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PROPERTY A SLIDES

This presentation reviews the distinctions between present possessory estates and future interests, including reversion, remainder, and executory interest. It also covers concepts such as vested and contingent remainders, and shifting and springing executory interests.

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PROPERTY A SLIDES

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  1. PROPERTY A SLIDES 3-20-17 National Ravioli Day

  2. Monday March 20 Music to Accompany EFI Problems:Wynton Marsalis, TrumpetClassic Wynton (1998) On Course Page for Chapter 3 • General Info on Test Logistics (E-Mail if Qs) • Some Sample Exam Qs & Answers (Rest Posted After Class Tomorrow) • From Test Itself: Instructions Page & Attached Version of Syllabus On Course Page for Ch. 4 & 5 • Supplemental Materials • Updated Syllabus • Updated Assignment Sheet (thru 3/30) • I’ll Post on Face of Page Later Today: Assignments for Thursday, Friday, Tuesday

  3. ADDITIONAL LOGISTICS Prep for Chapter 3 Test • Extended Office Hours Every Day from Today  Sunday • Listed on Course Page • Just Come In (No Secret Qs) • Sat/Sun in 2d Floor Library Classroom • Sunday 7pm Deadline for Reasonable E-Mail Qs On Course Page • Additional Comments/Best Answers for Exam Qs Testing Chapters 1 & 2 • Entry Form/Instructions for MARC MADNESS • Annual NCAA Sweet 16 Pool • Winner from This Section Gets Dinner • No Knowledge Needed to Play

  4. PROPERTY A: 3/20 MONDAY Pop Culture Moment The Origin of Reese’s PEANUT BUTTER EGGS

  5. PROPERTY A: 3/20 MONDAY Pop Culture Moment The Origin of Reese’s PEANUT BUTTER EGGS: A LAWYERLY INQUIRY & SIMULATION

  6. Previously in Property A: Chapter 3 Distinctions You Should Know Basics: Present Possessory Estates v. Future Interests Fee Simple v.Finite Present Estates Common Law v. Today We’ll Review Now: Reversions v. Remainders Vested v. Contingent Remainders Remainders v. Executory Interests We’ll Review Before Doing Problem 3I : Determinable v. on Condition Subsequent

  7. WARM-UP/REVIEW (Mostly from 3/9 Class):Key Ideas/Terms to Set Up Problems 3L-3N Reversion v. Remainder REVERSION: Future interest implicitly retained by grantor when s/he conveys a finite estate without indicating who will have rights when it expires. REMAINDER: Future interest in a third party that follows naturally upon the termination of a finite estate. It is always expressly conveyed by the grantor.

  8. WARM-UP/REVIEW (Mostly from 3/9 Class):Key Ideas/Terms to Set Up Problems 3L-3N VESTED RemainderIF: Grantee is living ascertainable person AND Clause creating the remainder contains no condition on grantee taking the property except expiration of prior estate. CONTINGENT RemainderIIF: Grantee is presently unborn or unascertainableOR Clause creating the remainder contains an explicit condition on grantee taking the property.

  9. WARM-UP/REVIEW (Mostly from 3/9 Class):Key Ideas/Terms to Set Up Problems 3L-3N Remainder v. Executory Interest REMAINDER: Future interest in a third party that follows naturally upon the termination of a finite estate. EXECUTORY INTEREST: Future interest in a third party that cuts off a prior vested interest (present estate or reversion or vested remainder) rather than waiting for it to expire naturally.

  10. WARM-UP/REVIEW (Mostly from 3/9 Class):Key Ideas/Terms to Set Up Problems 3L-3N Shifting v. Springing Executory Interests No legal consequence; just categorization. Shifting Executory Interest cuts off interest of another grantee. To Danny & his heirs so long as no tobacco is grown on the land, otherwise to Arturo and his heirs. Springing Exec. Interest cuts off grantor’s fee simple or reversion. To Yujia & her heirs if she passes the California Bar Exam. S(Would cut off grantor’s fee simple).

  11. WARM-UP/REVIEW (Mostly from 3/9 Class):Key Ideas/Terms to Set Up Problems 3L-3N Alternative Contingent Remainders Two contingent remainders for which the event that causes one to vest will destroy the other. Example: To K for life, then to L and her heirs if she graduates from law school, but if she never graduates from law school, then to M and her heirs. Here, only two possibilities: EITHER(1) L will graduate from law school (and would then take) OR (2) she will die before graduating from law school (M would then take)

  12. WARM-UP/REVIEW (Mostly from 3/9 Class):Key Ideas/Terms to Set Up Problems 3L-3N Alternative Contingent Remainders Two contingent remainders for which the event that causes one to vest will destroy the other. Example: To K for life, then to L and her heirs if she graduates from law school, but if she never graduates from law school, then to M and her heirs. When Alternative Contingent Remainders Created, Grantor Always Retains aReversion

  13. WARM-UP/REVIEW (Mostly from 3/9 Class):Key Ideas/Terms to Set Up Problems 3L-3N Vested Remainder Subject to Divestment Vested Remainder followed by an Executory Interest that could cut off the remainder before it becomes possessory. E.g., Kramer’s interest in (3K): “To George for life, then to Kramer and his heirs; but if Kramer does not attain the age of 21, then to Elaine and her heirs."

