PROPERTY D SLIDES 3-4-14. Tuesday March 4 Music: Isaac Stern, 60 th Anniversary Celebration (1981)...

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Shenandoah: (4E) Derek“to Bernie for life, then to Jorge for life, then to Roger and his heirs.” Bernie?

Transcript of PROPERTY D SLIDES 3-4-14. Tuesday March 4 Music: Isaac Stern, 60 th Anniversary Celebration (1981)...

PROPERTY D SLIDES Tuesday March 4 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Tuesday March 4 Music: Isaac Stern, 60 th Anniversary Celebration (1981) New York Philharmonic Orchestra; Violins: Isaac Stern, Itzhak Perlman, Pinchas Zucherman 1982 Grammy Award for Best Classical Performance (Soloists with Orchestra) No Deans Fellow Session Today Lunch Tomorrow: Meet on 12:25 Hoffman, Oa, Pan, Perez, Schindler, Tarafa Shenandoah: (4E) Derekto Bernie for life, then to Jorge for life, then to Roger and his heirs. Bernie? to Bernie for life Shenandoah: (4E) Derek to Bernie for life, then to Jorge for life, then to Roger and his heirs. Bernie: Life Estate Jorge? to Bernie for life Shenandoah: (4E) Derek to Bernie for life, then to Jorge for life, then to Roger and his heirs. Bernie: Life Estate Jorge: Vested Remainder in Life Estate. Note that even though Jorge has to survive Bernie for his interest to become possessory, we dont describe this as a Contingent Remainder because the condition is not stated explicitly. Roger? to Bernie for life Shenandoah: (4E) Derek to Bernie for life, then to Jorge for life, then to Roger and his heirs. Bernie: Life Estate Jorge: Vested Remainder in Life Estate. Roger: Vested Remainder in Fee Simple. Shenandoah: (4E) Derek to Bernie for life, then to Jorge for life, then to Roger and his heirs. Almost as Predicted YELLOWSTONE (Problems 4F-4G) GIANT GEYSER Yellowstone: (4F) Reggie to Veronica for life, then to Betty and her heirs if Betty attains the age of 21. Betty is 15. Veronica: ? to Veronica for life Yellowstone: (4F) Reggie to Veronica for life, then to Betty and her heirs if Betty attains the age of 21. Betty is 15. Veronica: Life Estate Betty? to Veronica for life Yellowstone: (4F) Reggie to Veronica for life, then to Betty and her heirs if Betty attains the age of 21. Betty is 15. Veronica: Life Estate Betty: Contingent Remainder in Fee Simple (condition of turning 21 must be met before she can get property) Anything Else? to Veronica for life Yellowstone: (4F) Reggie to Veronica for life, then to Betty and her heirs if Betty attains the age of 21. Betty is 15. Veronica: Life Estate Betty: Contingent Remainder in Fee Simple Reggie: Reversion Always Created Along with Contingent Remainder Covers Rights to Property After Veronica Dies if Bettys Condition Not Met to Veronica for life Yellowstone: (4F) Reggie to Veronica for life, then to Betty and her heirs if Betty attains the age of 21. Betty is 15. Veronica: Life Estate Betty: Contingent Remainder in Fee Simple Reggie: Reversion to Veronica for life Yellowstone: (4F) Reggie to Veronica for life, then to Betty and her heirs if Betty attains the age of 21. Veronica: Life Estate Betty: Contingent Remainder in Fee Simple Reggie: Reversion What if Betty turns 21 while Veronica is alive? to V for life Yellowstone: (4F) Reggie to V for life, then to B and her heirs if B attains the age of 21. ***B turns 21 while V alive*** Veronica: Life Estate Bettys Contingent Remainder vests leaving her with a Vested Remainder in Fee Simple Reggies Reversion now can never become possessory, so we say it divests, leaving him with nothing. to Veronica for life Yellowstone: (4F) Reggie to Veronica for life, then to Betty and her heirs if Betty attains the age of 21. Veronica: Life Estate Betty: Contingent Remainder in Fee Simple Reggie: Reversion What if Betty dies at age 17 while Veronica is alive? to V for life Yellowstone: (4F) Reggie to V for life, then to B and her heirs if B attains the age of 21. ***B dies at 17 while V alive*** Veronica: Life Estate The condition can never be met, so Bettys Contingent Remainder fails leaving her (and her successors) with nothing Reggies Reversion stays in place, so he or his successors will get the property when Veronica dies. to Veronica for life Yellowstone: (4F) Reggie to Veronica for life, then to Betty and her heirs if Betty attains the age of 21. Veronica: Life Estate Betty: Contingent Remainder in Fee Simple Reggie: Reversion What if Veronica dies while Betty is still age 17? Life Estate is Over Betty Cant Take, Because Condition Not Met Well Come Back to This After We Introduce Executory Interests Yellowstone: (4G): To my only son, Larry, for life, then to Larry's children and their heirs." Larry has two living children, Moe and Curly. Larry? Yellowstone: (4G): To my only son, Larry, for life, then to Larry's children and their heirs." Larry has two living children, Moe and Curly. Larry: Life Estate Moe & Curly? Yellowstone: (4G): To my only son, Larry, for life, then to Larry's children and their heirs." Larry has two living children, Moe and Curly. Larry: Life Estate Moe & Curly: Vested Remainders (in Fee Simple) Subject to Open Remainders are still vested b/c M&C certain