《纽约律考 Alien Notes财产法笔记Property》.doc

Real Property Red denotes "Hot Topics" (must know cold) Statistics: 33 MC questions on MBE Estates in Land—Favorite Basic Terminology Devisable—passes by will - WILL Descendible—passes through intestacy - INTESTACY Alienable—transferable - inter vivos - INTER VIVOS (Inter vivos trust is a revocable trust created while the donor is still alive, to hold property for the benefit of another. also called living trust) Remainder—A future interest created in a grantee that is capable of becoming possessory upon expiration of a prior possessory estate created in the same conveyance Basic Principles A living person has no heirs (only heirs apparent) Courts generally disfavor restrictions on free use of land and restrictions on free alienation—construed strictly Present Estates Fee Simple Absolute (absolute ownership) "To A" or "To A and his heirs" (no longer necessary) Future Interest—None. IMPOSSIBLE b/c somebody can’t have absolute ownership if they don’t own it until a future time. Freely devisable, descendible and alienable. Defeasible Fees (three types)—MBE/NY Favorite: DEFEASIBLE FEE ESTATE: An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event Fee Simple Determinable / FEE ON LIMITATION (NY) "To A for so long as; during; until . . . " Future Interest—Grantor has Possibility of Reverter ("FSDPOR"—Fee Simple Determinable is ALWAYS followed by a Possibility of Reverter) Freely devisable, descendible and alienable, BUT transferees are always subject to the condition Breach results in automatic forfeiture NY Distinction In NY, this estate is called a "Fee on Limitation" Fee Simple Subject to Condition Subsequent / FEE ON CONDITION "To A, but if X event occurs, Grantor reserves right to reenter and take" (grantor must expressly carve out right to reenter) Future Interest—Grantor has Right of Entry (a/k/a "Power of Termination") Breach does NOT result in automatic forfeiture, but Grantor has op