KOBY-PEandFI

KOBY-PEandFI - Possessory Estate: the party who currently...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Possessory Estate : the party who currently holds the right to take actual possession of the property right now . Future Interest : the party who currently holds the right to take actual possession of the property in the future . Equitable PE + FI = created in a trust Legal PE + FI = created in a deed Analysis of a Possessory Estate : - Identify who holds the possessory estate (find the words of purchase “to A”) - Identify which PE it is based upon its duration (find the words of limitation “and her heirs”) o Each PE has “words of limitation” which indicate it’s duration and must be used to create the PE Analysis of a Future Interest : - Identify who holds the future interest - Identify which future interest the party holds o Depends on Which PE it follows Who holds the future interest - Indicate the duration of the future interest o Name does not indicate the duration like a PE, stating when the FI becomes possessory; this is why each FI must have a PE #1 FEE SIMPLE (ABSOLUTE) : property in fee simple will last forever - O “owns” Greenacre = fee simple (right to possess forever if they could live that long) - Example: O To A and his heirs - NO FI in fee simple! No condition or restriction limiting it’s use (can transfer freely to whomever) o Upon death – O can devise property as he wishes; if he doesn’t, it will pass to his heirs Words of Purchase (“to A”) : words in the conveyance, which indicate “to whom” the property is being transferred. Words of Limitation (“and her heirs”) : words in the conveyance, which indicate the duration of the estate. Common Law Approach – very strict; MUST have the words “and her heirs” Modern Approach – more lenient; any words of limitation that show the “intent” to convey a fee simple (To B; To B in fee simple) will convey a fee simple 3 Ways to Convey a Property Interest : - Transferable : if the owner can freely transfer the interest to a 3 rd party while alive - Devisable : if upon the owner’s death, he or she can freely will it in his/her last will and testament to a 3 rd party - Inheritable : if the heirs of the owner of the interest can inherit the property interest if the owner dies without a valid will. #2 FEE SIMPLE DEFEASIBLES : property that may last forever; subject to being terminated if the express condition occurs - Example : O to A and her heirs, but if A sells alcohol on the land, then O has the right to re-enter and reclaim the land. o The uncertain nature of the condition or restriction is such that the PE may last forever, but the PE may end.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
3 Types of Fee Simple Defeasibles : - Fee Simple Determinable (FSD) - Fee Simple Subject to a Condition Subsequent (FSSCS) - Fee Simple Subject to an Executory Limitation (FSSEL) How to Distinguish Between Each Type of Fee Simple Defeasible : WHO HOLDS THE FUTURE INTEREST FOLLOWING THE FEE SIMPLE DEFEASIBLE (LIMITATION)? -
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/17/2008 for the course LAW ? taught by Professor Harmon during the Fall '08 term at Touro NY.

Page1 / 13

KOBY-PEandFI - Possessory Estate: the party who currently...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online