to get at least a share of the property. Use of subject to open makes clear that exact share of the property they will get is uncertain; reduces if more children born. We dont use phrase subject to open with contingent remainders, which are always uncertain. Yellowstone: (4G): To my only son, Larry, for life, then to Larry's children and their heirs." Larry has two living children, Moe and Curly. Larry: Life Estate Moe & Curly: Vested Remainders (in Fee Simple) Subject to Open Larry has additional child, Stella. Stella has? Yellowstone: (4G): To my only son, Larry, for life, then to Larry's children and their heirs." Larry has 3 living children, Moe, Curly, Stella. Larry: Life Estate Moe & Curly & Stella: Vested Remainders (in Fee Simple) Subject to Open Curly (C) dies, leaving his wife, Noreen, and a child, Orrin; C's will devises all property to Noreen. What happens to Cs interest? Yellowstone: (4G): To my only son, Larry, for life, then to Larry's children and their heirs." Larry had 3 children, Moe, Curly, Stella. Larry: Life Estate Moe & Noreen & Stella: Vested Remainders (in Fee Simple) Subject to Open Nothing in grant requires that Ls children survive him As in Problem 4C, Vested Remainder in Fee Simple passes at death like any other property. Larry dies. State of the title? Yellowstone: (4G): To my only son, Larry, for life, then to Larry's children and their heirs." Larry Dies, ending Life Estate Moe & Noreen & Stella: Share Fee Simple Absolute (as Tenants-in-Common) For this course, only need to know that theyd share; dont need to know term tenants in common or what it means. DEFEASIBLE FEES Dotted Line indicates Conditional Interest Open Circle indicates that it would cut off present interest (usually at an unspecified time) as opposed to waiting for it to be complete. DEFEASIBLE FEES: Two Relevant Distinctions 1.Automatic termination v. Needs action by future interest holder GrantorGrantee 2.Who holds future interest?: Grantor v. Grantee DEFEASIBLE FEES: Restatement Terms Fee Simple Determinable Fee Simple on Condition Subsequent Fee Simple on Executory Limitation DEFEASIBLE FEES: Fee Simple Determinable OPERATION: Self-Executing (Automatically Terminates Fee Simple When Condition Occurs) DEFEASIBLE FEES: Fee Simple Determinable OPERATION: Self-Executing KEY LANGUAGE: So long as, While, Until (References to Time) DEFEASIBLE FEES: Fee Simple Determinable OPERATION: Self-Executing KEY LANGUAGE: So long as, While, Until FUTURE INTEREST: Possibility of Reverter (in GRANTOR) FUTURE INTEREST: Possibility of Reverter (in GRANTOR) DEFEASIBLE FEES: Fee Simple Determinable: Example To Estelle and her heirs so long as asparagus is not grown on the property. DEFEASIBLE FEES: Fee Simple on Condition Subsequent OPERATION: Grantor (or Successor) Must Act to Terminate Fee Simple DEFEASIBLE FEES: Fee Simple on Condition Subsequent OPERATION: Grantor Must Act KEY LANGUAGE: But if, provided that if, on condition that if PLUS O may [re]enter and [re]claim the land DEFEASIBLE FEES: Fee Simple on Condition Subsequent OPERATION: Grantor Must Act KEY LANGUAGE: But if, provided that if, on condition that if PLUS O may [re]enter and [re]claim the land FUTURE INTEREST: Right of [Re]Entry (in GRANTOR) FUTURE INTEREST: Right of [Re]Entry (in GRANTOR) DEFEASIBLE FEES: Fee Simple on Condition Subsequent: Example EXAMPLE: To Estelle and her heirs, but if asparagus is grown on the property, I can reenter and claim the land DEFEASIBLE FEES: Fee Simple on Executory Limitation OPERATION: Either self-executing or grantee has to act. DEFEASIBLE FEES: Fee Simple on Executory Limitation OPERATION: Either self-executing or grantee has to act. KEY LANGUAGE: Creates interest in 3d party if condition violated DEFEASIBLE FEES: Fee Simple on Executory Limitation OPERATION: Either self-executing or grantee has to act. KEY LANGUAGE: Creates interest in 3d party if condition violated Executory Interest FUTURE INTEREST: Executory Interest (in 3d party grantee) DEFEASIBLE FEES: Fee Simple on Executory Limitation: Examples To Estelle and her heirs so long as asparagus is not grown on the property, otherwise to Bob. DEFEASIBLE FEES: Fee Simple on Executory Limitation: Examples To Estelle and her heirs so long as asparagus is not grown on the property, otherwise to Bob To Estelle and her heirs, but if asparagus is grown on the property, Bob can enter and claim the land. DEFEASIBLE FEES: Restatement Terms (What We Use) FEE SIMPLE DETERMINABLE (to grantor; automatic) F.S. ON CONDITION SUBSEQUENT (to grantor; must act) F.S. ON EXECUTORY LIMITATION (to grantee; either way) (Accessorizing) Defeasible Fees & Matching Future Interests (Accessorizing) FEE SIMPLE DETERMINABLE & Possibility of Reverter F.S. ON CONDITION SUBSEQT & Right of Re[Entry] F.S. ON EXECUTORY LIMITATION & Executory Interest TERMINOLOGY: ME v. WORKBOOK Defeasible fee in the form of a Fee Simple Determinable BUT with the future interest in third party: Me (& Restatement): Fee Simple on Executory Limitation Workbook: Fee Simple Determinable (See Workbook p.72 fn19) TERMINOLOGY: ME v. TEXTBOOK Textbook says Fee Simple on Executory Limita