Future Interests

Card Set Information

Author:
markfaris
ID:
1660
Filename:
Future Interests
Updated:
2009-11-25 10:30:34
Tags:
Property I
Folders:

Description:
Terms and definitions
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  1. Measured by the live of another
    Pur Autre Vie
  2. Rule Against Perpetuities applies to 3 classes:
    • Contingent Remainders
    • Executory Interests
    • Vested Remainder Subject to Open
  3. Fee Simple Determinable language includes 4 conditional phrases or words:
    • So Long As
    • Until
    • While
    • During
  4. Fee Simple Subject to Condition Subsequent language includes 4 conditional phrases or words:
    • But if
    • Provided that
    • On Condition that
    • However
  5. Fee Simple Determinable creates a __________ for the Grantor
    Possibility of a Reverter in Fee Simple Absolute
  6. Fee Simple Subject to Condition Subsequent creates a __________ for the Grantor
    Right of Re-entry
  7. A Life Estate Determinable creates a _________ for the Grantor.
    Reversion in Fee Simple
  8. A Life Estate Subject to Condition Subsequent creates a __________ for the Grantor.
    Right of Re-Entry incident to a reversion in fee simple absolute.
  9. True or False
    Reversions only follow lesser estates, not fee simples of any type.
    TRUE
  10. When a fee simple's future interest is in a third party instead of the Grantor, we call this a fee simple subject to
    an Executory Limitation.
  11. If the future interest holder can be ascertained (indentified) and there is no condition precedent, the remainder is
    vested
  12. If the future interest holder can be ascertained (identified) but there is a condition precedent, we call this
    contingent.
  13. If the future interest holder cannot be ascertained (identified) but there is no condition precedent, we call this
    contingent.
  14. If a vested remainder could divest before it becomes possessory, we call this a vested remainder ______ _____ ______.
    subject to divestment.
  15. Grantor's have 3 types of future interests:
    • Reversion
    • Possibility of Reverter
    • Right of Re-Entry
  16. Grantees have 3 types of future interests:
    • Vested Remainder (could be subject to open and/or subject to divestment)
    • Contingent Remainder
    • Executory Interest (shifting or springing)
  17. The 4 added limitations are
    • Absolute (no limitation)
    • Determinable
    • Subject to Condition Subsequent
    • Subject to Executory Limitation
  18. Any time you identify a vested remainder, you must ask yourself 2 questions:
    • 1) Is it subject to open?
    • 2) Is it subject to divestment?
  19. An executory interest that goes directly from one grantee to another is called a
    shifting executory interest
  20. An executory interest that goes from one grantee, back to the grantor, and then to another grantee is called a
    springing executory interest.

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