Properties Midterm

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Author:
Laceyb
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147934
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Properties Midterm
Updated:
2012-04-16 22:46:19
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Properties midterm
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Properities midterm for Henry term with Mr. Barry
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  1. Ways to acquire property
    • Deed
    • Inheritance
    • Will
    • Judicial court order
    • Adverse possession
  2. Adverse possession
    Method of transferrland interest on land without consent of prior owner and even despite objection.
  3. Adverse possession
    Doesn't transfer former owners title, but creates a new and complete title
  4. Elemnets of adverse possession
    • 1. Open and notorious - no hiding it
    • 2.Actual and exclusive - you are physically on land and not sharing with true owner
    • 3. Continuous - no gaps, no abandonment
    • 4. Hostile - without permission of true owner
  5. Color is title
    If you have a deed that says you can own it, and you in goodfaiths believe you own it, but the deedis defective.
  6. Adverse possession 7 year rule
    Once you are on the land for 7years, the owner cant kick you off. After 20 years, it ripens into absolutele title - you also get a title along with the owner.
  7. Acquiring land with colorof title
    If you have color of title and possess possession for 7 years, ysquad quire possession.
  8. Acquiring land without color of title
    If you have actuopsossession for 7 years but no color of title, you can still defend against a suit that tries to put you off the land.
  9. Adverse possession king king
    Even if possessor has not personally possessed property for requisite time period, he may be able to tack, or add on to, the time his predecessors possessed the property.

    This is allowed when a private of estate exists betweent possessor and predecessor. Conveyance must be. voluntary
  10. Fee simple absolute
    You own all interest that make up the title. Can dispose of land as he pleases, and it will descend to owner's heirs at death or according to will.

    O to A and his heirs (heirs as a future interest are implied whether stated or not.
  11. Defensible fees
    • Estate subject to condition
    • Aka qualified
    • Potentially infinite in duration but conditions can cut them short.

    O to A so long as land is used fr a zoo.
  12. Feesimple subject to condition subsequent
    O to A, if black acre is not used as a zoo, then O can terminate estate.

    • A has fsimoke ole subject to condition subsequent. It doesnt terminate automatically.
    • O must act to terminate.
    • O has a right of reentry - future interest
    • That isn't alien able but is inheritable
  13. Fee simple on conditional limitation/ executory interest
    O to A but if black acre is not used as a zoo, to B.

    • A has a fee simple on conditional limitation executory interest
    • B has executory interest that only becomes possessory when A is divested. Alienable, divisible, and descendible
    • O has no future or present interest
  14. Fee tail
    O to A and heirs of his body

    Abolished in TN, automatically converts to fee simple absolute

    Inheritable only by lineal descendants and not by collateral heirs
  15. Life estate
    Estate that isn't terminable by any fixed period of time, but measured by life of one or more people.

    • Types: 1. Legal life estate
    • 2. Conventional life estate
    • 3. Term of years
    • 4. Life estate determinable
    • 5. Life estate our Autry vie
  16. Legal life estate
    Estates by operation of law in husbands and wives.

    When husband dies, wife gets 1/3 dower and husband p's real property.

    Husband had a curtesy - life estate in all wife's real property - butI must have had a child born aliavar during marriage

    This is abolished in TN
  17. Conventional life estate
    • O to A for life
    • A has life estate and is a life tenant

    A can sell land, but once he dies, land goes back to O
  18. Term of years
    O to A for 10 years, or life, whichever is less.

    A has a term of years.

    Must have definitely limitation of years
  19. Life estate dEtermlinable
    O to A for life or until she remarries

    A has a life estate that could end if she remarries
  20. Life estate Pur Autre Vie
    O to A for life of B.

    Life estate measured by life of someone other than life estate holder

    • Can be intentionally createdo by express terms or
    • When life tenant who is measuring life conveys life estate to someone else
  21. Duties of a tenant - waste
    Life tenant entitled to normal use of property. But can't unreasonably interfere with B's expectations

    Affirmative waste - voluntary acts that reduce value of property (ie can't use resources on land in excess.

