Singer Text Notes for Property

Singer Text Notes for Property - Singer Text Notes for...

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Singer Text Notes for Property Chapter 1 Chapter 3 Nuisance Chapter 4 Adverse Possession C hapter 5 – Licenses and Easements Chapter 6: Covenants Chapter 7 Present Estates and Future Interests a) Section 7.6.3 2) Section 7.7  a) Section 7.7.4 Rule Against Perpetuities i) ii) DEFINITION OF TERMS: (1) Creation of the interest -> moment of the sale, delivery of the gift, or when the trust document is  signed if the trust is irrevocable, and if it is revocable, at the moment it becomes irrevocable -> If  created by will, at the moment the testator dies (2) Vest (a) Vesting occurs when the condition that made the future interest contingent or uncertain to come  into being occurs (b) E.g. “O to A as long as for residential purposes, then to B,” the executory interest will vest when no  longer used for residential purposes (c) If the remainder is dependent on a condition precedent, it vests when the condition occurs (3) Lives in being (a) Easiest way to apply the rule is look for a “validating life” (i) A validating life is someone within whose lifetime (or 21 years afterwards) the future interest is  certain to vest if it ever vests (b) If you can’t identify a validating life, the future interest is void (i) Corporations don’t count (ii) “From O to X Hospital so long as used for hospital purposes, then to B,” only O and B can be  validating lives (iii) Question is whether there is any chance the interest will vest outside the perpetuities period (4) Interests in the Grantor -> Future interests in the grantor or his heirs are exempt from the rule against 
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Singer Text Notes for Property - Singer Text Notes for...

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