Chap. 7.] FREEHOLD ESTATES
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Chapter 6 Summary Ownership of Real Property
Chapter 6 Summary Ownership of Real Property California Real Estate Principles Estate in land - degree of ownership one holds in the land. Feudal system - all land was once owned by the king/government; Allodial System (USA) - although the government detains some rights, individuals own property without proprietary control of government. Freehold estate - the estate lasts at least a lifetime; leasehold estate - renting or leasing. Types of freehold: • Fee Simple (Fee Simple Absolute) - Owns the bundle of rights – unlimited duration; inheritable. • Fee Simple Defeasible is based on an occurrence of a specified event – conditions. • Fee Tail - Property inherited by a monarch is illegal in the United States. • Life Estate: Voluntary Life Estates or "Conventional Life Estates." o Estate in Reversion • A life estate that is deeded to a life tenant - incomplete bundle of rights during lifetime. • A reversion estate that is retained by the grantor. After death of life tenant, grantor has complete bundle of rights. o Estate in remainder: differs from the above because the remainder estate is given to a third party who is known as the remainderman. After death of life tenant, the remainderman has complete bundle of rights. o Pur Autre Vie (estate in reversion/estate in remainder) - life tenant has the incomplete bundle of rights until a third party dies. o Involuntary Life Estates are legal life estates or marital right. It is not possible to sell the property without the consent of the partner, or to own property in one name only. o Dower - a wife's interest in the husband's property; Curtesy - a husband's interest in a wife's property; Homestead - protection against unsecured debts for the party who did not sign for the loan. -
The Law of Property
THE LAW OF PROPERTY SUPPLEMENTAL READINGS Class 14 Professor Robert T. Farley, JD/LLM PROPERTY KEYED TO DUKEMINIER/KRIER/ALEXANDER/SCHILL SIXTH EDITION Calvin Massey Professor of Law, University of California, Hastings College of the Law The Emanuel Lo,w Outlines Series /\SPEN PUBLISHERS 76 Ninth Avenue, New York, NY 10011 http://lawschool.aspenpublishers.com 29 CHAPTER 2 FREEHOLD ESTATES ChapterScope ------------------- This chapter examines the freehold estates - the various ways in which people can own land. Here are the most important points in this chapter. ■ The various freehold estates are contemporary adaptations of medieval ideas about land owner ship. Past notions, even when no longer relevant, persist but ought not do so. ■ Estates are rights to present possession of land. An estate in land is a legal construct, something apart fromthe land itself. Estates are abstract, figments of our legal imagination; land is real and tangible. An estate can, and does, travel from person to person, or change its nature or duration, while the landjust sits there, spinning calmly through space. ■ The fee simple absolute is the most important estate. The feesimple absolute is what we normally think of when we think of ownership. A fee simple absolute is capable of enduringforever though, obviously, no single owner of it will last so long. ■ Other estates endure for a lesser time than forever; they are either capable of expiring sooner or will definitely do so. ■ The life estate is a right to possession forthe life of some living person, usually (but not always) the owner of the life estate. It is sure to expire because none of us lives forever. -
VACARIA, a Void Place, Or Waste Ground
