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Present & Future Estates - Coggle Diagram
Present & Future Estates
Future
Future Interest in Grantor 1) Possibility of reverter = fee simple determinable 2) Right of re-entry/power of termination = fee simple subject to condition subsequent
3) Reversion= grantor conveys estate of lesser duration
Remainders: Future Interest in 3rd Party
1) Possession on natural expiration of preceding estate
2) Contingent: taker as yet unascertainable or subject to condition precedent
3) Indefeasibly Vested: Certain to acquire= no strings
4) Vested subject to complete defeasance: subject to condition subsequent
5) Condition Precedent: appears before language introducing you to remainderman
6) Condition Subsequent: Appears after language that, alone and set off by commas, creates remainder
7) Vested Subject to Open: Class of takers, at least one already qualified to take and class closes when: Rule of Convenience: Any member can demand possession, except baby in womb
Executory Interest: Future Interest in 3rd Parties 1) Cut short prior taker 2) Shifting executory interest: follows defeasible fee, cuts short someone other than grantor 3) Springing executory interest: cuts short grantor
Present
Fee simple 1) " To A" or " To A and his heirs" 2) Limitless duration 3) Devisable, descendible, alienable
- Living person has no heirs, only heirs apparent
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Life Estate: 1) Measured in Life terms 2) Pur Atre Vie (life of another) measures life of someone other than grantee
Life Tenant Right/Duties: 1) Rights: All ordinary use/profit from land and cannot commit waste 3) Duties: ) Preserve land in reasonable repairs b) ordinary taxes (fair rental value) or if tenant acquires profit from land, must pay FMV c) Interest on outstanding mortgage, special assessment d) not responsible for insurance or tort liability
Waste: 1) Voluntary: overt act cause drop in value 2) Permissive: Failure to take reasonable measures to protect land- neglect 3) Ameliorative: Unilateral change to enhance value
- Exploitation of natural resources prohibited unless: a) needed to repair premise b) land suitable only for exploitation c) permitted by grantor
- Open Mine Doctrine: If mining done on land prior to life estate (or other similar resource used), tenant may continue mining, but limited to mines already open
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Restraints on Alienation 1) Absolute restraints on alienation VOID 2) Disabling restraint: Absolute ban on transfer VOID 3) Forfeiture: Attempted transfer forfeits interest= valid if reasonable / time limit 4) Promissory: Attempted transfer breaches covenant= valid if reasonable/time limited 5) Discrimination: Based on race, religion, ethnicity= VOID