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separate each interest in grant, remember: if ambiguous, rule of…
separate each interest in grant
possessory interest
absolute
Fee Simple (FS)
There is no required language for a FS/A
the words of interest identify the recipient
the words of limitation : "and his heirs"
the holder has infinite duration
Life Estate (LE)
The duration of a life estate is measured by the lifetime of a particular person
the holder of an absolute estate cannot lose the estate from the occurrence of any outside event
Defeasible
Transferor holds future interest
FS or LE Determinable
A fee simple that automatically ends when a certain event or condition occurs, giving the right of possession to the transferor
Words of condition : "so long as" "until" "during"
The transferor has a possibility of reverter
FS or LE subject to a condition subsequent
remember: if ambiguous, rule of construction favors condition subsequent
A fee simple created in a transferee that
may
be terminated at the election of the transferor should a certain condition or event occur
Words of condition: "provided that" "but if" "on condition that"
is the possessory estate phrased in conditional language?
Transferee holds future interest
FS or LE Subject to Executory Limitation
Is a defeasible fee simple estate created in a transferee that is followed by a future interest in another transferee Words of limitation: So long as, while, during, until, provided that, but if, on condition that
A defeasible estate ends with the occurrence of some future event
future interest
Transferor holds future interest
Reversion
A transferor retains a reversion when she conveys a smaller vested estate than the one she has
Possibility of reverter
The future interest retained by the transferor who holds a fee simple absolute but conveys a fee simple determinable
Right of Entry
The future interest retained by the transferor who holds a fee simple absolute but conveys a FS/CS
Transferee holds the future interests
Remainder
contingent
(1) no ascertained person OR (2) unmet condition
vested
indefeasibly vested
all of the takers must be ascertained and or all conditions are met for all of the takers and no condition subsequent could end up divesting the interest
subject to divestment
A remainder that is vested, but subject to a condition subsequent
subject to open/subject to partial divestment
A vested remainder held by one or more living members of a group or class that may be enlarged in the future - some but not all potential takers have been ascertained and have met any required conditions
(1) given to at least one ascertained person OR (2) not subject to a condition precedent
future interest in a transferee that is capable of coming into possession at the natural end of the preceding estate
executory interest
shifting
the executory interest cuts off another transferee's interest
springing
the executory interest cuts off the transferor's interest
future interest in a transferee that is NOT capable of coming into possession at the natural end of the preceding estate (often because the preceding estate does not have a natural end)
Future interest in a transferee that cuts off an ongoing estate
remember: if ambiguous, rule of construction favors fee simple