Present Interests
A life estate PLUS a remainder equals a _____.
Fee Simple Absolute
This refers to a grantor's future interest. Only the grantor or their heirs can get this, and they cannot sell or transfer it until the condition occurs and the land is actually theirs.
What is a possibility of reverter?
This type of interest is when there is a contingency that would shift property ownership from one grantee to another grantee.
What is a shifting executory interest?
In this case, a husband leased his interest in a joint tenancy with his wife, and she couldn't cancel the leases because you can burden or convey your portion of a property to the extent of the interest, but that does not cancel the joint tenancy, it only gives a lease in the shared interest.
What is Swartzbaugh v. Sampson?
This type of division of property is when land is sold and profits are proportioned based on ownership. This is the preferred method if there are different owners dealing with personal drama.
What is partition by sale?
This term is used when a life estate is being measured by the life of anyone other than the owner of the life estate.
What is "pur autre vie?
The grantor's future interest in a property that is not automatic, meaning they have to exercise the right to use or it disappears.
What is a right of reentry?
The presence of this type of remainder is the main sign on an exam to check the Rule Against Perpetuities.
What is a contingent remainder that is not vested?
In this tenancy in common case, one owner of a building was using it as a warehouse and did not have to pay rent to the other owner because she was not excluded from using the property herself.
What is Spiller v. Mackereth?
This type of division by partition splits up property physically based on ownership.
What is partition in kind?
This present interest would be FSA but for the provision stating automatic loss upon occurrence of event or nonevent.
What is a Fee Simple Determinable?
This type of remainder means that possession is 100% certain in an identified person, heirs, or devisees with no way of it being diluted or divested.
What is an indefeasibly vested remainder?
This type of interest is when there is a contingency that would divest property from the grantor to a grantee.
What is a Springing Executory Interest?
In this RAP case, there was the possibility that a 70 year old could have another daughter and a contingent interest wouldn't vest for more than 21 years.
What is Jee v. Audley?
This type of property ownership is the modern legal default, indicates no rights of survivorship, and occurs with two or more persons holding several and distinct interests in a title.
What is a tenancy in common?
This present interest would be a fee simple absolute but for a provision stating a non-automatic right of reentry upon the occurrence of an event or non-event.
What is a fee simple subject to a condition subsequent?
This type of remainder means that people are already have vested interests, but others may also join in the future and dilute the interest.
What is a vested remainder subject to open?
An interest is invalid unless it can be 100% certain to either vest or fail to vest before _______________________.
What is a life in existence at the time the interest is created + 21 years?
In this case, the will said that a house was granted “to live in and not to be sold” but since it did not say Life Estate, it was an FSA. When the terms of a will are ambiguous, said will shall be determined to have passed a fee simple absolute.
What is White v. Brown?
This type of co-ownership is like a tenancy in common, but with rights of survivorship, meaning when one owner dies, the other gets the entirety of the property.
What is a joint tenancy?
This present interest would be a fee simple absolute but for a provision stating automatic loss upon the occurrence of an event or nonevent that creates a future interest in a third party rather than the grantor.
What is a Fee Simple Subject to Executory Limitation?
This type of remainder means that a future interest is 100% vested but could be destroyed by an event after vesting.
What is Vested Subject to Complete Divestment?
Jurisdictions with this approach to the RAP are less strict than the traditional rule. Here, when there is a question regarding RAP, if the interest is not vested at the end of a statutory period, then it is invalid.
What is the wait and see approach?
This case involved a lodge that was given as a gift but would revert back to the grantor if the Lodge was sold or they stopped using it as a lodge. This case shows that limitations on the acceptable uses of the property by the grantee are enforceable.
What is Mountain Brown Lodge?
This type of ownership is like a joint tenancy but includes marriage. It can only be defeated by divorce or death.
What is tenancy by the entirety?