    • Exceptions: 1. Grant expressly gives right
    • 2. Land being used for exploitation before grant
    • 3. Open mine doctrine - can only take coal from an existing mine. Can't open a new mine
  22. Dutie of a life tenant - waste - permissive waste
    • Letting property fall into disreoair
    • Failure to pay mortgorgans taxes

    Exceptions: life tenant has obligation to repair, but it's not unlimited. Limited to rents, incomes, received or reasonable rental value

    Life tenant expected to pay interest on mortgage and pay taxes to extent of income or rental value
  23. Duties of life tenant - waste -ameliorative waste
    Makes property more valuable
  24. Partition
    2 people who own the same property can seek a partition or divorce. Court can sell land and divide money or parcel land - divide among person's interest.

    Life tenant can only force sale if life estate is tenancy in common.
  25. Future interests
    • Interest in land created in transferree that iscapable of allowing the transferee to have useful possessn at some time in the future upon termination of whatever the present estate is.
    • you own a future interest today, you can sell, will, or pass it intestate
  26. Types of future interests
    • 1. Reversion
    • 2. Possibility of reverter
    • 3. Right of reentry
    • 4. Remainder
    • 5. Executory interestb
  27. Future interest - reversion
    • Only exists in grantor - always vested
    • Only occurs when
    • *O toA for life
    • *O to A for 10 years aka leasehold
    • *O toA for life then contingent remainder in 3rd party

    O has a reversion in all 3 examples
  28. Future interest - remainder
    • 1. Remainders are future interest in 3rd party (other than grantor)
    • 2. Become possessory automaticallyupon natural expiration of preceding estate.
    • 3. Must be created in the same instrument as the life estate
    • Ex: o to a for life, then to b. b has a remainder. O has no reversion becuase in a remainder, everything is given away
  29. Future interests - remainders -vested indefensible remainder
    • 1. Held by ascertainable party that is aliveo
    • 2. Becomes possessory automatically upon the termination of the preceding life estate
    • 3. Can't be divested - taken away/ diminished
    • Ex: o to a for life, then to c. C his ascertained. C has vested remainder. Can't be taken away. C can sell it, deed it, pass it to heirs. If c dies his interest goes to his heirs. He owns it.
  30. Future interests - types of remainders - vested remainder subject to open or partial divestment
    • Aka vested remainder - can be whittle down
    • 1. In a class of people - children, brothers, etc
    • 2. Becomes possessory automatically
    • 3. Can be divested or diminished

    • Ex: O to A for life, remainder to A's children. A has child at time of deed - B. B is ascertained. If A has more kids, B's interest can be diminished.
    • B's interest is a vested remainder subject to open. Unborn kids have an executory interest.
  31. Future interests - types of remainders - vested remainder subject to total divestment
    Vested remainder in favor of an ascertained person that can be taken away upon operation of a condition subsequent.

    • Ex: O to A for life, then to B,but if B marries, to C.
    • B is ascertained but remainder can be taken away if he marries.mno condition precedent to get it. B has it, but can loose it upon condition subsequent happening.
    • C has executory interest because he can cut B's interest short.
  32. Law doesn't like contingent remainders so...

    Rules that wipe outcontingentremainders
    1. Destructibility - if remainder didn't vest at time life estate expired, contingent remainder was destroyed. (if B didn't return from Europe before A dies, contingent remainder destroyed)

    2. Merger - if some person acquires reversion in life estate, contingent remainder destroyed.
  33. Contingent remainder
    • You don't get it unless condition occurs
    • Remainder that is either
    • 1. In a unborn or unascertained person Or
    • 2.is subject to a condition precedent
    • Opposite of condition subsequent

    Ex: O to A for life, then to A's children. A has no children. Then O has reversion,unborn children have contingent remainder. once a child is born, his interest is vested remainder subject to open and unborn have executory interest.
  34. Contingent remainder example
    O to A for life, remainder to B, if B returns from Europe.

    B has contingent remainder because doesn't get land unless he returns from Europe, O has a reversion if B never returns.
  35. Rule in Shelly's case
    O to A for life, then remainder to A's heirs.

    Shellys rule made this construction a fee simple because you got taxed when when someone died.

    In TN can't convert to fee simple because you don't know who A's heirs are until A dies. Therefore it is a contingent remainder.
  36. Worthier title
    O to A remainder to O's heirs

    Remainder is invalid and O has reversion.
  37. Future interests - executory interest

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