[ 323 ] U AND V.. VAGRANTS. VACARIA, A void place, or waste ground. Mem. in Scacc. Mich, 9 Edw. 1 . VACATING RECORDS; See title Record. VACATION, Vacatio.~\ Is all the time between the end of one Term and the beginning of another; and it begins the last day of every Term, as soon as the Court rises. The time from the death of a bishop, or other spiritual person, till the bishopric or dignity is sup plied with another, is also called Vacation. Stats. Westm. 1. c. 21: 14 Edw. 3. st. 4. c. 4. VACATURA, An avoidance of an Ecclesiastical Benefice; as prima Vacatura, the first Avoidance, isfc. VACCARY, Vaccaria. A house or place to keep cows in; a Dairy- house, or Cow-pasture. Fleta, lib. 2. VACCARIUS, The Cow-herd, who looks after the common herd �of cows. Fleta. VADIARE DUELLUM, To wage a combat, where two contend ing parties, on a challenge, give and take a mutual pledge of fighting. Cowell. See title Battel. VADIUM PONERE, To take security, bail or pledges, for the appearance of a defendant in a Court of Justice. Reg. Orig. See Pone. VADIUM MORTUUM; See Mortgage. VADIUM VIVUM, A living Pledge; as when a man borrows a sum of another, and grants him an estate, as of 20/. fier annum, to hold until the rents and profits shall repay the sum borrowed. See Mortgage. VAGABOND, Vagabundus .] One that wanders about, and has no certain dwelling; an idle fellow. See Vagrants. VAGRANTS. Vagrantes.] These are divided into three classes; viz. Bile and Disorderly Persons�Rogues and Vagabonds�and Incorrigible Rogues: And are thus described and particularised at full length in the stat. -
Anatomy of a Will
PRESENTED AT 18th Annual Estate Planning, Guardianship and Elder Law Conference August 11‐12, 2016 Galveston, Texas ANATOMY OF A WILL Bernard E. ("Barney") Jones Author Contact Information: Bernard E. ("Barney") Jones Attorney at Law 3555 Timmons Lane, Suite 1020 Houston, Texas 77027 713‐621‐3330 Fax 713‐621‐6009 [email protected] The University of Texas School of Law Continuing Legal Education ▪ 512.475.6700 ▪ utcle.org Bernard E. (“Barney”) Jones Attorney at Law 3555 Timmons Lane, Suite 1020 • Houston, Texas 77027 • 713.621.3330 • fax 832.201.9219 • [email protected] Professional ! Board Certified, Estate Planning and Probate Law, Texas Board of Legal Specialization (since 1991) ! Fellow, American College of Trust and Estate Council (elected 1995) ! Adjunct Professor of Law (former), University of Houston Law Center, Houston, Texas, 1995 - 2001 (course: Estate Planning) ! Texas Bar Section on Real Estate, Probate and Trust Law " Council Member, 1998 - 2002; Grantor Trust Committee Chair, 1999 - 2002; Community Property Committee Chair, 1999 - 2002; Subcommittee on Revocable Trusts chair, 1993 - 94 " Subcommittee on Transmutation, member, 1995 - 99, and principal author of statute and constitutional amendment enabling "conversions to community" Education University of Texas, Austin, Texas; J.D., with honors, May 1983; B.A., with honors, May 1980 Selected Speeches, Publications, etc. ! Drafting Down (KISS Revisited) - The Utility and Fallacy of Simplified Estate Planning, 20th Annual State Bar of Texas Advanced Drafting: Estate Planning -
REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Real Estate Law Outline LESSON 1 Pg
REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Real Estate Law Outline LESSON 1 Pg Ownership Rights (In Property) 3 Real vs Personal Property 5 . Personal Property 5 . Real Property 6 . Components of Real Property 6 . Subsurface Rights 6 . Air Rights 6 . Improvements 7 . Fixtures 7 The Four Tests of Intention 7 Manner of Attachment 7 Adaptation of the Object 8 Existence of an Agreement 8 Relationships of the Parties 8 Ownership of Plants and Trees 9 Severance 9 Water Rights 9 Appurtenances 10 Interest in Land 11 Estates in Land 11 Allodial System 11 Kinds of Estates 12 Freehold Estates 12 Fee Simple Absolute 12 Defeasible Fee 13 Fee Simple Determinable 13 Fee Simple Subject to Condition Subsequent 14 Fee Simple Subject to Condition Precedent 14 Fee Simple Subject to an Executory Limitation 15 Fee Tail 15 Life Estates 16 Legal Life Estates 17 Homestead Protection 17 Non-Freehold Estates 18 Estates for Years 19 Periodic Estate 19 Estates at Will 19 Estate at Sufferance 19 Common Law and Statutory Law 19 Copyright by Tony Portararo REV. 08-2014 1 REAL ESTATE LAW LESSON 1 OWNERSHIP RIGHTS (IN PROPERTY) Types of Ownership 20 Sole Ownership (An Estate in Severalty) 20 Partnerships 21 General Partnerships 21 Limited Partnerships 21 Joint Ventures 22 Syndications 22 Corporations 22 Concurrent Ownership 23 Tenants in Common 23 Joint Tenancy 24 Tenancy by the Entirety 25 Community Property 26 Trusts 26 Real Estate Investment Trusts 27 Intervivos and Testamentary Trusts 27 Land Trust 27 TEST ONE 29 TEST TWO (ANNOTATED) 39 Copyright by Tony Portararo REV. -
