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Page 1: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

PROPERTY A SLIDES3 x 5 = 15

Page 2: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Thursday March 5 Thursday March 5 Music: Isaac Music: Isaac Stern, Stern,

6060thth Anniversary Celebration (1981) Anniversary Celebration (1981) New York Philharmonic Orchestra; Violins:

Isaac Stern, Itzhak Perlman, Pinchas Zucherman1982 Grammy Award for Best Classical Performance (Soloists with Orchestra)

Very Last Lunch Today: Meet on Brix @ 11:55Ahmed * Fellig *Powell

Yellowstone Critique Due Today @ 10 a.m.Yellowstone Critique Due Today @ 10 a.m.

Page 3: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Review Problem 3D (S64-65) (Capacity)

•Shenandoah= Ps (A & B)• Melendez, Laura• Chen, Connie • Steckler, Steve• Halperin, Daniel• Usman, Sarah• Alternate: Mason, Joanne

•Redwood = Defendant MMS• Ganase, Ketan• Whitley, Dexter• Corrales, Brenda• Ahmed, Feras• Engstrom, Dave• Alternate: Fellig, Zevi

Page 4: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Critique of Review Problem 3D (Capacity: Biscayne)

• General Instructions @ Bottom of General Instructions @ Bottom of Assignment SheetAssignment Sheet• You are critiquing Capacity arguments made in class You are critiquing Capacity arguments made in class

today. (as opposed to other issues in the Problem)today. (as opposed to other issues in the Problem)

• Plaintiff = Arguments that K lacked capacity/will is Plaintiff = Arguments that K lacked capacity/will is invalidinvalid

• Defendant = Arguments K had capacity/will is validDefendant = Arguments K had capacity/will is valid

•Written Submission Due by E-Mail Sat 3/7 @ 10 Written Submission Due by E-Mail Sat 3/7 @ 10 a.m.a.m.

• E-Mail me if QsE-Mail me if Qs

Page 5: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Review Problem 3D (S64-65) (Capacity)

Shenandoah= Ps (A & B) Redwood = Defendant MMS

Evidence of Capacity/Incapacity Generally

• Evidence from Before the Day of Will Signing Ceremony & Surrounding Circumstances

• Evidence from the Day of the Ceremony

Page 6: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Review Problem 3D (S64-65) (Capacity)

Shenandoah= Ps (A & B) Redwood = Defendant MMS

Application of Traditional Three-Part Test

a.Natural Objects of Her Bounty: Evidence/Qs Here?

b.Nature/Extent of Her Property: Evidence/Qs Here?

c.Nature of Disposition: Evidence/Qs Here?

Page 7: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Mahrenholz v.Mahrenholz v.County BoardCounty Board

Page 8: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Tomorrow: ARCHES: DQ4.05Mahrenholz Major Events

DELICATE ARCHES

Page 9: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Tomorrow: BISCAYNE: DQ4.11Violation of School Purposes Condition?Violation of School Purposes Condition?

SUNRISE AT ADAMS KEY

Page 10: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Vested v.Vested v.ContingentContingent

Remainders Remainders ContinuedContinued

Page 11: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

VESTED REMAINDER

1. Grantee is living ascertainable person AND

2. Clause creating the remainder contains no condition on grantee taking the property except expiration of prior estate

Example: To Aaron for life, then to Oona and her heirs.

Page 12: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

CONTINGENT REMAINDER•Grantee is presently unborn or unascertainable *OR*•Clause creating the remainder contains a condition on grantee

taking the property• Examples from Tuesday:• “To Fred for life, then to Fred’s firstborn child.” • If F has never had a child: UnbornUnborn

• “To Fred for life, then to Fred’s oldest child living at Fred’s death.”• While F is alive: UnascertainableUnascertainable

Page 13: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

REMAINDERS: EXAMPLES

“To Fred for life, then to Wilma and her heirs if Dino survives Fred.”•Fred has Life Estate•Interest in Wilma• Follows Life Estate, so it’s a Remainder• Condition must be met before Wilma can take, so Remainder is

Contingent.

