Escheat when person dies intestate and has no heirs property returns back to

Escheat when person dies intestate and has no heirs

This preview shows page 10 - 12 out of 31 pages.

Escheat- when person dies intestate and has no heirs, property returns back to the state ii) Life estate- limited in duration by a life; right to land limited because person has future interest in land. (1) Free to alienate the property inter vivos but life estate not inheritable (2) Language in conveyance measured by terms of life “to A for life.” (3) Upon end of measuring life, title reverts to the grantor or specified remainder- man. (reversion) (4) Types: (a) Straight life estate- duration measured by the life of the grantee (i) Example: O to A for life. 1. A has estate in land so long as A lives. 2. When A dies, the land reverts to O. (b) Life estate pur autre vie- duration of the estate measured by the life of a third party (other than the grantee) (i) Example: O to A for life of B. 10
Image of page 10
Property I Law- Merged Outline 1. A life tenant pur autre vie 2. B measuring life. 3. When B dies, A estate ends. 4. If A dies before B, the life estate pur autre vie descend to A’s heirs, but still lasts only until B dies. (5) Life tenant can transfer his estate to another, but grantee only gets life estate for the life of the original tenant. (a) Example: O to A for life. A conveys the land to B. (i) A measuring life. (ii) B has a life estate pur autre vie. (iii) When A dies, B’s estate ends. (6) Rules against restrains on alienation (a) Invalidates certain types of restraints on certain estates (i) Disabling restraint- withholds grantee power of transferring his interest (ii) Forfeiture- if grantor attempts to transfer interest, forfeiture to another person (iii) Promissory- grantee promises not to transfer his interest (b) Restraints on fee simple (i) Total restraints: any total restrain on a fee simple is void (ii) Partial restraint- any partial restrain on a fee simple is valid if reasonable (c) Restrains on life estate (i) Disabling restraints that has the effect of making the land legally inalienable is void (ii) Forfeiture and promissory restraints are valid (7) Waste- life tenant’s conduct could not alter the property in any substantial way that impairs the value of the land, or the interest of the person holding title or a future interest in the land (a) 3 kinds of waste (i) Affirmative- life tenant caused permanent injury to the value of the land (ii) Permissive – land allowed to fall into disrepair or tenant fails to take reasonable measure to protect property from decay (iii) Ameliorative waste- land changed but the change increases the value of the property (b) Competing views (i) Common law- anything which in any way altered the identity of premises was waste regardless of whether the act happened to be beneficial or detrimental to the remainder 1. Fee holder entitled to take possession of the land in substantially same condition as it was when first transferred to the tenant. (ii) Modern law: life tenants may make substantial alterations provided the market value of the remainder is not diminished by the actions (c) Two things: (i) No consideration of sentimental attachment (ii) Payment of current value of an object on the land sufficient to eliminate waste but payment would not be sufficient if historically significant structure 11
Image of page 11
Image of page 12

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture