英美法律制度 Real Property.docVIP

Real Property (continued) Review Possessory interests free-hold fee simple fee tail life estate Leasehold tenancy for years periodic tenancy tenancy at will tenancy at sfferance Defeasible estate Determinable estate Estate subject to condition subsequent III. Future Interests Future interests give rights to the enjoyment of property at a future time. “to A for life, then to B and his heirs.” “to A for life” creates a life estate for A, while B, although can not possess the land right now, has a future interest. His future interest is not a mere expectancy, like the hope of a child to inherit from a parent. His future interest gives him legal rights. B has present legal rights and liabilities. He can prohibit A from committing a waste, he can sue a third party who is injuring the land or, if B dies during the life of A, B’s interest will be inherited by his heir, and a federal estate tax or state inheritance tax may be levied upon its value. Although a future interest does not entitle its owner to present possession, it is a presently exiting interest that may become possessory in the future. Future interests recognized in Anglo-American legal systems are of 2 types: interests retained by the transferor interests created in a transferee 3.1 interests retained by the transferor 3.1.1 possibility of reverter 回归权，偶然取回权 Possibility of reverter follows a determinable fee. When the owner of a fee simple absolute transfers a fee simple determinable, the grantor automatically retains a possibility of reverter. “To Bob and his heirs so long as the land is farmed” creates a fee simple determinable. The moment the land is no longer farmed, the estate ends, i.e., that Bob no longer has estate, where does the estate go? It goes back to O or his heirs. This is O’s possibility of reverter. 3.1.2 right of entry (power of termination) 附终止权的取回权 O conveys blackacre to A and his heirs, but if the premises are used for the sale of alcoho