Property Outline: Present Estates, Future Interests, & Rule Against Perpetuities

Estates
  	History
		1) Land became
			1. Inheritable & alienable in 1290
			2. Devisable & divisible in 1540
		2) Seisen/poss'n
			1. Only freehold can transfer land
			2. Transfer by feoffment w/livery of seisen / 
			3. Fee w/delivery of possn
			4. Ceremony symbollic of transfer
  	Present Estates (P/E)
		1) Categories
			1. Fee simple absolute (FSA)
			2. Fee simple determinable (FSD)
			3. Fee simple subj. 2 a cond. subseq. (FSSTCS)
			4. Fee simple subj. 2 an executory lim. (FSSTEL)
			5. Fee tail
			6. Life Estate (L/E)
		2) Transfer by feoffment livery of seisen of freehold estates
  	FSA
		1) Charact.'s
			1. Lang. --2 A & his heirs
			2. Duration --(infinite)& unlimited
			3. Transferrability of P/E --deed, will, 
			intestate succession
			4. No associated future int.
			5. Words of purchase --2 A
			6. Words of limitation --& his heirs
		2) Escape general inheritability b/c can mov from person 
		2 person
		3) Living person has no heirs
  	Defeasible P/Es
		1) Fee simple that R capable of being undone
  	FSD
		1) Charact.'s
			1. Lang. --2 A & his heirs (Ahh) + words of duration
			2. Words of duration --so long as, while, until, 
			during the X that
			3. Duration --potentially  so long as event 
			doesn't occur
			4. Transferrability --deed, will, intestate
			5. Future Estate (F/E) --Possibility of reverter 
			(POR), Executory int. (E.I.)
		2) If the cond. is dropped, then still fee simple 
		determinable & imply POR 
		2 fill the  line
		3) If acquire both FSD & POR then U own FSA b/c merged 
		P/E & F/E
		4) Duration words R signals
		5) Terminates automatically when stop using as condition 
		lays out
  	FSSTCS
		1) Characts
			1. Lang. --Ahh + provided that, but 
			2. Duration --Potentially  until cond. broken & 
			Rt. of entry 
			(ROE) is exercised
			3. Transferrability --deed, will, intestacy
			4. F/E --ROE, Pwr. of Term. (POT), Rt. of Reentry (ROR)
		2) O must act if the condition is broken b/c term. is not automatic
		3) If drop condition beginning w/ provided that or but, 
		then there's no ROE so becomes FSA
		4) U do not imply ROE
  	Jxnal Issues w/FSD & FSSTCS
		1) Adv. Poss'n
			1. Would want FSD b/c ends automatically; \ can 
			start building 
			the title when not use by the condition
			2. Under FSSTCS, can stay w/o undermining Os rts. 
			(orig. owner w/ROE) before O exercises ROE
		2) Statute of Lim.
			1. Many jxn's have stat. of lim. over both POR / ROE
			2. Hostility toward both b/c clogs on land titles 
			& uncertainty arises
  	FSSTEL
		1) Charact's 
			1. Lang. --2 Ahh, but if B marries C 2 Bhh
			2. Duration --Potentially  until the cond. is broken
			3. Transferrability --deed, will, intestacy
			4. Future Interest (F/I) --E.I.
		2) E.I. similar 2 automatic ROE in a stranger in a 3rd party
		3) It's all in formula so intent is irrelev.
  	Fee Tail
		1) Charact.'s
			1. Lang. --2A & the heirs of his body / 2A & the 
			heirs of her body
			2. Duration --Potentially  so long as there R 
			descendents of 1st taker
			3. Transferrability --deed but only estate 4 life 
			of another & not 
			devisable; Descendent 2 heirs of body
			4. F/I --Reversion (RVN), Remainder (REM)
		2) O may have implied RVN's
  	L/E
		1) Charact's
			1. Lang. --A4 life
			2. Duration --life of designated person
			3. Transferrability --deed if during meas. life; 		
			by will/intestacy if est. pur autre vie
			4. F/I --REM, RVN, POR, ROE, E.I.
		2) L/E is piece of X line meased by human line 4 present, 
		poss'ry / freehold estate
  	Defeasible L/E
		1) Like Defeasible Fee Simple
			1. Determinable L/E
			2. L/E subj. 2 cond. subseq.
			3. L/E subj. 2 executory lim.
  	Typical leasehold int's
		1) Determinable term 4 yrs. subj. 2 cond. subseq.
		2) Determinable term 4 yrs. subj. 2 exec. lim.

