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PROPERTY Future Interests Professor Joan C. Williams Spring 2007

Future interest grantor retains. To A for life.A

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PROPERTY Future Interests Professor Joan C. Williams Spring 2007

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    1. PROPERTY Future Interests Professor Joan C. Williams Spring 2007

    2. Future interest grantor retains To A for life. A – life estate O – reversion

    3. Future interests in grantor To A for life, then to B until the land is no longer farmed. A – life estate B – vested remainder in fee simple determinable O – possibility of reverter

    4. Future interests in grantor To A for life, then to B for life. A – life estate B – vested remainder in a life estate O – reversion

    5. “to B and her heirs? To A for life, then to B and her heirs. What estate in the land do B’s heirs have? Do they have the right to present protection of a present or future interest? No: no one is the heir of the living

    6. Vested remainder Given to: 1) a born or ascertained person 2) no conditions must be met before the remainder becomes possessory

    7. Three types of vested remainders Indefeasibly vested remainders (also just called vested remainders) Vested remainders subject to partial divestment (or “subject to open”) Vested remainders subject to total divestment

    8. Future interests in grantees To A for life, then to the children of B. B has one child, Tom. A – life estate Children of B – vested remainder in fee, subject to open (or “partial divestment”) B has a second child, Tina A – life estate Tom & Tina – vested remainder in fee, subject to open (or “partial divestment”)

    9. Future interests in grantees To A for life, then to B and his heirs, but if B fails to install a wind farm on the land, then the land goes back to O. A – life estate B – vested remainder, subject to total divestment, in fee O – reversion To A for life, then to B and her heirs, but if B does not survive A, then the land will return to O. A – life estate B – vested remainder, subject to total divestment, in fee O – reversion

    10. Contingent remainders A remainder is contingent if: 1) the taker is unborn or unascertained 2) there is a condition precedent – a condition that must be met before the condition becomes possessory other than the natural expiration of the prior estate

    11. Future interest in grantees To Annie for life, then to her eldest daughter. Annie is childless. A – life estate Eldest daughter – contingent remainder in fee

    12. Future interests in grantees To Annie for life, then to her eldest daughter alive at the time of Annie’s death A – life estate Eldest daughter – contingent remainder in fee O – reversion

    13. Future interests in grantees To A for life, then to B if B survives A. A – life estate B – contingent remainder in fee O – reversion

    14. Future interests in grantees To A for life, then to B if B survives A. Who owns what estates after B dies before A dies? B’s contingent remainder is destroyed

    15. Future interests in grantees To A for life, then to John Edwards if he becomes President of the United States; otherwise, to Mitt Romney A – life estate John Edwards – alternative contingent remainder in fee Mitt Romney – alternative contingent remainder in fee

    16. Future interests in grantees To A for life, then to B and her heirs, but if B does not survive A to C and his heirs To A for life, then to B and her heirs if B survives A, and if B does not survive A, then to C and his heirs

    17. Executory interests To qualify as a remainder, a future interest in a grantee must: 1) not cut short the prior estate 2) must become possessory immediately following the natural expiration of the prior estate

    18. Springing executory interest To A for life, then three years after A’s death, to B. A – life estate B – executory interest in fee O – reversion This executory interest springs forth from O to B: springing executory interest.

    19. Shifting executory interest To Griselda for life, but as soon as Lancelot returns from the Crusades, to Lancelot in fee simple. Griselda – life estate Lancelot – executory interest in fee O – reversion This executory interest shifts from Griselda to Lancelot: shifting executory interest.

    20. Rule against perpetuities To my eldest son John But if John dies before the age of 30, then to my eldest daughter Beth But if Beth marries outside of Britain To John’s oldest son, if any And if John has no issue To my cousin Albert

    21. Rule against perpetuities O grants “to A for life, then to A’s first child to reach 21.” A has no living children at the time of the grant.

    22. Rule against perpetuities O grants “to A for life, then to A’s first living child to reach 25.” A has children, but none over 25 at the time of the grant.

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