Possessory vs. Future Interests (p. 274) Possessory Estate Reversionary Interest Non-Reversionary Interest FS Determinable Possibility of Reverter N/A FS Subject to Condition Right of Entry (Power of N/A Subsequent Termination) FS Subject to Executory N/A Executory Interest Limitation Reversion [indefeasibly vested] (when no remainder N/A created) Reversion [Vested subject to defeasance] (when Contingent Remainder contingent remainders Life Estate & Term of Years created Remainder vested subject to divestment Possibility of reverter (if any) Executory Interest (if any) Reversion [vested subject to Remainder vested subject to defeasance or indefeasibly limitational defeasance vested] Remainder vested subject to N/A open Executory interests in unborn N/A class members
Possessory vs. Future Interests (p. 274) Possessory Estate Reversionary Interest Non-Reversionary Interest FS Determinable Possibility of Reverter N/A FS Subject to Condition Subsequent Right of Entry (Power of Termination) N/A FS Subject to Executory Limitation N/A Executory Interest Life Estate & Term of Years Reversion [indefeasibly vested] (when no remainder created) N/A Reversion [Vested subject to defeasance] (when contingent remainders created Contingent Remainder Possibility of reverter (if any) Remainder vested subject to divestment Executory Interest (if any) Reversion [vested subject to defeasance or indefeasibly vested] Remainder vested subject to limitational defeasance N/A Remainder vested subject to open N/A Executory interests in unborn class members
BrayPropertyFall2011.docx