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Terms in this set (37)

1) Possibility of reverter (FS Determinable)
- Right of entry/power of termination (FSSCS)
- Reversion (Grantor conveys less estate than what she started with)

2) Contingent remainder
- Vested remainder (3 types)
- Executory Interest (2 types)

3) FI created in a grantee capable of becoming possessory upon EXPIRATION of prior possessory estate created in SAME CONVEYANCE in which remainder is created

4) - created in unascertained/unknown person OR
- subject to unmet condition precedent
- Both

5) Appears before language creating remainder OR is woven into grant to remainderman

6) Indefeasibly vested: Holder certain to acquire an estate in the future with no strings or conditions attached

- Vested remainder subject to complete defeasance/vested remainder subject to total divestment: Remainderman exists and no strings but right to possession can be cut short by condition subsequent

- Vested remainder subject to open: Remainder vested in group of takers, one of which is qualified, but each class member's share could get smaller because additional unascertained takers can still join

7) Yes

8) Conditional language follows language that, taken alone and set off by commas, creates a vested remainder = vested remainder subject to complete defeasance

9) Yes

10) Remainderman can't take - estate reverts back to Grantor or Grantor's heirs who hold it subject to satisfaction of condition precedent (Here a springing EI)

11) Open = Others can still join; Closed = No others can join

12) Rule of convenience - class closes when any member can demand possession

13) Yes, if closed class

14) FI created in transferee which isn't a remainder because takes effect by cutting short another's defeasible interest (shifting) or the grantor/grantor's heirs (springing)
1) Right to do something on servient land

2) Prevent servient landowner from doing something otherwise permissible (LASS)
- Light (some states include scenic view here)
- Air
- Support
- Stream from artificial flow

3) Only in express writing signed by grantor

4) Appurtenant = Benefits holder in physical use/enjoyment of property (always 2 properties involved)
- Gross = Confers on holder some personal/pecuniary advantage not related to use/enjoyment of land (only one parcel - servient)

5) Appurenant: Passes automatically with dominant tenement, even if not mentioned in conveyance.
- Exception: Burden doesn't run if new owner if BFP without notice
- Gross: Not transferable unless for commercial purposes

6) PING
- Prescriptive: COAH (Need not be exclusive)
- *Defeated by permission
- Implied: From existing use (Apparent and expected to continue)
- Necessary: Think selling a parcel leaving you no way out save over servient land
- Grant: If more than one year must be in writing (Deed of easement)

7) By terms of grant or conditions that created it

8) END CRAMP
- Estoppel: Servient materially changes position in reasonable reliance on dominant's assurances that easement no longer enforced
- Necessity: Necessity ends
- Destruction: Other than through willful conduct of servient
- Condemnation
- Realease: Must be in writing
- Abandonment: Need to show physical action
- Merger:
- Prescription: Interfering with COAH

9) Any reasonable future need of dominant tenement but no basic change to nature
1) What are the two elements of a mtg?

2) Does mtg have to be in writing?

3) What if instead of executing mtg you give deed to lendor to get loan? Can Parol Evidence illuminate this? What if creditor sells land?

4) Who has right to possession upon creation of mtg? What does creditor-mee have?

5) When mee transfers mtg, do debt and lien separate?

6) How can mee transfer interest?

7) What effect if note is indorsed and delivered?

8) What defense is holder in due course subjected to?

9) All requirements necessary to become holder in due course?

10) If Mor sells land what happens to mtg?

11) Do recording statutes apply to mtg?

12) Difference between assuming mtg and taking subject to mtg

13) First step in foreclosure process?

14) What if proceeds are less than amount owed or surplus?

15) Where do attorney's fees and expenses and interest come in?

16) What happens when junior lender forecloses?

17) Who are the necessary parties when junior lender forecloses?

18) What happens if necessary party isn't joined?

19) What is status of senior lender?

20) What if creditor doesn't record?

21) What benefit does properly recorded PMMI get?

22) What's a floating lien?

23) Can senior lender subordinate their lien to a junior lender's?

24) For how long can you equitably redeem?

25) How do you equitably redeem if no acceleration clause/with acceleration clause?

26) Can debtor waive right to equitable redemption?

27) What's statutory right of redemption?

28) What must be paid to statutorily redeem?

29) Who holds possession during statutory period

30) What rights did Dodd-Frank give Mor's?

31) What are consumer rights during foreclosure process?
1) Debt (note) and voluntary transfer of interest in land (lien)

2) Yes, satisfies S/F, makes it a legal mtg

3) Equitable mtg. Yes. Buyer owns, Mor must sue Mee for fraud/recover sale proceeds

4) Mor - lien

5) No, mtg automatically follows properly transferred note

6) Indorse note and deliver to Tee OR Execute separate doc of assignment

7) Tee becomes holder in due course, which allows Tee to take note free of any personal defense that could've been brought by original Mor against original Mee (Lack of conside, fraud in inducement, unconscionability, waiver, estoppel)

8) Real defenses - MAD FIFI4
- Material alteration (change in terms)
- Duress
- Fraud in factum (lie about instrument)
- Incapacity (Mor lacked legal capacity)
- Illegality
- Infancy
- Insolvency

9)
- Note must be negotiable (payable to named Mee)
- Indorsed by named mee
- Delivered: No photocopies
- Good faith (by Tee)
- Pay value (by Tee, more than nominal)

10) Lien sticks with land

11) Yes

12) Assume: Grantor and B are personally liable (B primarily and O secondarily)
- Subject: B assumes no personal liability, only O personally liable (foreclosure still possible because recorded mtg stays with land)

13) Proper judicial proceeding

14) Mee brings personal deficiency action against the debtor/ junior liens paid in order of priority

15) Taken off top of foreclosure amount

16) Terminates interest junior to that mortgage but won't affect senior interests. Can get deficiency judgment but can't proceed against land

17) People with interests subordinate to foreclosing party and debtor-Mor for personal deficiency purposes

18) Their claim is preserved, i.e. stays on land

19) No effect, lien stays on land, buyer not personally liable but land can be foreclosed if not satisfied

20) Loses priority

21) First in priority for parcel it financed

22) Someone taking security interest in all RE holdings owned at time or thereafter

23) Yes

24) from foreclosure to date of sale

25) Pay off missed payment(s) + accrued interests + costs/Redeem full balance + accrued interests + costs

26) No

27) Right to redeem after foreclosure sale for some fixed period (usually 6 months to 1 year)

28) Foreclosure sale price

29) Debtor/Mor

30) Lenders must determine Mor's ability to repay before making the loan, terms must be understandable and not unfair, deceptive or abusive

31) Mee has duty to consider request made by Mor for a loan mod in good faith