Definitions
What is a future interest?
Someone will own the property once a condition occurs or at some future date.
Between possibility of reverter and right of reentry, which one is an automatic reversion?
Possibility of reverter.
Which type of remainder has no members at the time of conveyance?
Contingent
"Camryn conveys to Salmaan, with the desire that Salmaan uses the property to house abandoned puppies."
Fee Simple Absolute
Give two examples of durational language.
So long as
Until
During
While
Which type of estate involves "third party trigger" language?
Fee Simple Subject to an Executory Interest
What is required for the remainder to go to a third-party in vested subject to divestment?
The triggering event does not happen.
"Consuelo conveys to Dallas, but if Dallas ever invites Henry to throw a pool party on the property, Consuelo may reclaim the property."
Fee Simple Subject to a Condition Subsequent
Give three examples of conditional language.
Unless
But if
Provided that
If then
Does the following conveyance contain conditional language or durational language?
"Lily conveys to Ruby while Ruby lives in Phoenix."
Durational
Give an example of a remainder vested absolutely.
O to A's children (A is dead).
"Jaylon conveys to Hallie for the life of Hallie's spouse, then to Kyle."
Life estate per autre vie
What is a possibility of reverter?
The estate returns to the grantor if the grantee violates a condition.
When would you be most likely to use an equitable life estate?
When managing property for someone who can't manage it for themselves.
What is the difference between a remainder vested absolutely and a remainder vested subject to open?
Absolutely: Vests only in ascertainable individuals.
Subject to open: Vests in ascertainable individuals but more can join the class.
"BK conveys only to his children who become as rich as Elon Musk by age 30."
His children are currently public interest lawyers.
Contingent
What is a shifting executory interest?
A third party takes the property away from another party if a condition occurs (in fee simple subject to an executory interest).
What is the difference between a life estate and a life estate per autre vie?
Life estate: Measured by the life of the grantee.
Life estate per autre vie: Measured by the life of a third party.
What are the two requirements to have a remainder vested absolutely?
1. A class.
2. No possibility of joining the class.
"Finn conveys to his children."
Finn is currently 79 years old. He has six children.
Vested Subject to Open