-
FUTURE INTERESTS in
1) Grantors
2) Grantees
1) Grantor future interests
- a) Possibility of REVERTER
- b) Right of ENTRY
- c) REVERSION
2) Grantees
- a) VESTED remainders
- b) CONTINGENT remainders
- c) EXECUTORY interests
-
REVERSIONARY INTERESTS in _____
A. Possibility of _____
B. Right of _____
C. Reversion
A. Possibility of REVERTER (follows fee simple determinable)
B. Right of ENTRY (follows fee simple subject to condition subsequent)
C. Reversion—the "fall back"
- 1) Quantum of interest transferred is less than that held by grantor
- 2) E.g., O holds fee simple absolute, but transfers "to A for life"
-
REMAINDERS
2 types of remainders
-
VESTED REMAINDERS
_____ person, and not subject to any _____
1. Indefeasibly vested
2. Vested subject to defeasance
3. Vested remainder subject to "open" (class gift)
ASCERTAINED person, and not subject to any CONDITION PRECEDENT (CP)
1. INDEFEASIBLY VESTED (e.g., "to A for life, remainder to B")
2. VESTED SUBJECT TO COMPLETE DEFEASANCE
- a. Condition subsequent (CS) cuts-short grantee's right of possession
- b. e.g., "to A for life, then remainder to B, provided that if B dies under the age of 25, then to C"
3. VESTED REMAINDER SUBJECT TO "OPEN"
- a. Rule of Administrative Convenience: class closes when any member can demand possession
- b. Children in gestation count
|
|
