Estates & Majic Words
The present estate created by the conveyance "to A and his heirs."
What is a Fee Simple Absolute?
This remainder is given to an unascertained person, such as "to A's first child."
What is a Contingent Remainder?
This element of Adverse Possession requires the possessor to use the land without the true owner's permission.
What is Hostility (or Adverse/Claim of Right)?
The classification given to property that an owner unintentionally parted with and dropped, giving the finder superior rights.
What is Lost Property?
The doctrine that limits a copyright or patent holder's control over a specific, physical copy after it has been sold.
What is the First-Sale Doctrine (or Exhaustion Doctrine)?
The defeasible estate created by the durational magic words "so long as" or "until."
What is a Fee Simple Determinable?
The future interest created when an estate shifts from one transferee to another, such as '...then to B.'
What is a Shifting Executory Interest?
The principle that allows an adverse possessor to add the time of a predecessor-in-interest to meet the statutory period, provided there is privity.
What is Tacking?
The type of delivery that occurs when a Giver hands the Receiver a deed or signed title document representing a large gift that is not physically present.
What is Symbolic Delivery?
The type of IP protection granted to the author of an original work of authorship fixed in a tangible medium.
What is Copyright?
The future interest retained by the Grantor when they convey a Fee Simple Determinable.
What is a Possibility of Reverter?
The interest held by Charles in the conveyance: "To Brad for life, then to Charles."
What is an Indefeasibly Vested Remainder?
The rule for chattels stating the SOL begins to run only upon the owner's Demand and Refusal by the possessor.
What is the New York Rule?
The rule giving the premises owner superior right over the finder when property is intentionally placed somewhere and forgotten.
What is the Mislaid Property Rule (or McAvoy v. Medina Rule)?
The type of damages awarded to a landowner to vindicate the right to exclude in cases of intentional trespass where the actual harm is minimal.
What are Punitive Damages?
The type of waste committed when a Life Tenant fails to make ordinary repairs or pay property taxes
What is Permissive Waste?
The equitable defense that protects the possessor when the true owner of a chattel waits an unreasonable time to demand its return, even if the SOL hasn't run.
What is Laches?
The standard for hostility used in most US jurisdictions, requiring only that possession is objectively non-permissive, regardless of the possessor's intent.
What is the Objective Standard?
A gift given in contemplation of imminent death that is automatically revoked if the Giver survives the peril.
What is a Gift Causa Mortis?
The type of restraint on alienation that is generally void because it violates public policy, such as a racial covenant.
What is an Unreasonable Restraint on Alienation?
The present estate created by the language "To A for life, then to B and her heirs, but if B ever marries C, the land reverts to the Grantor," and which interest is considered valid under the modern common law regarding restraints on alienation.
What is a Life Estate (in A) and what is the Possibility of Reverter (following the life estate) which is void as an unreasonable restraint on marriage?
In a jurisdiction that has abolished the Rule in Shelley's Case but retains the Doctrine of Worthier Title, the ultimate title created by the conveyance: "To A for life, then to Grantor's heirs."
What is Life Estate in A and Reversion in the Grantor?
The only state-of-mind standard for hostility in Adverse Possession that would successfully defeat a claim by a possessor who knew the land belonged to another and actively tried to hide their possession from the true owner.
What is the Subjective Standard (Good Faith)?
The outcome of a gift of $50,000 cash where the Donor hands the money to a third party with instructions to deliver it to the Donee only if the Donor dies before their upcoming wedding, and the Donor survives the wedding but dies six months later from an unrelated illness.
What is The gift fails/Donor's estate retains the money?
The only legal justification the owner of a pharmaceutical patent can use to prevent another company from using the patent's formula solely for academic research into a new drug that does not compete with the original.
What is No justification (as experimental use/research is generally considered non-infringing)?