THE SHADOW OF THE PAST MUSIC: CHANT THE BENEDICTINE MONKS OF SANTO DOMINGO DE SILOS CHAPTER 6: THE SHADOW OF THE PAST MUSIC: CHANT THE BENEDICTINE MONKS OF SANTO DOMINGO DE SILOS

SPOTBUTCH LEARN THEIR NAMES

RECURRING ISSUES Grantor’s Intent v. Dead Hand Control

RECURRING ISSUES Grantor’s Intent v. Dead Hand Control Grantor’s Intent v. Alienability

PRESENT POSSESSORY ESTATES

Present v. Future (Tenant v. Landlord)

PRESENT POSSESSORY ESTATES Present v. Future Possessory v. Non- Possessory: (Tenant v. Trust Beneficiary)

FEE SIMPLE ABSOLUTE

Right to possess and use forever Right to transfer all present and future rights (inheritable/devisable) Right to liquidate assets Default estate today FEE SIMPLE ABSOLUTE

Lloyd grants Redacre “to Mimi and her heirs.”

FEE SIMPLE ABSOLUTE Lloyd grants Redacre “to Mimi and her heirs.” WORDS OF PURCHASE: WHO GETS THE ESTATE?

FEE SIMPLE ABSOLUTE Lloyd grants Redacre “to Mimi and her heirs.” WORDS OF PURCHASE: WHO GETS THE ESTATE? WORDS OF LIMITATION: WHAT ESTATE DO THEY GET?

RELEVANT TIME FRAMES “At Common Law”: Dates prior to modern streamlining of the rules. (e.g., ) “Today”: Dates after modern streamlining of the rules. (e.g., 1950-present)

RELEVANT TIME FRAMES “At Common Law”: Dates prior to modern streamlining of the rules. (e.g., ) “Today”: Dates after modern streamlining of the rules. (e.g., 1950-present) Precise line between varies from state to state and from issue to issue, so you don’t need to know where it is.

FINITE ESTATES TERM OF YEARS FEE TAIL LIFE ESTATE

FINITE ESTATES TERM OF YEARS: TO ANN FOR 10 YEARS FEE TAIL LIFE ESTATE

TERM OF YEARS Finite period specified Can alienate, devise, inherit (until term ends) Need explicit time language to create: (“for 99 years”)

FINITE ESTATES TERM OF YEARS: TO ANN FOR 10 YEARS FEE TAIL: TO CAL & THE HEIRS OF HIS BODY LIFE ESTATE:

ISSUE v. HEIRS Issue = Direct Descendants (Children, Grandchildren, etc.)

ISSUE v. HEIRS Issue = Direct Descendants Heirs = People who inherit your property at the time of your death under the relevant Intestacy Statute

ISSUE v. HEIRS Issue = Direct Descendants Heirs = People who inherit your property at the time of your death under the relevant Intestacy Statute You cannot have heirs until the moment of death

FINITE ESTATES TERM OF YEARS: TO ANN FOR 10 YEARS FEE TAIL: TO CAL & THE HEIRS OF HIS BODY LIFE ESTATE:

FINITE ESTATES TERM OF YEARS: TO ANN FOR 10 YEARS FEE TAIL: LIFE ESTATE: TO BEA FOR LIFE

Right to possess and use forever Right to transfer all present and future rights (inheritable/devisable) Right to liquidate assets Default estate today FEE SIMPLE ABSOLUTE

Right to possess and use only for lifetime of original grantee LIFE ESTATE

Right to possess and use only for lifetime of original grantee Right to transfer only rights for lifetime of original grantee (not inheritable/ devisable) LIFE ESTATE

What if a living person transfers a life estate? Opal conveys Gemacre “to Ruby for life”, retaining a reversion herself. Ruby then conveys her life estate “to Esmeralda.” What does Esmeralda have?

What if a living person transfers a life estate? Opal conveys Gemacre “to Ruby for life”, retaining a reversion herself. Ruby then conveys her life estate “to Esmeralda.” Esmeralda has a life estate pur autre vie (for the life of another). The duration of the interest is still measured by Ruby’s life.

Right to possess and use only for lifetime of original grantee Right to transfer only rights for lifetime of original grantee (not inheritable/devisable) Right only to present income; can’t liquidate capital (Doctrine of Waste) LIFE ESTATE

Right to possess and use only for lifetime of original grantee Right to transfer only rights for lifetime of original grantee (not inheritable/devisable) Right only to present income; can’t liquidate capital Default Estate at Common Law LIFE ESTATE

DEFAULT ESTATE (“To Bill.”) Common Law: Default was Life Estate Bill gets Life Estate Grantor keeps Reversion

DEFAULT ESTATE (“To Bill.”) Common Law: Default was Life Estate – Bill gets Life Estate – Grantor keeps Reversion Today: Default is Fee Simple –Bill gets Fee Simple Absolute –Grantor keeps nothing

FUTURE INTERESTS THAT FOLLOW FINITE ESTATES REVERSION REMAINDER

FUTURE INTERESTS THAT FOLLOW FINITE ESTATES REVERSION Future interest retained by grantor when s/he conveys a finite estate without indicating who will have rights when it expires.

FUTURE INTERESTS THAT FOLLOW FINITE ESTATES REVERSION Future interest retained by grantor when s/he conveys a finite estate without indicating who will have rights when it expires. E.g.: Ceci conveys Greenacre “To Didi for life.” Ceci retains a reversion.

FUTURE INTERESTS THAT FOLLOW FINITE ESTATES REMAINDER Future interest in a third party that follows naturally upon the termination of a finite estate. It is always expressly conveyed by the grantor.

FUTURE INTERESTS THAT FOLLOW FINITE ESTATES REMAINDER Future interest in a third party that follows naturally upon the termination of a finite estate. It is always expressly conveyed by the grantor. E.g.: Fifi conveys Tanacre “To Gigi for life, then to J.J.” J.J. has a remainder. Fifi retains nothing.