Future Interests
  	All Present Estates
		1) All have F/I except 4 FSA
  	Definition
		1) Pieces of X line that do not give a present rt. of possn
		2) Carry a future int. label & estate label
  	F/Is left in the grantor; Retained by the Transferor
		1) Catalogues
			1. RVN
			2. POR
			3. ROE
		2) RVN
			1. RVN in O after O has conveyed
			2. Found in Term 4 Yrs. (TFY), L/E, / Fee tail
			3. Transferrability
				(1) Alienable by deed
				(2) Descendable by intestacy
				(3) Devisable by will
		3) POR
			1. Found in FSD / L/E
			2. Transferrability
				(1) Devisable by will
				(2) Descendable by intestate succession
				(3) Alienable by deed in many places
		4) ROE
			1. Found in  FSSTCS / L/E
			2. Transferrability
				(1) Devisable
				(2) Descendable
				(3) Alienable in some jxn; in other jxns 
				it's alienable only 
				w/in the RVN / by release 2 the holder of 
				the preceding estate
  	F/I created in 3rd persons; Created in Transferees
		1) Catalogues
			1. REM
			2. E.I.
		2) REM
			(1) Seisen passed
			(2) No pretermination of F/I
			(3) Vested
				1. Ascertained person
				2. No cond. precedent 2 taking of seisen
			(4) Indefeasibly Vested REM. (IVR)
				1. Poss'ry certain @ future
				2. Not cut off in size
			(5) Vested Rem. subj. 2 open (VRSTO) / partial 
			defeasance, partial divestment (VRSPD)
				1. May cut down in size
				2. A gift 2 a class capable of increase 
				w/@ least 1 class member qualified
				3. Some VRSTO also subj. 2 compl. defeasance
			(6) Vested REM. subj. 2 compl. defeasance/compl. 
			divestment (VRSTCD)
				1. Rem. beneficiary is existence & ascertained
				2. Not subj. 2 cond. precedent
				3. Subj. 2 cond. subseq. + E.I. / ROE 
				(gen'ly speaking)
				4. Subj. 2 cut off
				5. Cond. subseq. --comes after grant; 
				lang. of the cond. 
				subseq. in the sentence 2 the lang. 
				creating 1st future 
				int.; F/I 1st vests in owner & if its 2 B 
				lost then there's 
				a later divestment, subseq. divestment; 
				takes effect after vesting
				6. Wording --"grant, but if/equivalent 
				cond.'al lang. & ROE/EI"
			(7) Contingent Rem. (CR)
				1. REM in ascertained person which is 
				subj. 2 a cond. precedent OR
				2. It's a rem. in an unborn/unascertained person
				3. Cond. precedent--cond. precedes the 
				grant / part of the description of the taker; must B 
				satisfied before vesting/poss'n is possible
				4. O has RVN in all conveyances
		3) Paired F.I. in Transferees
			1. Two alt. CRs or
			2. VRSTCD + E.I. (almost always)
			Tech. RVN always follow 2 alt. CRs
		4) Before 1536
			(1) Destructibility of CRs
				1. CR's destroyed unless vest on/before 
				the term. of the preceding estate
				2. Natural term. of preceding estate 
				causing the destruction of the CRs
				3. If VRSTCD, REM not terminated & can 
				divest later; dif. 
				btwn cond. precedent & cond. subseq.
			(2) No springing int's
			(3) Not shifting int's
				1. Can't shift off of another person
				2. Created Use & FSA in T's legal title & 
				A's FSSEL + X's E.I.(springing) in equitable title 
				(O-->Thh, 2 the use 
				of Ahh, but if she doesn't go 2 college 2 
				the use of Xhh)
			(4) Doc. of Mergers
				1. If CR's gets in btwn mergers, then destroyed
				2. CR's that R'nt ready gets destroyed in mergers
		5) After 1536 (passed statute of uses)
			1. Springing E.I.
			2. Shifting E.I.
			3. Still Destructibility of CR
			4. Indestructibility of E.I.
			5. Terms 4 yrs. R not freehold int. so cant 
			transfer seisen
			6. (Look @ probs; Lec. 23)
		6) Shellys Case
			1. The rule is that whenever it says REM. 2 heirs 
			of really have REM 2 Ahh
			2. A 4 life, REM. 2 heirs of A will read as A 4 
			life, REM 2 Ahh, so that they merge & A has FSA
		7) Doctrine of Worthier Title
			1. Where it applies, REM 2 heirs of grantor is 
			nullity; doesn't exist

Rule Against Perpetuities (RAP)
  	Social Goal
		1) Can tie up land / other form of prom. 4 a rsbl X but 
		if exceeds, then efforts 2 tie up is void (RAP)
		2) Only 3 F/Is R offensive in RAP
			1. VRSTO
			2. CR
			3. EI
  	Steps in Analysis
		1) Classify w/o thinking about perpetuities
		2) Only test 3 offensive F/Is
		3) Must Vest / fail 2 vest w/in rsbl X
		4) Test the int. @ the X of creation & must B good @ the 
		X of creation
		5) Rsbl per. of X is per. of lives & beings + 21 yrs. 
		remembering that lives 
		in the womb R lives in being
		6) RAP destroys the bad int's that won't vest/fail 2 vest 
		w/in rsbl per.
  	Subrules
		1) Live 2 any age
		2) Die @ any age
		3) Marry @ any age
		4) Give birth @ any age
		5) A child conceived is a life in being
		6) Events that usually take a short X can take forever 
		(except pregnancies)
		7) Int's must B good @ the X of creation
  	X of Creation of Ints
		1) Will--X when testator died
		2) Deed (intervivos)--X created when transferred (irrevocable)
  	Measuring Life
		1) Person claiming int. is good can offer any life that 
		it's good
		2) Opponent can kill the life
			1. If killing A causes the int. 2 vest / fail 2 
			vest w/in the per. of rule
			2. To save the int., the death of A causes the 
			int. 2 vest
		3) Look @ probs in Lec. 25
  	RAP is Remoteness against Vesting
		1) If CR destructible & destruction takes place w/in per. 
		of rule, then it's good
		2) Destructibility not the key but the X
		3) U can B U'r own meas'ing lives
		4) Ways 2 approach
			1. Look @ it
			2. Look 4 a life that will save the int.
			3. Sit. where vesting might occur outside the 
			per. of rule, then no good
		5) Open group cannot B measing lives 2 save ints




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