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14 Cards in this Set

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  • Back
Absolute Estate
The Estate has no limitations at all. Can only be applied to a Fee Simple
Determinable Estate
A Determinable Estate ends automatically upon the happening of a condition.
Limitation is phrased expressly as the measure of duration of the estate, "until," "so long as," "while," and "during."
The limitation is placed before the punctuation mark signaling the end of the description of A's estate
Estate Subject to a Condition Subsequent
This Estate does not end automatically, but the holder of the next estate (O) will be able to decide whether or not to interrupt A and reclaim the land.
Limitation is phrased like an afterthought, "but if," "provided that," "on condition that," and "however."
Limitation is placed after the punctuation mark signaling the end of the description of A's estate.
Reversion
Future Interest of the Grantor following an estate that ends naturally
Possibility of Reverter
Grantor's future interest following a determinable estate. Does not interrupt prior estate, but waits patiently for it to end.
Right of Entry
Grantor's future interest following an Estate Subject to Condition Subsequent. Interrupts prior estate if the described event occurs.
Remainder
A grantee's future interest in an estate that ends naturally. To be considered a remainder, the future interest must be conveyed to a second grantee in the same conveyance that created the possessory estate it follows; Can be Vested or Contingent
Vested Remainder
If the remainder is a grantee who is born and identifiable (ascertained); and does not contain a condition precedent, it is vested. Vested remainders are certain to become possessory.
Contingent Remainder
If the remainder is in a grantee who is unascertained (either not born or not identifiable) or it contains a condition precedent, it is contingent. This type may or may not become possessory. If O conveys a contingent remainder with the other interest unaccounted for, then O retains that interest in a reversion.
Condition Precedent
A condition other than the ending of the prior estate that must be met before the remainder is ready to become possessory. Found w/i the language that creates the remainder itself, not in the description of the subsequent estate.
Alternative Contingent Remainder
Contingent Remainders are alternative when they each follow the same estate and when their conditions precedent are the opposite of each other, so that the vesting of one precludes the vesting of another.
"O to A for life, then to B if B has graduated from college, but if B has not, then to C."
Executory interest
The future interest in a grantee that follows a determinable estate or an estate subject to executory limitation. Comes into possession automatically (grantee doesn't have to assert right in the either one).
O to A while A serves in the army, then to B.
Estates Subject to Executory Limitation
A conveyance where the limitation is in the following future interest instead of the possessory estate itself. The words creating the limitation will appear after the comma.
O to A and her heirs; however if B marries, then to B.
Vested Remainder Subject to Divestment
When a vested remainder is burdened by an executory interest that could prevent the vested remainder from ever becoming possessory, it is a vested remainder subject to divestment.