Property MBE Preview
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8 terms
Terms | Definitions |
|---|---|
 Defeasible fees (3 types) | 1. Fee simple determinable (durational) 2. Fee simple subject to condition subsequent 3. Fee simple subject to executory interest |
| Fee simple determinable (durational) | always begins with phrase "O grants Blackacre to A and her heirs", always followed by 1 of these 4 phrases "for so long as", "while", "during", or "until"; if durational language is broken, then property goes back to grantors and his heirs through possibility of reverter (it's automatic) |
| Fee simple subject to condition subsequent | "O grants Blackacre to A and her heirs", and followed by "on condition that", "provided that", "however, if", "but if" - if conditional language is broken, O and O's heirs maintain a right of reentry back to the property; they have to exercise their right of reentry by i.e. filing action for ejectment (most common) |
| Fee simple subject to executory interest | "O grants to Blackacre to A and her heirs", can use either fee simple determinable or free simple subject to condition subsequent language; if language is broken, property doesn't go back to O, it goes to third party, B.B has executor interest and it is subject to RAP. |
| Restraint against alienation | restriction on free transferability of property; a direct restraint on a fee (to you, but if you ever try to sell it, you lose it - these are void as against public policy); Court cuts of "bad" part of conveyance and maintains flavor of the conveyance. |
| Direct restraints/ absolute prohibitions against transfer or property | against public policy |
| Anti-assignment clauses, Lessor restraints on fees | allowable/ transferrable |
| Remainders | can only follow life estates |
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