What is a condition precedent and what does it usually mean?
- Requirement needs to be met
- before one gains possession... -->
- contingent remainder
- Exception: If survivorship is required solely
- because of the durational character of the estate, this is not considered a
- condition precedent
- •Ex: O to A for life, then to B for life, then to
- C for life, then to D
What is a condition subsequent? and what does in mean?
- already vested and in possession but requirement
- to keep possession/title --> vested
-When is the interest revested/vested
Created when the grantor creates a LE, TFY, FT
- Automatically reverts to the grantor at the life tenant’s death, unless it is a LEPAV
- In which case, the estate reverts at the death of the measuring life.
- Value of the reversion may differ b/c may or may
- not be certain to become possessory in the future
- Reversion for Life—if a life tenant transfers
- something less than a life estate pur autre vie measured by A’s life, then A
- will have a reversion for life in the estate he has transferred because he
- still owners part of the estate.
Possibility of Reverter Defined:
When is the interest revested/vested
I) Created only when the grantor conveys a FSD
II) Automatically reverts to the grantor upon the occurrence of the stated event.
III) In NC/Majority… giftover language to the grantor is required or it’s a FSA
Right of Entry Defined
-Interest revest/vest... when...
I) Created only when the grantor conveys a FSSCS and retains the power to cut short the estate.
- II) Estate does
- not revert automatically. The grantor must exercise his right of
III) Freely alienable in a majority/NC jurisdiction
What are the future interests retained by the grantor:
- 1. Reversion
- 2. Possibility of Reverter
- 3. ROE/POT
What are the future interests in the transferee
- - indefeasible VR
- -VR subject to open
- - VR subject to defeasible
- Executory Interests