Limited by language that creates a provided that, provided limitation: “but if, however, on the condition that” Future interest: Right of re-entry/power of termination While the right exists, it is the responsibility of the grantor to execute that right Not transferable Fee Simple Subject to Executory Limitation treated as either FSSCS or FSD but – future interest rests in someone other than the grantor Automatically cuts the prior interest regardless of language Future interest: Executory Interest Springing cuts off the possession of the grantor – Shifting cuts of the interest of someone other than the grantor – Future Interests Can be created in the transferor or a transferee: In transferor: Reversion follows a finite estate – May be certain to become possessory or contingent Right of re-entry/power of termination - FSSCS Possibility of reverter FSD – In transferee: Vested remainder certain to become possessory upon the expiration of the prior – estate created at the same time Given to an ascertained person and is not subject to a condition precedent Vested subject to open/vested subject to partial divestment when a class has – not closed (e.g. children) – A remainder is vested if: Born Ascertainable (can recognize by name) And no express condtion precedent in a) the clause creating the there’s remainder or b) the preceding clause Contingent remainder permits the transferor to let future events determine who the – transferee will be Any other remainder other than a vested remainder Given to an unascertainable person or made contingent upon some event occurring other than the natural termination of the preceding estate Executor interest divests or cuts short the preceding interest (the only way it can – take effect from a transferee) or divests the transferor in the future (springing executor interest) Always treated as a contingent interest Future interest gives present rights to its owners Can sell/gift the future interest presently Can enjoin the present possessor from committing waste to the land Can sue 3rd parties injuring the land or claiming title hostilely
Limited by language that creates a limitation: “but if, provided that, provided however, on the condition that” Future interest: Right of re-entry/power of termination While the right exists, it is the responsibility of the grantor to execute that right Not transferable Fee Simple Subject to Executory Limitation – treated as either FSSCS or FSD but future interest rests in someone other than the grantor Automatically cuts the prior interest regardless of language Future interest: Executory Interest Springing – cuts off the possession of the grantor Shifting – cuts of the interest of someone other than the grantor Future Interests Can be created in the transferor or a transferee: In transferor: Reversion – follows a finite estate May be certain to become possessory or contingent Right of re-entry/power of termination - FSSCS Possibility of reverter – FSD In transferee: Vested remainder – certain to become possessory upon the expiration of the prior estate created at the same time Given to an ascertained person and is not subject to a condition precedent Vested subject to open/vested subject to partial divestment – when a class has not closed (e.g. – children) A remainder is vested if: Born Ascertainable (can recognize by name) And there’s no express condtion precedent in a) the clause creating the remainder or b) the preceding clause Contingent remainder – permits the transferor to let future events determine who the transferee will be Any other remainder other than a vested remainder Given to an unascertainable person or made contingent upon some event occurring other than the natural termination of the preceding estate Executor interest – divests or cuts short the preceding interest (the only way it can take effect from a transferee) or divests the transferor in the future (springing executor interest) Always treated as a contingent interest Future interest gives present rights to its owners Can sell/gift the future interest presently Can enjoin the present possessor from committing waste to the land Can sue 3rd parties injuring the land or claiming title hostilely
Property-Petherbridge-2008.docx