Future Interests for Possessory Estates

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Author:
Anonymous
ID:
51587
Filename:
Future Interests for Possessory Estates
Updated:
2010-11-24 18:57:47
Tags:
Property Future Interests Possessory Estates
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Future Interests for Possessory Estates
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  1. What is a condition precedent and what does it usually mean?
    • Requirement needs to be met
    • before one gains possession... -->
    • contingent remainder

    • Exception: If survivorship is required solely
    • because of the durational character of the estate, this is not considered a
    • condition precedent

    • o
    • •Ex: O to A for life, then to B for life, then to
    • C for life, then to D

    • o
    • •A: LE

    • o
    • •B: VR in LE

    • o
    • •C: VR in LE

    • o
    • •D: VR
  2. What is a condition subsequent? and what does in mean?
    • already vested and in possession but requirement
    • to keep possession/title --> vested
  3. Define reversion.

    -Alienability
    -When is the interest revested/vested
    Created when the grantor creates a LE, TFY, FT

    • Automatically reverts to the grantor at the life tenant’s death, unless it is a LEPAV
    • In which case, the estate reverts at the death of the measuring life.

    Freely alienable

    • Value of the reversion may differ b/c may or may
    • not be certain to become possessory in the future

    • Reversion for Life—if a life tenant transfers
    • something less than a life estate pur autre vie measured by A’s life, then A
    • will have a reversion for life in the estate he has transferred because he
    • still owners part of the estate.
  4. Possibility of Reverter Defined:

    Alienability

    When is the interest revested/vested
    I) Created only when the grantor conveys a FSD

    II) Automatically reverts to the grantor upon the occurrence of the stated event.

    III) In NC/Majority… giftover language to the grantor is required or it’s a FSA
  5. Right of Entry Defined

    -Alienability

    -Interest revest/vest... when...
    I) Created only when the grantor conveys a FSSCS and retains the power to cut short the estate.

    • II) Estate does
    • not revert automatically. The grantor must exercise his right of
    • entry.

    III) Freely alienable in a majority/NC jurisdiction
  6. What are the future interests retained by the grantor:
    • 1. Reversion
    • 2. Possibility of Reverter
    • 3. ROE/POT
  7. What are the future interests in the transferee
    • remainders
    • -Vested
    • - indefeasible VR
    • -VR subject to open
    • - VR subject to defeasible
    • -Contingent

    • Executory Interests
    • -Springing
    • -Shifting

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