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Unformatted text preview: Property II Outline: Spring 2008 I. Possessory Interests: Present and Future Weidner, Future Interests in a Pea Supp. 201 Optional Reading: Future Interests.225-239 Future Interests in the Grantor: Future Interest : estate that will / may become possessory at a future time-it IS a present interest-future b/c its not yet possessory Reversion : future int in fee simple-left in a grantor that conveys something less than a FSA (term of years / life estate)- remains with the grantor // it doesnt actually revert ~all that does revert is the right to possession-title devisable (bequeathing by will) / conveyable / will pass via intestacy Fee Simple Determinable (FSD): -estate reverting to the grantor IF a specified event occurs-To A & his heirs while used for charity-grantor conveys the entire Fee Simple ~NOT a reversion b/c the estate hasnt been subdivided-Possibility of Reverter : -grantor thus gets the whole thing back if the specified event occurs ~ this happens automatically // grantor doesnt have to DO anything to get prop back [until / so long as language] Fee Simple on Condition Subsequent (FSCS): -estate subject to the grantor ending it IF a specified event occurs-To A & his heirs unless alcohol is sold on the premesis-grantor conveys the entire Fee Simple ~NOT a reversion b/c the estate hasnt been subdivided-Right of Entry (Power of Termination)-grantor must do something to terminate estate after event occurs- [preferred b/c of notice problems of old estate conditions] Contingent Estate :-estate that vests only if an event DOESNT happen-creates a Reversion held by the grantor [automatic / or grantor has to take action?]-the reversion itself is conditional-b/c it will ONLY revert if the estate fails to vest-To As first son who reaches the age of 21. ~A dies with only female children: estate fails to vest & reversion kicks in Fee Simple Conditional (FSC):-estate conveyed with heritability restricted to some, not all heirs-creates a Possibility of Reverter-A to B and the heirs of his body. (thus not heritable by Bs wife // illegal in most states: South Carolina still allows it) (B dies childless: then A has the poss of reverter ) 1 Future Interests in Other than the Grantor: Remainders:-Interest in a transferee (remainderman) that MAY become possessory-IF EVER:-immediately upon termination of the prior life estate / fee tail-which was created in the same instrument Vested Remainders-remainder = vested when throughout its continuance-it is capable of becoming possessory- whenever or however the life estate terminates-vested only in interest ~will only become possessory when the prior estate actually terminates-A to B for life, remainder to C and his heirs-C has a vested remainder in the FSA (which will become possessory to Cs heirs even if C dies first) Contingent Remainders-remainder is contingent if: (a) the remainderman (transferee) is unborn...
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