Introduction to Law and Legal Reasoning Law Is
CHAPTER 1: INTRODUCTION TO LAW AND LEGAL REASONING LAW IS "MAN MADE" IT CHANGES OVER TIME TO ACCOMMODATE SOCIETY'S NEEDS LAW IS MADE BY LEGISLATURE LAW IS INTERPRETED BY COURTS TO DETERMINE 1)WHETHER IT IS "CONSTITUTIONAL" 2)WHO IS RIGHT OR WRONG THERE IS A PROCESS WHICH MUST BE FOLLOWED (CALLED "PROCEDURAL LAW") I. Thomas Jefferson: "The study of the law qualifies a man to be useful to himself, to his neighbors, and to the public." II. Ask Several Students to give their definition of "Law." A. Even after years and thousands of dollars, "LAW" still is not easy to define B. What does law Consist of ? Law consists of enforceable rule governing relationships among individuals and between individuals and their society. 1. Students Need to Understand. a. The law is a set of general ideas b. When these general ideas are applied, a judge cannot fit a case to suit a rule; he must fit (or find) a rule to suit the unique case at hand. c. The judge must also supply legitimate reasons for his decisions. C. So, How was the Law Created. The law considered in this text are "man made" law. This law can (and will) change over time in response to the changes and needs of society. D. Example. Grandma, who is 87 years old, walks into a pawn shop. She wants to sell her ring that has been in the family for 200 years. Grandma asks the dealer, "how much will you give me for this ring." The dealer, in good faith, tells Grandma he doesn't know what kind of metal is in the ring, but he will give her $150. -
Status of the Opera10r's Lien in Law and in Equity
1987) THE OPERATOR'S LIEN 87 STATUSOF THE OPERA10R'S LIEN IN LAWAND IN EQUITY KAREN L. PETIIFER • This paper examines the Operator's lien. as it is written in the 1981 Canadian Association of Petroleum Landmen Operating Procedure. and the law of Canada. the Commonwealth and the United States to determine the nature ofthe Operator's interest and the steps which the Operator must take to perfect its security and succeed in priority contests with other creditors. I. THE OPERATING AGREEMENT The Canadian Association of Petroleum Landmen ("CAPC') has developed four standard-form Operating Agreements since 1969to govern the legal relationship between Joint-Operators who have participating interests in the petroleum substances leased from either private owners or the Crown. The Agreement is designed to supplement a basic contract among the parties which may address matters such as drilling obligations. 1 It is the Operating Agreement which eventually governs day-to-day operations, including activities such as the drilling, completing, equipping and operating of joint interest wells. The most recent standard-form CAPL Agreement was drafted in 1981 and is used frequently by the industry. Article XV of the Agreement defines the relationship of the parties as tenants in common and not as creating a partnership, joint venture or association. 2 The Joint-Operators collectively agree to appoint one party as the Operator to carry out operations "for the joint account", which means " ... for the benefit, interest, ownership, risk, cost, expense and obligation of the parties hereto in proportion to each party's participating interest" .3 The Operator is granted the control and management of the operation of the joint lands. -
LAND REGISTRATION for the TWENTY-FIRST CENTURY a Conveyancing Revolution