Page 14: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Contingent v. Vested Remainders:Memory/Comprehension AidsMemory/Comprehension Aids

•Meaning/Derivation of Vested Right• Clearly Established Right that’s Hard to Undo• E.g., “Vested” Employee Benefits

• Derivation: Putting on Robes of Office (Investvestment)

•Analogy:• Vested Remainder Theater Ticket• Contingent Remainder Lottery Ticket

Page 15: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Life Estate + Vested Remainder

To Fred for Life, then to Wilma and her heirs.

Page 16: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Life Estate + Contingent Remainder

Barney “to Fred for Life, then to Wilma and her heirs if Dino survives Fred.”

I’ll Show Contingency by Drawing Dotted Line, Off of the Primary Time Line, that Begins at the End of the Finite Estate

Page 17: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Life Estate + Contingent Remainder

Barney “to Fred for Life, then to Wilma and her heirs if Dino survives Fred.”

What happens to property when Fred dies if Dino doesn’t survive Fred? Someone must get it!

Page 18: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Life Estate + Contingent Remainder

Barney “to Fred for Life, then to Wilma and her heirs if Dino survives Fred.”

What happens to property when Fred dies if Dino doesn’t survive Fred? If grant doesn’t distribute some of the available rights, then those rights are retained by the grantor.

Page 19: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Life Estate + Contingent Remainder

Page 20: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

REMAINDERS “IN …” :

• “To Fred for life, then to Wilma for life.”

Wilma has a vested remainder in life estate

• “To Fred for life, then to Wilma and her heirs if Dino survives Fred.

Wilma has a contingent remainder in fee simple absolute

Page 21: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

TERMINOLOGY: ME v. WORKBOOK

•Workbook: Describes all present possessory estates (Fee Simple Absolute, Life Estate, etc.) as a “Possessory Estate in …”

Page 22: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

TERMINOLOGY: ME v. WORKBOOK

•Workbook: Describes all present possessory estates (Fee Simple Absolute, Life Estate, etc.) as a “Possessory Estate in …”•My Test Questions: Will not use the italicized phrase.

Page 23: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

TERMINOLOGY: ME v. WORKBOOK

•Workbook: Describes all present possessory estates (Fee Simple Absolute, Life Estate, etc.) as a “Possessory Estate in …”•Maybe there to help you remember important rule: You can

have only one present possessory estate at any given time with respect to a particular parcel of land.

Page 24: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

TERMINOLOGY: ME v. WORKBOOK

•Workbook: Adds language to define nature of future interests in grantor. E.g., • Reversion in Fee Simple Absolute• Possibility of Reverter in Fee Simple Absolute

Page 25: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

TERMINOLOGY: ME v. WORKBOOK

•Workbook: Adds language to define nature of future interests in grantor. E.g., • Reversion in Fee Simple Absolute• Poss. Of Reverter in Fee Simple Absolute

•My Test Questions: Only will add this sort of language for remainders

Page 26: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

SHENANDOAH (Problems 4A-4E)

APPALACHIAN TRAIL

Page 27: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4A) O conveys Baconacre "to Mayer and her heirs”

Mayer's only child, Armour, runs up large bills. Can Armour's creditors reach any interest of

Armour in Baconacre?

Page 28: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4A) O conveys B-Acre "to Mayer and her heirs”

Point of 4A is meaning of “and her heirs”• Clarifies that M has a Fee Simple• Creates no interest in anyone else• Presumptive heirs have a “mere expectancy”

Page 29: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4A) O conveys Baconacre "to Mayer and her heirs”

Mayer wishes to sell Baconacre and use the proceeds to take a trip around the world.

Can Armour prevent Mayer from doing this?

Page 30: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

•Ernie?

Page 31: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

•Ernie: Life Estate

•Burt: ?

Page 32: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

•Ernie: Life Estate•Burt: Vested Remainder• Remainder b/c Follows Life Estate• Vested b/c Burt is Named (so Living & Ascertainable

Muppet) and No Condition Precedent• Vested Remainder in …?

Page 33: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

•Ernie: Life Estate•Burt: Vested Remainder in Life Estate

At Common Law • To Create Fee Simple Interest, need “and his Heirs.”•Without language indicating fee simple, default estate is Life

Estate.

