What language creates a Fee Simple Absolute?
"To A and his heirs" or "To A"
What does Devisable mean?
What does Descendible mean?
Can pass by intestacy if the holder dies intestate (without a will)
What does alienable mean?
Transferable inter vivos, (during the holder's life time.)
What Language Creates a Fee Tail?
"To A and the heirs of his body"
In what ways is a of a Fee simple Absolute transferable?
The property is devisable, descendible, alienable.
What are the 3 Defeasible Fees?
Fee simple Determinable, Fee simple subject to condition subsequent, and Fee Simple subject to an executory limitation.
What language creates a Fee Simple Determinable?
"To A so long as..." "To A until..." "To A while..."
(Language providing that upon the happening of a stated event, the land is to revert to the grantor.)
What language creates a Fee Simple subject to condition subsequent?
"To A, but if X event occurs, grantor reserves the right to reenter and retake"
(Grantor must carve out right of reentry)
What language create a Fee Simple subject to an executory limitation?
"To A, but if X event occurs, then to B"
(goes to a 3rd party, not the grantor)
What language creates a life estate?
"To A for life" "to A for the life of B" Cannot mention a time in years.
In what ways are defeasible fees transferable
Devisable (by will), Descendible (without will), alienable (transferable inter vivos)
What future interest does a Fee simple determinable create?
Possibility of Reverter (held by grantor)
What future interest does a Fee simple subject to condition subsequent create?
Right of Entry/ Power of termination (held by grantor)
What future interest does a fee simple subject to an executory limitation create?
Executory Interest (held by a third party)
What future interest does a life estate create?
Reversion (if held by grantor), Remainder (if held by 3rd party)
In NY, What is a fee simple determinable called?
In NY, what is a fee simple subject to condition subsequent called?
2 important rules for all defeasible fees
- Words of mere, desire, hope, or intention are insufficient to create a defeasible fee.
- Absolute restraints on alienation are void
What is an absolute restraint on alienation?
An absolute ban on the power to sell or transfer, that is not linked to a reasonable time link purpose.