LAND REGISTRATION FOR THE TWENTY-FIRST CENTURY A Conveyancing Revolution LAND REGISTRATION BILL AND COMMENTARY Laid before Parliament by the Lord High Chancellor pursuant to section 3(2) of the Law Commissions Act 1965 Ordered by The House of Commons to be printed 9 July 2001 LAW COMMISSION H M LAND REGISTRY LAW COM NO 271 LONDON: The Stationery Office HC 114 The Law Commission was set up by section 1 of the Law Commissions Act 1965 for the purpose of promoting the reform of the law. THE COMMISSIONERS ARE: The Honourable Mr Justice Carnwath CVO, Chairman Professor Hugh Beale Mr Stuart Bridge· Professor Martin Partington Judge Alan Wilkie QC The Secretary of the Law Commission is Mr Michael Sayers Her Majesty’s Land Registry, a separate department of government and now an Executive Agency, maintains the land registers for England and Wales and is responsible for delivering all land registration services under the Land Registration Act 1925. The Chief Land Registrar and Chief Executive is Mr Peter Collis The Solicitor to H M Land Registry is Mr Christopher West The terms of this report were agreed on 31 May 2001. The text of this report is available on the Internet at: http://www.lawcom.gov.uk · Mr Stuart Bridge was appointed Law Commissioner with effect from 2 July 2001. The terms of this report were agreed on 31 May 2001, while Mr Charles Harpum was a Law Commissioner. ii LAW COMMISSION HM LAND REGISTRY LAND REGISTRATION FOR THE TWENTY- FIRST CENTURY A Conveyancing Revolution CONTENTS Paragraph Page PART I: THE LAND REGISTRATION BILL AND -
Land Registration for the Twenty-First Century a Consultative Document
LAW COMMISSION H M LAND REGISTRY LAND REGISTRATION FOR THE TWENTY-FIRST CENTURY A CONSULTATIVE DOCUMENT CONTENTS Paragraph Page FOREWORD 1 PART I: INTRODUCTION 2 INTRODUCTION 1.1 2 The move to electronic conveyancing 1.2 2 The deficiencies of the present legislation 1.3 3 The need to develop principles appropriate to registered land 1.5 3 BACKGROUND 1.7 4 THE LAND REGISTRATION ACT 1997 1.10 5 THE CRITERIA FOR REFORM 1.11 6 The agreed objectives 1.12 6 CONSULTATION 1.15 7 THE EUROPEAN CONVENTION ON HUMAN RIGHTS 1.16 8 STRUCTURE OF THIS REPORT 1.17 8 ACKNOWLEDGEMENTS 1.19 9 PART II: LAND REGISTRATION TODAY – A CRITICAL OVERVIEW 10 INTRODUCTION 2.1 10 GENERAL PRINCIPLES: THE CONCEPT OF LAND REGISTRATION 2.2 10 Conveyancing in unregistered land 2.2 10 Registered land 2.4 11 The move towards total registration 2.8 12 THE LEGAL AND ADMINISTRATIVE FRAMEWORK 2.10 13 H M Land Registry 2.10 13 The register 2.11 13 INTERESTS IN REGISTERED LAND 2.13 14 Registrable interests 2.13 14 Overriding interests 2.16 15 Minor interests 2.19 16 MAKING DISPOSITIONS OF REGISTERED LAND 2.20 17 Introduction 2.20 17 Registered dispositions 2.21 17 Priority searches 2.24 18 Minor interests 2.25 19 RECTIFICATION AND INDEMNITY 2.36 22 Rectification 2.37 22 Indemnity 2.40 23 ADVERSE POSSESSION 2.43 24 v Paragraph Page CONVEYANCING ISSUES 2.45 25 The move to electronic conveyancing 2.45 25 Proof of title 2.49 26 PART III: DEFINITIONS AND CONCEPTS 27 INTRODUCTION 3.1 27 REGISTERED ESTATES 3.5 28 The present definition 3.5 28 Estates which may be registered 3.6 29 Registered -
Real Property – Present Estates
Real Property – Present Estates Freehold (owned or possessed outright) or Non-Freehold (possessed through lease) Three types of Freeholds: LEFTS LE – life estate - "O to X for life, and remainder to Y." FT – fee tail - "O to X and the heirs of her body". A fee tail could only pass to the grantee's heirs, which kept the property in the grantee's family. When there is no more living family, the interests revert back to the grantor. Fee tail was abolished in vast majority of states, including New York, and is instead treated as a fee simple in the Grantee). S – fee simple - "To X and X's heirs and assigns" or "To X and X's heirs" or "O to X." Three types of Fee Simple: SAD Subject to a condition precedent ("To X, upon the condition that X passes the bar exam; otherwise, to Y." No title passes to X until X passes) or condition subsequent (BOP: "To X, but if...." "To X on condition that...." "To X provided that....", which creates a right of reentry, not automatic