he has"
    phrase
  20. Waste
    -A, cannot use the property in a manner that unreasonably interferes with the expectationsof B

    -Uses of property that fails to maximize the property's value
  21. Fact

    Leasehold estates are nonfreehold possessory estates.
  22. What is a Defeasible Estate
    An estate that will terminate , prior to its natural end point, upon the occurance of some specified future event.

    EX: "to O for life so long as the property is used for residential purposes."
  23. What are the 3 types of defeasible fees.
    - Fee simple determinable

    - Fee simple subject to condition subsequent

    - Fee simple subject to executory limitation
  24. Fact

    - Fee simple determinable contain durational language.
    -
    "so long as" "while used for"
  25. Fact

    Every fee simple determinable is accompanied by a future interes.
  26. Fact
    -A fee simple subject to condition subequent does not automatically terminate but may be cut short or divested at the transferor's election when a stated condition happens. (Right of Entry)
    • "to the hartford school board, but if the premises are not used for school purposes, the gurantor has a right to reenter and retake the premises"
    • "
    • (watch for comma, semi colon,
  27. Define:

    fee simple subject to executory execution
    • is the estate created when a guarantor transfers a defeasible fee
    • (condition subsequent/determinable fee)
    • and in the same instrument creates a future interest in a third party.
  28. What are the two types of executory interests
    -Shifting

    -Springing
  29. Fee simple subject to condition subsequent
    • 1)may last forever
    • 2)unless the condition is triggered
    • 3)Triggering creates a right of reentry
    • 4)right of re-entry is not automatic, grantor may exercise.
    • 5) "but if" "provided that" "On condition" "subject to condition that" however
  30. Fee simple subject to Executory Limitations
    • 1) Can last forver
    • 2) Unless the condition is triggerd
    • 3) Triggering gives property to alternative named in deed or will
    • 4) Takes property from present interest to future interest ( usually in fsa)
    • 5) Automastic diversion of proerty, Future gurantee has no right to decide
  31. Fee Simple Determinable
    • 1) May last forever
    • 2) Depends on occurance/ non-occurance
    • 3) Upon occurance automatic termination of estate
    • 4) No noticec of action required
    • 5) "Until" "so long as" "as loning as" "during"
  32. o to a for life, then to B for life, then to A's heirs
    • a=le b= vested remainder in life estate Aheirs= contingent remainder o= reversion in fsa
    • the converance was in a single instrument
    • Le was created in A
    • a remainder was created in A's heirs
    • Both le + contingent reminder and legal
  33. Rule against perpetuities
    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.

    • 1) identify the future interests
    • -COntigent remainders,
    • -executory interests,
    • -class gifts.
    • - Class gifts follow the all or nothing rule. ( if the gift to one member of the class vests to0 remotely , the whole class gift is void.

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