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Measured by the live of another
Pur Autre Vie
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Rule Against Perpetuities applies to 3 classes:
- Contingent Remainders
- Executory Interests
- Vested Remainder Subject to Open
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Fee Simple Determinable language includes 4 conditional phrases or words:
- So Long As
- Until
- While
- During
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Fee Simple Subject to Condition Subsequent language includes 4 conditional phrases or words:
- But if
- Provided that
- On Condition that
- However
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Fee Simple Determinable creates a __________ for the Grantor
Possibility of a Reverter in Fee Simple Absolute
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Fee Simple Subject to Condition Subsequent creates a __________ for the Grantor
Right of Re-entry
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A Life Estate Determinable creates a _________ for the Grantor.
Reversion in Fee Simple
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A Life Estate Subject to Condition Subsequent creates a __________ for the Grantor.
Right of Re-Entry incident to a reversion in fee simple absolute.
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True or False
Reversions only follow lesser estates, not fee simples of any type.
TRUE
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When a fee simple's future interest is in a third party instead of the Grantor, we call this a fee simple subject to
an Executory Limitation.
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If the future interest holder can be ascertained (indentified) and there is no condition precedent, the remainder is
vested
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If the future interest holder can be ascertained (identified) but there is a condition precedent, we call this
contingent.
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If the future interest holder cannot be ascertained (identified) but there is no condition precedent, we call this
contingent.
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If a vested remainder could divest before it becomes possessory, we call this a vested remainder ______ _____ ______.
subject to divestment.
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Grantor's have 3 types of future interests:
- Reversion
- Possibility of Reverter
- Right of Re-Entry
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Grantees have 3 types of future interests:
- Vested Remainder (could be subject to open and/or subject to divestment)
- Contingent Remainder
- Executory Interest (shifting or springing)
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The 4 added limitations are
- Absolute (no limitation)
- Determinable
- Subject to Condition Subsequent
- Subject to Executory Limitation
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Any time you identify a vested remainder, you must ask yourself 2 questions:
- 1) Is it subject to open?
- 2) Is it subject to divestment?
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An executory interest that goes directly from one grantee to another is called a
shifting executory interest
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An executory interest that goes from one grantee, back to the grantor, and then to another grantee is called a
springing executory interest.
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