forfeiture). Absolute (no condition). Determinable (conditioned on an uncertain future event, which if it occurs results in automatic forfeiture SUD: "So long as...." "Until it is not used for...." "During the period is used for...."). The law does not favor forfeiture, so the language must be clear, and the possibility of forfeiture will render title unmarketable. ---------------------------------------------------------------------------------------------------------- Shelley's Case: To avoid tax to the Grantee, "To Grantee for life, remainder to Grantee's heirs." This delayed payment of transfer tax for the life of the Grantee. -
In Defense of the Fee Simple Katrina M
Notre Dame Law Review Volume 93 | Issue 1 Article 1 11-2017 In Defense of the Fee Simple Katrina M. Wyman New York University School of Law Follow this and additional works at: http://scholarship.law.nd.edu/ndlr Part of the Property Law and Real Estate Commons Recommended Citation 93 Notre Dame L. Rev. 1 (2017) This Article is brought to you for free and open access by the Notre Dame Law Review at NDLScholarship. It has been accepted for inclusion in Notre Dame Law Review by an authorized editor of NDLScholarship. For more information, please contact [email protected]. \\jciprod01\productn\N\NDL\93-1\NDL101.txt unknown Seq: 1 15-NOV-17 13:44 ARTICLES IN DEFENSE OF THE FEE SIMPLE Katrina M. Wyman* Prominent economically oriented legal academics are currently arguing that the fee simple, the dominant form of private landownership in the United States, is an inefficient way for society to allocate land. They maintain that the fee simple blocks transfers of land to higher value uses because it provides property owners with a perpetual monopoly. The critics propose that landown- ership be reformulated to enable private actors to forcibly purchase land from other private own- ers, similar to the way that governments can expropriate land for public uses using eminent domain. While recognizing the significance of the critique, this Article takes issue with it and defends the fee simple. The Article makes two main points in defense of the fee simple. First, addressing the critique on its own economic terms, the Article argues that the critics have not established that there is a robust economic argument for dispensing with the fee simple. -
Future Interests in Property in Minnesota Everett Rf Aser
University of Minnesota Law School Scholarship Repository Minnesota Law Review 1919 Future Interests in Property in Minnesota Everett rF aser Follow this and additional works at: https://scholarship.law.umn.edu/mlr Part of the Law Commons Recommended Citation Fraser, Everett, "Future Interests in Property in Minnesota" (1919). Minnesota Law Review. 1283. https://scholarship.law.umn.edu/mlr/1283 This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in Minnesota Law Review collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. MINNESOTA LAW REVIEW FUTURE INTERESTS IN PROPERTY IN MINNESOTA "ORIGINALLY the creation of future interests at law was greatly restricted, but now, either by the Statutes of Uses and of Wills, or by modern legislation, or by the gradual action of the courts, all restraints on the creation of future interests, except those arising from remoteness, have been done away. This practically reduces the law restricting the creation of future interests to the Rule against Perpetuities,"' Generally in common law jurisdictions today there is but one rule restricting the crea- tion of future interests, and that rule is uniform in its application to real property and to personal property, to legal and equitable interests therein, to interests created by way of trust, and to powers. In 1830 the New York Revised Statutes went into effect in New York state. The revision had been prepared by a commis- sion appointed for the purpose five years before. It contained a code of property law in which "the revisers undertook to re- write the whole law of future estates in land, uses and trusts ..