This document discusses different types of tenurial estates in property law, including:
1) Current interest estates such as life estates and fee simple estates that confer current rights to enjoyment of the property.
2) Future interest estates such as executory interests, remainders, and reversions that confer rights to enjoyment of the property at a future time.
3) The document provides definitions and examples of different types of freehold and leasehold estates, both possessory and non-possessory, as well as defeasible fees and the rules governing contingent remainders.
This document discusses different types of tenurial estates in property law, including:
1) Current interest estates such as life estates and fee simple estates that confer current rights to enjoyment of the property.
2) Future interest estates such as executory interests, remainders, and reversions that confer rights to enjoyment of the property at a future time.
3) The document provides definitions and examples of different types of freehold and leasehold estates, both possessory and non-possessory, as well as defeasible fees and the rules governing contingent remainders.
This document discusses different types of tenurial estates in property law, including:
1) Current interest estates such as life estates and fee simple estates that confer current rights to enjoyment of the property.
2) Future interest estates such as executory interests, remainders, and reversions that confer rights to enjoyment of the property at a future time.
3) The document provides definitions and examples of different types of freehold and leasehold estates, both possessory and non-possessory, as well as defeasible fees and the rules governing contingent remainders.
Confers rights to enjoyment of property at a future time. Defeasible
Contingent
Freehold
Fee Tail Interested created in Transferee
(Not in Texas – Attempts Fee Simple Absolute to create will result in Fee Class Gift “To A and his heirs” Simple or Fee Simple Defeasible) Executory Interest Must divest the prior estate If no RAP: Vested subject to open Usually reserved by Government or Sovereign Entities
Created as Shifting Executory Interest If RAP applies: A class gift must
Life Estate Fee Simple Future interest that must cut short some vest in all of the members of the class “To A for Life” Subject to interest in another transferee to become or it vest in none of the members of Always followed by a future Executory possessory the class. interest (Reversion or Remainder) Limitation To vest, a class must be closed, and Springing Executory Interest all conditions satisfied within the Future interest that must divest the transferor perpetuities period. in the future to become possessory Left over Interest after conveyance Rules: Leasehold Estates - Remainder can not follow Vested Fee Simple Non-Freehold Possessory Remainder - Rule of Destructibility of Contingent Remainders: A Estates Reversionary Interest Future Interest which waits until termination remainder in land is destroyed if it does not vest at or before Defeasible Fees Future interest in the transferor of proceeding possessory estate the termination of the proceeding freehold estate. (Not Term of Years Can only be created in the Must be vested when created applicable in TX) Estate ending on a fixed transferee Reversion - Doctrine of Merger: If the life estate and the next vested calendar date (may be less Interest left in grantor after estate in fee simple come into the hands of one person, the than a year) transferring less than his full lesser estate merges in to the larger. (Does not apply to Fee Simple Contingent Remainder executory interest) interest Determinable Condition to be met, or - Rule in Shelly’s Case: If 1 instrument creates a life estate in Inter vivos transfer allowed Ends automatically unascertained person land in A and purports to create a remainder in persons Periodic Tenancy when event occurs described as A’s Heirs and the Life Estate are both legal, then the remainder becomes a remainder in fee simple in A. Magic Words (i.e. (Abolished in Texas since Jan 1, 1964) with Durational Spring Possibility of Reverter Vested Remainder Ascertained person and no - Doctrine of Worthier Title: Where there is a inter vivos Aspect): So long as, conveyance of land by a grantor to a person with a limitation While, During, Until. condition precedent Tenancy at Will over to the grantor’s own heirs either by way of remainder or executory interest, no future interest in the heirs is created, Vested Subject to Open rather a reversion is retained by the grantor. (Furthers Fee Simple Subject to aka Vested Subject to Partial alienability, But was Abolished in Texas since Jan 1, 1964) Condition Subsequent Divestment - RAP: No interest is good unless it must vest if at all not later May last forever, or may Right of Entry than 21 years after some life in being at the creation of the terminate when event interest. (Only 3 interest subject to RAP, Contingent occurs (at transferor’s CL: No inter vivos. transfer Indefeasibly Vested String Certain to become possessory Remainder, Executory Interest, Class Gift) election) Maj: inter vivos transfer - USRAP: Wait and See, 90 year vesting period., (TX shows permitted. in the future and can not be divested. no interest in adopting.) Magic Words: But it, TX: ? Provided, However, On Definitions: Condition. Trust: Separation of Equitable and Legal Title Hierarchy of Estates: Fee Simple -> Fee Tail -> Life Estate -> Leasehold Estate