ESTATES GENERALLY an interest in property that is OR may become possessory Estate – A IS an b/c it is possessory life estate estate present possessory estate (“PPE”) A IS an b/c it may become possessory (NOT possessory at the reversion estate moment, BUT right to possess in future) future possessory interest (“FPI”) An is NOT an (never possessory) easement estate PPEs 2 categories… (i.e. landlord-tenant) Non-Freehold 2 Freehold types… Life Estate (at least potentially infinite) 3 Fee types… (will go on forever) Fee Simple Absolute (will go on until family ends) Fee Tail (can be prematurely cut short) 3 Fee Simple Defeasible types… Fee Simple Determinable (“FSD”) Fee Simple Subject to Condition Subsequent (“FSSCS”) Fee Simple Subject to Executory Interest (“FSSEI”) 2 FPIs categories… (something kept back) 3 Retained by Transferor types… Possibility of Reverter FSD) (“PR”) (follows (follows Power of Termination FSSCS) (“PT”) Reversion Created in Transferee (follows Executory Interest FSSEI) (“EI”) Remainder FEE SIMPLE ABSOLUTE Language to create FSA… At (ONLY way to create common law “O to A and her heirs and assigns” NO substitutions) FSA, are (making it clear that estate will her words of inheritance “and heirs” last longer than A’s lifetime) are (making it clear that estate is words of alienability “and assigns” transferable) At (AND various other possibilities) modern law to “O A”
ESTATES GENERALLY Estate – an interest in property that is OR may become possessory A life estate IS an estate b/c it is possessory present possessory estate (“PPE”) A reversion IS an estate b/c it may become possessory (NOT possessory at the moment, BUT right to possess in future) future possessory interest (“FPI”) An easement is NOT an estate (never possessory) PPEs 2 categories… Non-Freehold (i.e. landlord-tenant) Freehold 2 types… Life Estate Fee (at least potentially infinite) 3 types… Fee Simple Absolute (will go on forever) Fee Tail (will go on until family ends) Fee Simple Defeasible (can be prematurely cut short) 3 types… Fee Simple Determinable (“FSD”) Fee Simple Subject to Condition Subsequent (“FSSCS”) Fee Simple Subject to Executory Interest (“FSSEI”) FPIs 2 categories… Retained by Transferor (something kept back) 3 types… Possibility of Reverter (“PR”) (follows FSD) Power of Termination (“PT”) (follows FSSCS) Reversion Created in Transferee Executory Interest (“EI”) (follows FSSEI) Remainder FEE SIMPLE ABSOLUTE Language to create FSA… At common law “O to A and her heirs and assigns” (ONLY way to create FSA, NO substitutions) “and her heirs” are words of inheritance (making it clear that estate will last longer than A’s lifetime) “and assigns” are words of alienability (making it clear that estate is transferable) At modern law “O to A” (AND various other possibilities)
Property-2_Coskran-Spring-2009.docx