  14. WARM-UP/REVIEW (Mostly from 3/9 Class):Key Ideas/Terms to Set Up Problems 3L-3N (1) Alternative Contingent Remainders v. (2) Vested Remainder Subject to Divestment O “to A for life, then to B & her heirs if she turns 21, but if B dies before 21, then to C and his heirs.” (Also Creates Reversion in O). (2) O “to A for life, then to B & her heirs, but if B dies before 21, then to C & his heirs.” (No Reversion in O)

  15. New Material: Problems 3L-3N Everglades: Problem 3L THEN Sequoia: Problem 3M & Badlands: Problem 3N Hold Qs Until We’ve Worked Through All Three

  16. Everglades (3L):Daffy "to Tweety for life, then to such of Tweety's children as survive him, but if none of Tweety's children survives him, then to Peggy and her heirs." Tweetyhas 2 children, Heckle and Jeckle. • Tweety: ?

  17. Everglades (3L):Daffy "to Tweety for life, then to such of Tweety's children as survive him, but if none of Tweety's children survives him, then to Peggy and her heirs." Tweetyhas 2 children, Heckle and Jeckle. • Tweety: Life Estate • Tweety’s Children?

  18. Everglades (3L):Daffy "to Tweety for life, then to such of Tweety's children as survive him, but if none of Tweety's children survives him, then to Peggy and her heirs." Tweetyhas 2 children, Heckle and Jeckle. • Tweety: Life Estate • Tweety’s Children: Contingent Remainder (in f.s.) (Must Survive Tweety) • Peggy?

  19. Everglades (3L):Daffy "to Tweety for life, then to such of Tweety's children as survive him, but if none of Tweety's children survives him, then to Peggy and her heirs." Tweetyhas 2 children, Heckle and Jeckle. • Tweety: Life Estate • Tweety’s Children: Contingent Remainder (in f.s.) • Peggy: Alternative Contingent Remainder (in f.s.): Only 2 Possibilities: • Tweety survived by children (who take) • Tweety not survived by children (Peggy takes)

  20. Everglades (3L):Daffy "to Tweety for life, then to such of Tweety's children as survive him, but if none of Tweety's children survives him, then to Peggy and her heirs." Tweetyhas 2 children, Heckle and Jeckle. • Tweety: Life Estate • Tweety’s Children: Alternative Contingent Remainder (in f.s.) • Peggy: Alternative Contingent Remainder (in f.s.) • Anything Else?

  21. Everglades (3L):Daffy "to Tweety for life, then to such of Tweety's children as survive him, but if none of Tweety's children survives him, then to Peggy and her heirs." Tweetyhas 2 children, Heckle and Jeckle. • Tweety: Life Estate • Tweety’s Children: Contingent Remainder (in f.s.) • Peggy: Alternative Contingent Remainder (in f.s.) • Daffy: Reversion (even when alternate contingent remainders)

  22. Everglades (3L):Daffy "to Tweety for life, then to such of Tweety's children as survive him, but if none of Tweety's children survives him, then to Peggy and her heirs." • Tweety: Life Estate • Tweety’s Children: Alternative Contingent Remainder (in f.s.) • Peggy: Alternative Contingent Remainder (in f.s.) • Daffy: Reversion (even when alternate contingent remainders)

  23. SEQUOIA: Problem 3M SEQUOIAS

  24. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs,but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • Billy: ?

  25. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs,but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • Billy: Life Estate • Billy’s children: ?

  26. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • Billy: Life Estate • Billy’s children: Contingent Remainder (in f.s.) (Unborn) • Jo: ?

  27. Alternative Contingent Remainders Two contingent remainders for which the event that causes one to vest will destroy the other.

  28. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • When does contingent remainder in B’s children vest?

  29. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • Contingent remainder in B’s children vests when a child of B’s is born. • When does contingent remainder in Jo vest?

  30. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • Contingent remainder in B’s children vests when a child of B’s is born. • Contingent remainder in Jo vests when Billy dies survived by no children. • Is the interest in Jo destroyed when the interest in the children vests?

  31. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • Billy: Life Estate • Billy’s children: Contingent Remainder (in f.s.) • Jo: Contingent Remainder (in f.s.) (Not alternate) • Anything Else?

  32. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • Billy: Life Estate • Billy’s children: Contingent Remainder (in f.s.) • Jo: Contingent rem. (in f.s.) (Not alternate) • Amanda: Reversion

  33. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has no children. • Billy: Life Estate • Billy’s children: Contingent Rem. (in f.s.) (unborn) • Jo: Contingent Rem. (in f.s.) (Not Alternative) • Amanda: Reversion

  34. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has a child, Sydney. • Billy: Life Estate • Sydney?

  35. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs."Billy has a child, Sydney. • Billy: Life Estate • Sydney: Vested Remainder (in f.s.) … • Subject to Open (B can have more children) … • Subject to Divestment (interest lost if none of B’s children survive B) • Jo?

