(common remedy for though, grantor MAY make Forfeiture law waste… estate upon commission of defeasible waste) House of Isaac… Isaac gives residence to wife for life (OR upon remarriage), then to George for life, then to children (daughter) OR surviving George’s then-living Isaac’s children (Howie, Irv, Elvira) George (upon of i.e. VR natural termination life estate defeasible, wife’s death) AND (upon of EI premature termination life estate wife’s wife’s i.e. remarriage) defeasible, wife’s AND Howie/Irv/Elvira alternate CRs George’s daughter George wants to demolish residence, build 13-story apartment complex (make $$, leave something for daughter)… BUT, Howie/Irv/Elvira object (own neighboring lots w/ restrictions … preventing them from doing the same, and do NOT want 13-story apartment complex towering over their lots)… AND, Howie/Irv/Elvira win George (as life tenant) may NOT exercise … act of ownership, but ONLY what is required for general use/ enjoyment of estate as received Similar facts in (mansion torn down, business Melms v. Pabst erected)… BUT, different outcome (complete change of conditions, property … no longer desirable for residence) Baker v. Weedon… John gives Anna in children (Anna has NO children at life estate, CR Anna’s time of conveyance), in from prior marriage alternate CR John’s grandchildren Anna (now an old woman stuck w/ in need of immediate economic life estate) relief, asks for of property and investment of proceeds in judicial sale trust… BUT, b/c value of property increasing, remaindermen stand to suffer great financial loss trial court holds for Anna, BUT appellate court remands DOCTRINE OF WORTHIER TITLE in into in Doctrine of worthier title FPI transferee FPI (“DWT”) converts transferor… in heirs becomes in O “O to A for life, then to O’s heirs” CR O’s reversion in heirs becomes in O for life, then to EI FSA “O O’s heirs” O’s
Forfeiture (common law remedy for waste… though, grantor MAY make estate defeasible upon commission of waste) House of Isaac… Isaac gives residence to wife for life (OR upon remarriage), then to George for life, then to George’s then-living children (daughter) OR Isaac’s surviving children (Howie, Irv, Elvira) George VR (upon natural termination of wife’s life estate defeasible, i.e. wife’s death) AND EI (upon premature termination of wife’s life estate defeasible, i.e. wife’s remarriage) George’s daughter AND Howie/Irv/Elvira alternate CRs George wants to demolish residence, build 13-story apartment complex (make $$, leave something for daughter)… … BUT, Howie/Irv/Elvira object (own neighboring lots w/ restrictions preventing them from doing the same, and do NOT want 13-story apartment complex towering over their lots)… … AND, Howie/Irv/Elvira win George (as life tenant) may NOT exercise act of ownership, but ONLY what is required for general use/ enjoyment of estate as received Similar facts in Melms v. Pabst (mansion torn down, business erected)… … BUT, different outcome (complete change of conditions, property no longer desirable for residence) Baker v. Weedon… John gives Anna life estate, CR in Anna’s children (Anna has NO children at time of conveyance), alternate CR in John’s grandchildren from prior marriage Anna (now an old woman stuck w/ life estate) in need of immediate economic relief, asks for judicial sale of property and investment of proceeds in trust… BUT, b/c value of property increasing, remaindermen stand to suffer great financial loss trial court holds for Anna, BUT appellate court remands DOCTRINE OF WORTHIER TITLE Doctrine of worthier title (“DWT”) converts FPI in transferee into FPI in transferor… “O to A for life, then to O’s heirs” CR in O’s heirs becomes reversion in O “O for life, then to O’s heirs” EI in O’s heirs becomes FSA in O
Property-2_Coskran-Spring-2009.docx