|
What type of language will create a fee simple absolute?
|
"To A" or
"To A and his heirs"
|
|
|
What is the duration of a fee simple absolute?
|
Fee simple absolute creates absolute ownership or a potentially infinite duration.
|
|
|
What is the transferability of a fee simple absolute?
|
- Devisable
- Descendable
- Alienable
|
|
|
What future interest is created by a fee simple absolute?
|
None.
|
|
|
What type of language creates a feee tail?
|
"To A and the heirs of his body"
|
|
|
What is the duration of a fee tail?
|
A fee tail lasts only as long as there are lineal blood descendants of the grantee.
|
|
|
What is the transferability of a fee tail?
|
A fee tail passes automatically to grantee's lineal descendants
|
|
|
What type of future interest is created by a fee tail?
|
A reversion, if held by the grantor.
A remainder, if held by a third party
|
|
|
What are the three types of defeasible fees?
|
- Fee simple determinable
- Fee simple subject to condition subsequent
- Fee simple subject to an executory limitation
|
|
|
What type of language creates a fee simple determinable?
|
"To A so long as..."
"To A until..."
"To A while..."
(Language providing that upon the happening of a given event, the land is to revert to the grantor).
|
|
|
What is the duration of a fee simple determinable?
|
Potentially infinite, provided the specified event does not occur
|
|
|
What is the transferability of a fee simple determinable?
|
- Devisable
- Descendable
- Alienable
subject to the condition.
|
|
|
What type of future interest is created by a fee simple determinable?
|
Possibility of reverter (held by the grantor)
|
|
|
What type of language creates a fee simple subject to condition subsequent?
|
"To A, but if X event happens, grantor reserves the right to reenter and retake."
(Grantor must carve out right of reentry)
|
|
|
What is the duration of a fee simple subject to condition subsequent?
|
Potentially infinite, so long as the condition is not breached, and, thereafter, until the holder of the right of entry timely exercises the power of termination
|
|
|
What is the transferability of a fee simple subject to condition subsequent?
|
- Devisable
- Descendible
- Alienable
subject to condition
|
|
|
What future interest is created by a fee simple subject to condition subsequent?
|
Right of Entry/Power of Termination (held by grantor)
|
|
|
What language creates a fee simple subject to an executory limitation?
|
"To A, but if X event occurs, then to B."
|
|
|
What is the duration of a fee simple subject to an executory limitation?
|
Potentially infinite, so long as stated contingency does not occur.
|
|
|
What is the transferability of a fee simple subject to an executory limitation?
|
- Devisable
- Descendible
- Alienable
subject to condition
|
|
|
What future interest is created by a fee simple subject to an executory limitation?
|
Executory interest (held by third party)
|
|
|
What language creates a life estate?
|
"To A for life." or
"To A for the life of B."
|
|
|
What is the duration of a life estate?
|
It is measured by the life of the transferee or by some other life.
|
|
|
What is the transferability of a life estate
|
Alienable
Also devisable and descendible IF pur autre vie and measuring life is still alive
|
|
|
What future interest is created by a life estate?
|
Reversion, if held by grantor.
Remainder, if held by third party.
|
|
|
What does devisable mean?
|
Can pass by will
|
|
|
What does descendible mean?
|
Will pass by the statutes of intestacy if its holder dies intestate.
|
|
|
What does alienable mean?
|
Transferable inter vivos.
|
|
|
Can a person have heirs while alive?
|
No. A living person has only prospective heirs.
|
|
|
What is the current status of the fee tail?
|
Virtually abolished in the US today, including NY
|
|
|
What does the attempted creation of a fee tail create today?
|
A fee simple absolute
|
|
|
What is the fee simple determinable called in NY?
|
A "fee on limitation"
|
|
|
What is the result of violation of the stated condition with a fee simple determinable?
|
Forfeiture is automatic.
|
|
|
What is the Mick Jagger rule of property?
|
You may convey less than what you started with, but you can't convey more.
|
|
|
What is the neumonic device for remembering the pairing of present and future interests?
|
"Frank Sinatra Didn't Prefer Orville Redenbacher"
"Fee Simple Determinable Possibility of Reverter."
|
|
|
What is a fee simple subject to condition subsequent called in NY?
|
A "fee on condition"
|
|
|
What is the defining characteristic of the fee simple subject to condition subsequent?
|
It's my prerogativee as to whether I choose to terminate the estate.
|
|
|
What is the right of entry or power of termination called in NY?
|
The right of reaquisition.
|
|
|
What is the distinguishing characteristic of a fee simple subject to an executory limitation?
|
Like the fee simple determinable, but if condition is broken, estate is automatically forfeited in favor of someone other than grantor.
|
|
|
What are the important rules of construction with respect to the defeasible fees?
|
1) Words of mere desire, hope, intention, or expectation are insufficient to create a defeasible fee.
2) Absolute restraints on alienation are void.
|
|
|
What is an absolute restraint on alienation?
|
An absolute ban on the power to sell or transfer that is not linked to any reasonable, time-limited purpose.
|
|
|
How may a life estate never be measured?
|
In terms of years. Must be measured in explicit lifetime terms. If years are used, it creates a term of years - a leasehold interest and not the life estate.
|
|
|
What is a life estate pur autre vie?
|
A life estate measured by a life other than the grantee's
|
|
|
What is the distinguishing characteristic of the life estate?
|
The life tenant's entitlements are rooted in the doctrine of waste.
|
|
|
What are the general rules with respect to the life tenant and waste?
|
1) The life tenant is entitled to all ordinary uses and profits from the land.
2) The life tenant must not commit waste, meaning he must not do anything to hurt the future interest holders.
|
|
|
What are the three species of waste?
|
1) Voluntary or affirmative waste;
2) Permissive waste, or neglect;
3) Ameliorative waste
|
|
|
What is voluntary or affirmative waste?
|
Actual, overt conduct that causes a decrease in value.
|
|
|
What is the general rule with respect to voluntary waste and natural resources?
|
The life tenant must not consume or exploit natural resources on teh property (such as timber, oil, or minerals), unless one of four exceptions applies.
|
|
|
What are the exceptions to the general rule with respect to voluntary waste and natural resources?
|
"PURGE"
PU - Prior Use, meaning that life tenant may continue to exploir if, prior to the grant, the land was used for exploitation (unless otherwise agreed)
R - Reasonable repairs, meaning that hte life tenant may consume natural resources for reasoanble repairs and maintenance of the premises.
G - Grant, meaning the life tenant may exploit if expressly granted the right to do so,
E - Exploitation, meaning this land is suitable only for exploitation.
|
|
|
What is the prior use and open mines doctrine?
|
If mining was done on the land before the life estate began, the life tenant may continue to mine, but is limited to the mines already open. The life tenant must not open any new mines.
|
|