  36. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs." Billy has a child, Sydney. • Billy: Life Estate • Sydney: Vested Remainder (in f.s.)Subject to Open, Subject to Divestment • Jo: Shifting Executory Interest (in f.s.) (would cut off vested remainder) • Amanda?

  37. Sequoia (3M): Amanda "to Billy for life, then to Billy's children and their heirs, but if at Billy's death he is not survived by any children, then to Jo and her heirs." Billy has a child, Sydney. • Billy: Life Estate • Sydney: Vested Remainder (in f.s.)Subject to Open, Subject to Divestment • Jo: Shifting Executory Interest (in f.s.) (would cut off vested remainder) • Amanda: Nothing (Reversion divests when 1st contingent remainder vests)

  38. Significance: Alt. Contingent Remainders (1) v. Vested Remainder Subject to Divestment (2) • To A for life, then to B & her heirs if she turns 21, but if B dies before 21, then to C and his heirs. Reversion in O. (2) To A for life, then to B & her heirs, but if B dies before 21, then to C & his heirs. (No Reversion in O)

  39. Significance: Alt. Contingent Remainders (1) v. Vested Remainder Subject to Divestment (2) • (1) To A for life, then to B & heirs if she turns 21, but if B dies before 21, then to C & heirs. Reversion in O. • (2) To A for life, then to B & her heirs, but if B dies before 21, then to C & his heirs. • Both 1+2: If A alive & B dies at 14: • B gets Nothing; • C gets fee simple at A’s death

  40. Significance: Alt. Contingent Remainders (1) v. Vested Remainder Subject to Divestment (2) • (1) To A for life, then to B & heirs if she turns 21, but if B dies before 21, then to C & heirs. Reversion in O. • (2) To A for life, then to B & her heirs, but if B dies before 21, then to C & his heirs. • Both 1+2: If A alive & B turns 21: • B has vested remainder • C’s interest fails

  41. Significance: Alt. Contingent Remainders (1) v. Vested Remainder Subject to Divestment (2) • (1) To A for life, then to B & her heirs if she turns 21, but if B dies before 21, then to C and his heirs. Reversion in O. • (2) To A for life, then to B & her heirs, but if B dies before 21, then to C & his heirs. • (1) If A dies & B not yet 21 (if Contigent Remainder): • Conditions not met for either B or C. Remainders either destroyed or become Springing Executory Interests • O takes Fee Simple [on Executory Limitation in Modern View (exc. FL)]

  42. Significance: Alt. Contingent Remainders (1) v. Vested Remainder Subject to Divestment (2) • (1) To A for life, then to B & her heirs if she turns 21, but if B dies before 21, then to C and his heirs. Reversion in O. • (2) To A for life, then to B & her heirs, but if B dies before 21, then to C & his heirs. • (2) If A dies & B not yet 21 (if Vested Rem. Subj. to Divmt) • No requirement that B turn 21 to take possession, so B does take possession and has Fee Simple on Executory Limitation. • C still has Shifting Executory Interest that will become possessory if B dies before turning 21.

  43. BADLANDS: Problem 3N NORBECK PASS

  44. Badlands (3N): Clark “to Jimmy for life, then to Lois & her heirs, but if Jimmy is survived at his death by any children, then to such surviving children & their heirs.Jimmy has two children, Perry & Della. • Jimmy?

  45. Badlands (3N): Clark “to Jimmy for life, then to Lois & her heirs, but if Jimmy is survived at his death by any children, then to such surviving children & their heirs.Jimmy has two children, Perry & Della. • Jimmy: Life Estate • Lois?

  46. Badlands (3N):Clark“to Jimmy for life, then to Lois & her heirs, but if Jimmy is survived at his death by any children, then to such surviving children & their heirs.Jimmy has two children, Perry & Della. • Jimmy: Life Estate • Lois: Vested Remainder (in f.s.) Subject to Divestment • J’s Children

  47. Badlands (3N):Clark“to Jimmy for life, then to Lois & her heirs, but if Jimmy is survived at his death by any children, then to such surviving children & their heirs.Jimmy has two children, Perry & Della. • Jimmy: Life Estate • Lois: Vested Remainder (in f.s.) Subject to Divestment • J’s Children: Shifting Executory Interest (in f.s.) • Clark?

  48. Badlands (3N):Clark“to Jimmy for life, then to Lois & her heirs, but if Jimmy is survived at his death by any children, then to such surviving children & their heirs.Jimmy has two children, Perry & Della. • Jimmy: Life Estate • Lois: Vested Remainder (in f.s.) Subject to Divestment • J’s Children: Shifting Executory Interest (in f.s.) • Clark: Nothing

  49. GRANTS IN (3L) & (3M) & (3N) ALL TRYING TO DO SAME THINGS: • To A for life, then … • If A has any surviving children, they take. • If no surviving children, to B. BUTThe Precise Wording of Each Grant Creates a Slightly Different Set of Interests

  50. (3L) & (3M) & (3N) Test Note #4: Test Will Include Grants Modeled on At Least Two of These Problems. I’ll Ask You to: • Identify the Interests Created; and • Identify the State of the Title as Relevant Parties are Born or Die.

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