Card Set Information
Terms and definitions
Measured by the live of another
Pur Autre Vie
Rule Against Perpetuities applies to 3 classes:
Vested Remainder Subject to Open
Fee Simple Determinable language includes 4 conditional phrases or words:
So Long As
Fee Simple Subject to Condition Subsequent language includes 4 conditional phrases or words:
On Condition that
Fee Simple Determinable creates a __________ for the Grantor
Possibility of a Reverter in Fee Simple Absolute
Fee Simple Subject to Condition Subsequent creates a __________ for the Grantor
Right of Re-entry
A Life Estate Determinable creates a _________ for the Grantor.
Reversion in Fee Simple
A Life Estate Subject to Condition Subsequent creates a __________ for the Grantor.
Right of Re-Entry incident to a reversion in fee simple absolute.
True or False
Reversions only follow lesser estates, not fee simples of any type.
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.
If the future interest holder can be ascertained (indentified) and there is no condition precedent, the remainder is
If the future interest holder can be ascertained (identified) but there is a condition precedent, we call this
If the future interest holder cannot be ascertained (identified) but there is no condition precedent, we call this
If a vested remainder could divest before it becomes possessory, we call this a vested remainder ______ _____ ______.
subject to divestment.
Grantor's have 3 types of future interests:
Possibility of Reverter
Right of Re-Entry
Grantees have 3 types of future interests:
Vested Remainder (could be subject to open and/or subject to divestment)
Executory Interest (shifting or springing)
The 4 added limitations are
Absolute (no limitation)
Subject to Condition Subsequent
Subject to Executory Limitation
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?
An executory interest that goes directly from one grantee to another is called a
shifting executory interest
An executory interest that goes from one grantee, back to the grantor, and then to another grantee is called a
springing executory interest.