Fee-Simple Determinable
Defeasible is a term to describe something that has been...
cut short!
Fee Simple Subject to Condition Subsequent is limited by _______ language!
Fee Simple Subject to Condition Subsequent is limited by...
What is Right of Entry?
Future interest held by the Grantor, following a Fee Simple Subject to Condition Subsequent.
It will end upon the happening of an event and the future interest will vest in a third party (i.e., someone other than the grantor).
*The future interest is held by a TRANSFEREE and not the grantor.
Regarding Executory Interest, the future interest will _____ or _____ an earlier interest.
Cut short, or terminate, an earlier interest.
*the word for terminating a prior interest is to "divest."
Oliver conveys Blackacre "to Anna while the land is used for school purposes, then to Ben." What does Anna have? What does Oliver have? What does Ben have?
- Anna has a Fee Simple Subject to Executory Interest;
- Ben has an Executory Interest; and
- Oliver has NOTHING.
Defeasible Fees happen when you have a fee simple and something (an event) is going to ____ the fee simple.
Stop!
Oliver conveys Blackacre "to Anne, BUT IF the land is not farmed, Oliver may re-enter and re-take the property." This is an example of a Fee Simple _______ _______ _______ _______.
Fee Simple Subject to Condition Subsequent!
Re. Fee Simple Subject to Condition Subsequent, focus on the language to the...
Grantor!
*Suggests that the grantor must exercise a right in order to take possession.
Right of Entry does _____ vest automatically
NOT!
*It must be reclaimed! (i.e. You must exercise it.) --> "...Oliver can re-enter and re-take."
It will end upon the happening of an event and the future interest will vest in a third party (i.e., someone other than the grantor). What is this?
Fee Simple Subject to Executory Interest!
*The future interest is held by TRANSFEREE and not the grantor.
Oliver conveys Blackacre "to Anna and her heirs, but if liquor is served on the premises, then to Ben and his heirs." What does Ben have?
Ben has an executory interest because Ben will divest Anna's interest if liquor is ever served.
*Whose interest is being divested? Anna's!
Oliver conveys Blackacre "to Anna, but if Anna gets a pet, Oliver may re-enter and re-take." What does Anna have? What does Oliver have?
- Anna has a Fee Simple Subject to Condition Subsequent; and
- Oliver has a Right of Entry.
Fee simple determinable is limited by specific ____ language. Language such as, Oliver conveys Blackacre "to Anna SO LONG AS the land is used as a farm."
durational!
"Provided that the land is not farmed;"
"On the condition that the land is not farmed."
What kind of language is this?
Conditional language used in Fee Simple Subject to Condition Subsequent!
What is a Possibility of Reverter?
Future interest held by a Grantor following a fee-simple determinable.
*Interest vests automatically after the durational period ends!
Oliver conveys Blackacre "to Anna and and her heirs, but if the land is not used as a public park, Oliver can re-enter and re-take." What does Oliver have?
Oliver has a right of entry!
*In order for Oliver's interest to become possessory, Oliver must exercise the right of re-entry and reclaim the interest.
Oliver conveys Blackacre "to Anna and her heirs, but if liquor is served on the premises, then to Ben and his heirs." Anna has a fee simple subject to executory interest. What does Ben have?
Ben has an executory interest!
Oliver conveys Blackacre "to Anna." What does Anna have?
- Anna has a Fee Simple Absolute;
- Oliver has NOTHING.
* Always presume a party conveys the most that it has to convey!
A fee simple determinable can be forever, but it can also be...
ENDS!
*Just think about the TIME PERIOD!
Oliver conveys Blackacre "to Anna and her heirs, so long as the land is used as a public park."
What future interest does Oliver have?
Oliver has a possible reverter!
*If the land is not used as a park, the interest vests in Oliver as a fee simple because it reverts back to the Grantor.
What is a right of entry?
Future Interest held by the Grantor, following a Fee Simple to Condition Subsequent.
Look to who hold the future interest to distinguish a fee simple subject to executory interest (third party holds) from a see simple subject to a condition subsequent where the ______ holds.
(grantor holds.)
Oliver conveys Blackacre "to Anna while the land is used for school purposes." What does Anna have? What does Oliver have?
- Anna has a Fee Simple Determinable; and
- Oliver has a Possibility of Reverter.
"While the land is used as a farm;"
"During its use as a farm;"
"Until it is no longer used as a farm."
These are examples of ______ language!
Durational language!
*Fee Simple determinable uses durational language!
"While the land is used as a farm";
"During its use as a farm";
"Until it is no longer used as a farm."
These examples are examples of _____...
Durational language!
*indicative of fee simple determinable!
When the future interest following a fee simple determinable is held by a third party, RATHER than the Grantor, that future interest is...
An executory interest!
The right of entry is also called the power of termination. True or False?
True!