The Fee Simple Flashcards

The Fee Simple Flashcards Defeasible Fees (F.S. Subject to Executory Limitation)Defintion Automatically divested by an executory interest in a 3rd person(e.g., to school, but if it ceases to use the land for school purposes, then to Hospital) Defeasible Fees (Defined)A fee simple that is defeasible upon the happening of an event.Fee Simple Absolute (Defined)Absolute ownership. It is of potentially infinite duration with no limitations on its inheritability, and it cannot be divested or end on the happening of any event.Defeasible Fees (Types)1. Fee Simple Determinable2. Fee Simple Subject to Condition Subsequent3. Fee Simple Subject to Executory Limitation Defeasible Fees (F.S. Subject to Condition Subsequent)Defintion

• A fee simple that is cut short by the grantor after a

specified condition occurs- Fee simple ends after the condition occurs and the grantor elects to re-enter and terminate the estate Fee Simple Absolute (Words of Purchase and Limitation--3 points)

• Words of purchase identify the person in whom the

estate is created2. Words of limitation describe the type of estate created3. At common law "and his heirs" were required words of limitation and if omitted, grantee took only a life estate. In modern law the req. has been abolished and either a deed/will is presumed to create the largest estate the grantor owns Fee Simple Absolute (Definitions--4 points) 1. Heirs (Intestate) - Inherit real property2. Next of Kin (Intestate)- Inherit personal property3. Devisees (Will) - Those who are devised real property4. Legatees (Will) - Those who are bequeathed personal property Fee Simple Absolute (Transferability--2 points) 1. Statute of Quia Emptores (1290)--established that land is freely alienable2. Statute of Wills (1540)--established that fee simple owners had the fifth to devise their land or have it descend to their heirs where owner had no will Defeasible Fees (F.S. Subject to Condition Subsequent)Creation, Transferability, & Future Interest

• Creation- By giving the grantee a fee simple, and then

providing that it may be cut short by a condition(e.g., to school, but if . . .; to school, however . . .; to school provided)2. Transferability- Can be transferred or inherited until the transferor can and does exercise the right of entry3. Future Interest- Right of Entry need to be expressly retained, but will be implied if the words are reasonably susceptible to the interpretation Fee Simple (Types)A) Fee Simple AbsoluteB) Defeasible Fees Fee Simple and Correlative Future Interests Fee Simple Absolute (Reversion)Defeasible Fees- Fee Simple Determinable (Possibility of Reverter)- Fee Simple

S.C.S. (Right of Re-entry)- Fee Simple S.E.L. (?)

Defeasible Fees (F.S. Determinable)Creation, Transferability, & Future Interest

• Creation- Words of limitation must be used (not just

intent)- so long as, until, etc.2. Transferability- Can be transferred or inherited but still subject to the limitation3.Future Interest- Possibility of Reverter may be expressly retained or simply arise by operation of law Defeasible Fees (F.S. Determinable)Definition An estate that ends automatically when some specified event occurs(e.g., to school so long as it uses it for school purposes)