Estates in Land 2

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What is an ESTATE in land?: It is an INTEREST that IS or MAY become possessory.
How MANY possessory estates can exist at one time?: Only ONE.
What are FUTURE INTERESTS?: Interests which may become possessory at some future time.
What is the legal effect of a FREEHOLD ESTATE?: A Freehold Estate gives POSSESSION through LEGAL TITLE or a RIGHT TO HOLD.
What is the legal effect of a NON-FREEHOLD ESTATE?: a Non-Freehold Estate gives mere POSSESSION.
DEFINE: Fee Simple Absolute: FSA:
1) Is most extensive estate
2) Has potentially infinite
duration
DEFINE: FEE: Fee:
Indicates an estate of inheritance.
DEFINE: SIMPLE: Simple:
Signifies there are NO RESTRICTIONS on the estate -- with respect to INHERITANCE.
DEFINE: WORDS of INHERITANCE: Words of Inheritance:
Designate the estate TRXFRD
1) required at CL
2) EXCEPT in conveyance by will
DEFINE: WORDS of LIMITATION: Words of Limitation:
Designate the FACT that the GRANTEE acquires an estate in FEE.
DEFINE: WORDS of PURCHASE: Words of Purchase:
Indicate an intention to convey an estate to a specific person.
DEFINE: FEE SIMPLE DETERMINABLE: Fee Simple Determinable:
~ Freehold estate
~ & Fee Simple Estate
~ Created to continue UNTIL
some specified event occurs
~ Terminates AUTOMATICALLY.
FSD: WORDS of CREATION: FSD phrases:
1) so long as
2) during
3) until
4) while
KEY FACTOR: for creation of an FSD?: KEY to FSD:
~ The INTENT of the GRANTOR
~ As expressed in the CONVEYANCE
DEFINE: POSSIBILITY of REVERTER: Possibility of Reverter:
~ The interest left in Grantor
~ Who has conveyed a FSD
DEFINE: FEE SIMPLE on CONDITION SUBSEQUENT: FSCS:
~ Freehold Estate
~ & Fee Simple Estate
~ May be TERMINATED upon the
happening of a NAMED event
~ By Grantor OR his successor
in interest
~ BUT the estate CONTINUES
~ UNTIL Grantor-Future Int.
holder EXERCISES the RIGHT of ENTRY or POWER of TERMINATION
FSCS: WORDS of CREATION: FSCS:
~ "on condition that"
~ "subject to the condition that"
~ "but if"
What is a REVERTER CLAUSE?: A REVERTER CLAUSE:
~ Is appended to the FSCS and ~ Establishes the right of reentry in the Grantor / Future Interest Holder
DEFINE: RIGHT of ENTRY: Right of Entry:
~ Is a Power of Termination
~ That can ONLY be created in favor of GRANTOR or his HEIRS.
~ The EXERCISE of which EFFECTUATES a TERMINATION of the GRANTEE's estate.
Which FUTURE INTERESTS are subject to RAP?: Subject to RAP?
* Possibility of Reverter = N0
* Right of Entry = NO
~ Executory Interest = YES
DEFINE: FEE SIMPLE subject to EXECUTORY INTEREST {Fee Simple on Executory Limitation}: FSEI:
~ Fee Simple estate
~ Where upon the happening of a named event
~ Ownership passes
~ From GRANTEE to a 3rd PARTY (i.e. someone OTHER than GRANTOR)
DEFINE: EXECUTORY INTEREST: Executory Interest:
~ Interest created when a RIGHT of ENTRY is granted to a 3rd PARTY
~ Following a grant of a FDS or FSCS to the GRANTEE.
FSEI: WORDS of CREATION: "THEN TO" following EITHER:
FDS:
*until; *so long as; *during; *while
FSCS:
*upon condition that; *but if; *provided that
DEFINE: SHIFTING executory interest: Shifting Executory Interest:
~ Future Interest
~ Where right to POSSESSION SHIFTS from one GRANTEE to another
DEFINE: SPRINGING executory interest: Springing Executory Interest:
~ Future Interest
~ Where right to possession
~ SHIFTS back to GRANTOR
~ For ANY amount of TIME
~ Then SPRINGS from GRANTOR to a NEW GRANTEE
DEFINE: FEE TAIL: Fee Tail:
~ Freehold estate
~ & Fee estate
~ Inheritance is restricted to a particular group of LINEAL descendants of the GRANTEE
Fee Tail: WORDS of CREATION: Fee Tail:

"and the heirs of his body"
Fee Tail: 4 Types: Types of Fee Tails:
1) Male: male grantee - male heirs
2) Female: female grantee - female heirs
3) Special: grantee - heirs by a particular spouse
4) General: grantee - heirs by any spouse
DEFINE: LINEAL HEIRS: Lineal Heirs:
* sons
* daughters
* grandchildren
* great-grandchildren
DEFINE: COLLATERAL HEIRS: Collateral Heirs:
* cousins
* nieces / nephews
* uncles / aunts
KEY FACTOR: of fee tail: Fee Tail Key:
~ Estate is not freely alienable
~ Fee owner may only alienate the estate for the duration of his lifetime
~ Estate then passes to his lineal heirs
DEFINE: EXPIRE as it relates to a fee tail: Fee Tail -- "Expire"
~ Since estate can only pass to lineal heir
~ The estate may "expire" when their are NO ELIGIBLE lineal heirs {of grantee} remaining
DEFINE: LIFE ESTATE: Life Estate
~ Freehold estate
~ Duration is measured by the life/lives of one of more human beings
DEFINE: Life Estate PUR AUTRE VIE: Life Estate Pur Autre Vie:
~ Freehold Estate
~ Duration is measured by life of someone other than GRANTEE
DEFINE: USE FACTOR for Life Estates: Life Estate - Use Factor:
~ Life Tenant is entitled to beneficial use of the land
~ But may not act to impair the value of the estates and interests owned by others in the same land
DEFINE: DAMAGE FACTOR for Life Estates: Life Estate - Damage Factor
~ Life Tenant is NOT responsible for damage to the LAND caused by 3RD PARTIES.
~ Life Tenant MAY RECOVER damages from 3rd parties
~ BUT the AMOUNT of damages recoverable are MEASURED BY & LIMITED TO the INTEREST held by the LIFE TENANT
DEFINE: INSURANCE FACTOR for Life Estates: Life Estate - Insurance Factor
~ Life Tenant is NOT under a DUTY to INSURE the estate
DEFINE: DEBT & TAX FACTORS for Life Estates: Life Estate - Debt & Tax Factors
~ Life Tenant IS under a DUTY
~ To pay INTEREST on indebtedness
~ That constitutes a LIEN on the property
~ & To pay ORDINARY TAXES as they accrue
DEFINE: IMPROVEMENTS FACTOR for Life Estates: Life Estate - Imporvement Factor
~ ASSESSMENTS for PERMANENT IMPROVEMENTS
~ Are APPORTIONED b/t the LIFE Tenant and the FUTURE interest holders

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Number of cards 39