Page 34: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

• Ernie: Life Estate• Burt: Vested Remainder in Life Estate

•Who Owns the Rest (rights to property after both Ernie & Burt are dead)?

Page 35: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

• Ernie: Life Estate• Burt: Vested Remainder in Life Estate

•Kermit: Reversion (in Frog Green!)• Follows finite interest if not explicitly granted to someone else

State of the Title When Ernie Dies?

Page 36: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

•Burt: Life Estate•Kermit: (retains) Reversion

•When Burt Dies?

Page 37: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

•Kermit (or Kermit’s Successors) have Fee Simple Absolute

Page 38: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (Common Law)

• Ernie: Life Estate•Burt: Vested Remainder in Life Estate•Kermit: Reversion

Page 39: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (TODAY)

•Ernie: Life Estate

•Burt: ?

Page 40: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (TODAY)

•Ernie: Life Estate•Burt: Vested Remainder in Fee Simple

- Default Estate Today is Fee Simple•Kermit?

Page 41: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (TODAY)

• Ernie: Life Estate•Burt: Vested Remainder in Fee Simple•Kermit: Nothing (not easy being green)

State of the Title When Ernie Dies?

Page 42: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (TODAY)

•Burt: Fee Simple AbsoluteWhen Burt Dies?

Page 43: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4B) Kermit “to Ernie for to Ernie for lifelife, then to Burt foreverthen to Burt forever.” (TODAY)

•Burt: Fee Simple AbsoluteWhen Burt Dies?

Property passes by Burt’s will or through intestacy to Burt’s heirs.

Page 44: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4C) Elmer “to Sylvester to Sylvester for lifefor life, then to Bugs and his heirsthen to Bugs and his heirs.”

•Sylvester: ?

Page 45: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4C) Elmer “to Sylvester to Sylvester for lifefor life, then to Bugs and his heirsthen to Bugs and his heirs.”

•Sylvester: Life Estate•Bugs:?

Page 46: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4C) Elmer “to Sylvester to Sylvester for lifefor life, then to Bugs and his heirsthen to Bugs and his heirs.”

• Sylvester: Life Estate•Bugs: Vested Remainder in Fee Simple [Absolute]

Bugs dies intestate without heirs. What Effect?

Page 47: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4C) Elmer “to Sylvester to Sylvester for lifefor life, then to Bugs and his heirsthen to Bugs and his heirs.”

• Sylvester: Life Estate

•Bugs: Vested Remainder in Fee Simple • Bugs dies intestate without heirs. • Vested Remainder passes to State by Escheat (like rest of

Bugs’s property)Sylvester Dies: What Effect?

Page 48: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4C) Elmer “to Sylvester to Sylvester for lifefor life, then to Bugs and his heirsthen to Bugs and his heirs.”

•When Bugs died intestate without heirs, Vested Remainder passed to State by Escheat.•When Sylvester dies, Vested Remainder becomes Fee Simple. •So: State has Fee Simple Absolute

Page 49: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4D) Mickey “to Minnie for life, then to Pluto for 99 years.”

•Minnie?

Page 50: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4D) Mickey “to Minnie for to Minnie for lifelife, then to Pluto for 99 years.”

•Minnie: Life Estate•Pluto?

Page 51: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4D) Mickey “to Minnie for life, then to Pluto for 99 years.” then to Pluto for 99 years.”

•Minnie: Life Estate•Pluto: Vested Remainder in Term of Years.•Anything Else?

Page 52: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4D) Mickey “to Minnie for life, then to Pluto for 99 years.” then to Pluto for 99 years.”

•Minnie: Life Estate•Pluto: Vested Remainder in Term of Years.•Mickey: Reversion

Page 53: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4D) Mickey “to Minnie for life, then to Pluto for 99 years.” then to Pluto for 99 years.”

• Minnie: Life Estate• Pluto: Vested Remainder in Term of Years.

•Mickey: Reversion (eventually to his successors)• Somebody has to own the rights to the property after the

first two finite interests are completed. Because Mickey did not give away those rights, he must still have them at the time of the grant.

