Estates and Future Interests

Estates and Future Interests
A Visual Guide to the Majority Rules of U.S. Property Law
Transfers of Fee Simple Absolute (“FSA”)
1
Note: transfers of lesser estates take similar form.
O‘s FSA
“to A” in
sale, gift,
or will
Text:
passim
“to A”
intestate “to A and
adverse taking “to A” with
+
succession the heirs
possession by undue restraint
motive
to A of A’s body”
by A
on alienation
A
“to A”
contra
RAP
“to A”
orally
A‘s FSA
Fee Simple (“FS”) Defeasible Estates
2
Note: lesser defeasible estates take similar form.
O‘s FSA
O‘s FSA
“to A [limited in durational terms]”
Text:
p. 224
O‘s possibility of reverter in FSA
3
A‘s FS determinable
O‘s FSA
“to A [limited in conditional terms]”
Text:
p. 224
O‘s FSA
O‘s right of entry in FSA [Note: not automatic]
A‘s FS subject to condition subsequent
4
O‘s FSA
“to A [limited in any terms] then to B”
Text:
p. 225
p. 269
ex. 17
B‘s FSA
B‘s executory interest in FSA R
A‘s FS subject to executory limitation
Fee Simple (“FS”) Estates Subject to Executory Limitations
5
B‘s FSA
“to A [upon
A‘s springing executory
a condition]”
interest in FSA R
O‘s FS subject to a
springing executory interest
O‘s FSA
Text:
p. 268
ex. 13
6
B‘s FSA
A‘s FSA
B‘s shifting executory
A‘s vested remainder
interest in FSA R
in FSA subject to divestment
A‘s FS subject to a
shifting executory limitation
O‘s FSA
Text:
p. 268 ex. 14
p. 269 ex. 16
7
“to A, but [upon
a condition] to B”
O‘s FSA
“to A for life,
then if B
[satisfies a
condition] to B”
Text:
p. 259
O‘s FSA
O‘s defeasibly vested
remainder in FSA
B‘s FSA
B‘s springing executory interest in FSA R
O‘s FS Defeasible
O‘s vested reversion in FS defeasible
A‘s Life Estate
© 2010 Tom W. Bell
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Life Estates (“LE”s)
8
O‘s FS
Text:
p. 225
ex. 1
9
Text:
p. 256
ex. 2
p. 261
ex. 6
11
A‘s LE
O‘s FS
B‘s FS
B‘s indefeasibly vested remainder in FS
“to A for life, then to B”
A‘s LE
B‘s FS
B‘s contingent
remainder in FS R
O‘s FS
“to A for life, then to B
[upon a condition]”
O‘s FS
O‘s defeasibly vested
reversion in FS
A‘s LE
O‘s FS
B‘s FS
B‘s alternative contingent
remainder in FS R
“to A for life, then to B
[upon a condition], else to C”
Text:
p. 261
ex. 7
12
O‘s indefeasibly vested reversion in FS
“to A for life”
Text:
p. 229
ex. 3
10
O‘s FS
C‘s FS
C‘s alternative contingent
remainder in FS R
A‘s LE
O‘s FS
“to A for life, then to B and
[as-yet unascertained takers]”
Text:
p. 260
ex. 4
B‘s FS
members’ shared FS
other (if any) class members’
B‘s remainder in FS
vested subject to open R
executory interests in FS R
A‘s LE
13
members’ shared FS
member‘s FS
O‘s FS
O‘s FS
first (if any) class member’s
other (if any) class
O‘s defeasibly
“to A for life, then
Text:
p. 260
then to [as-yet
contingent remainder
members’ executory
vested reversion
ex. 5
unascertained takers]”
in FS subject to open R
interests in FS R
in FS
A‘s LE
14
O‘s FS
“to A for life, then to B
[limited in durational terms]”
Text:
p. 223
B‘s FS
B‘s remainder in FS vested
subject to limitational defeasance
O‘s FS
O‘s defeasibly vested
reversion in FS
A‘s LE
15
O‘s FS
“to A for life, then to B,
but [upon a condition] to O”
Text:
[none]
B‘s FS
B‘s remainder in FS vested
subject to divestment
O‘s FS
O‘s defeasibly vested
reversion in FS
B‘s FS
B‘s remainder in FS vested
subject to divestment
C‘s FS
C‘s shifting executory
interest in FS R
A‘s LE
16
O‘s FS
“to A for life, then to B,
but [upon a condition] to C”
Text:
p. 261
ex. 8
p. 268
ex. 15
Notes
A‘s LE
Time flows from left to right.
Transfers flow down.
Future interests flow up.
Lines trace exclusive alternatives.
© 2010 Tom W. Bell
text = Property (7th ed., Duke. ... eds.)
= legally invalidated
A, B, C = owners
= continues indefinitely
R = interest subject to RAP
RAP = Rule Against Perpetuities
Thanks to: Chapman 2010§31Ls, Ken Stahl, Donald Kochan
www.tomwbell.com\teaching\PropI_Estates&FIs.pdf
v. 2010.10.17
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