Page 54: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4D) Mickey “to Minnie for life, then to Pluto for 99 years.” then to Pluto for 99 years.”

• Minnie: Life Estate• Pluto: Vested Remainder in Term of Years.

•Mickey: Reversion (eventually to his successors)•Note we say that Mickey has a Reversion even though we

are pretty certain he won’t be alive when it becomes possessory (after all, he’s a mouse). When Pluto’s interest ends, Mickey’s successors will take possession.

Page 55: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

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

•Bernie?

Page 56: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

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

•Bernie: Life Estate• Jorge?

Page 57: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4E) Derek “to Bernie for lifeto 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 don’t describe this as a Contingent Remainder because the condition is not stated explicitly.

•Roger?

Page 58: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Shenandoah: (4E) Derek “to Bernie for lifeto 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.

Page 59: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

YELLOWSTONE (Problems 4F-4G)

GIANT GEYSER

Page 60: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to Veronica for life, then to Betty and her heirs if Betty attains the age of 21.” Betty is 15.

•Veronica: ?

Page 61: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to Veronica for lifeto Veronica for life, then to Betty and her heirs if Betty attains the age of 21.” Betty is 15.

•Veronica: Life Estate•Betty?

Page 62: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to Veronica for lifeto 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?

Page 63: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to Veronica for lifeto 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 Betty’s Condition Not Met

Page 64: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to Veronica for lifeto 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

Page 65: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to Veronica for lifeto 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?

Page 66: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to V for lifeto 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•Betty’s Contingent Remainder “vests” leaving her with a

Vested Remainder in Fee Simple•Reggie’s Reversion now can never become possessory, so we

say it “divests,” leaving him with nothing.

Page 67: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to Veronica for lifeto 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?

Page 68: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to V for lifeto 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 Betty’s Contingent

Remainder “fails” leaving her (and her successors) with nothing•Reggie’s Reversion stays in place, so he or his successors will

get the property when Veronica dies.

Page 69: PROPERTY A SLIDES 3 x 5 = 15 Thursday March 5 Music: Isaac Stern, 60 th Anniversary Celebration (1981) Thursday March 5 Music: Isaac Stern, 60 th Anniversary.

Yellowstone: (4F) Reggie “to Veronica for lifeto 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 Can’t Take, Because Condition Not Met•We’ll Come Back to This After We Introduce Executory Interests

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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?

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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?

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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. • NOTE: We don’t use phrase “subject to open” with contingent remainders,

which are always uncertain.

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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?

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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 C’s interest?

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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 L’s 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?

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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 they’d share; don’t need to know

term “tenants in common” or what it means.

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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.

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DEFEASIBLE FEES:Two Relevant Distinctions

1.Automatic termination v. Needs action by future interest holder

2.Who holds future interest?: GrantorGrantor v. GranteeGrantee

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DEFEASIBLE FEES:Restatement Terms

• Fee Simple Determinable

• Fee Simple on Condition Subsequent

• Fee Simple on Executory Limitation

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DEFEASIBLE FEES:Fee Simple Determinable

•OPERATION: Self-Executing (Automatically Terminates Fee Simple When Condition Occurs)

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DEFEASIBLE FEES:Fee Simple Determinable

•OPERATION: Self-Executing •KEY LANGUAGE: “So long as”, “While”, “Until” (References to

Time)

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DEFEASIBLE FEES:Fee Simple Determinable

•OPERATION: Self-Executing•KEY LANGUAGE: “So long as”, “While”, “Until” • FUTURE INTERESTFUTURE INTEREST: “Possibility of Reverter” (in : “Possibility of Reverter” (in

GRANTOR)GRANTOR)

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DEFEASIBLE FEES:Fee Simple Determinable: Example

To Estelle and her heirs so long as asparagus is not grown on the property.

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DEFEASIBLE FEES:Fee Simple on Condition Subsequent

•OPERATION: Grantor (or Successor) Must Act to Terminate Fee Simple

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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”

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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 INTERESTFUTURE INTEREST: “Right of [Re]Entry” : “Right of [Re]Entry” (in (in GRANTOR)GRANTOR)

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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