Fee Tail in Ohio
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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. -
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. -
State of New Hampshire Supreme Court
State of New Hampshire Supreme Court NO. 2009-0623 2010 TERM FEBRUARY SESSION In the Matter of Milena Matyas and John Toth RULE 7 APPEAL OF FINAL DECISION OF NEWPORT FAMILY DIVISION COURT BRIEF OF RESPONDENT/APPELLANT JOHN TOTH By: Joshua L. Gordon, Esq. NH Bar ID No. 9046 Law Office of Joshua L. Gordon 26 S. Main St., #175 Concord, NH 03301 (603) 226-4225 TABLE OF CONTENTS TABLE OF AUTHORITIES.................................................... ii QUESTIONS PRESENTED.................................................... 1 STATEMENT OF FACTS AND STATEMENT OF THE CASE....................... 2 SUMMARY OF ARGUMENT.................................................. 4 ARGUMENT................................................................ 5 I. Ms. Matyas’s Interest in Hungarian Property Must be Included in Marital Estate.................................................... 5 A. Hungarian Property Law..................................... 5 1. Usufruct............................................ 6 2. Multiple Owners..................................... 6 B. Parties’ Understanding of Hungarian Property Law................ 7 C. Usufruct in American Law.................................... 8 D. New Hampshire’s Broad Definition of Property Includes Usufruct.... 9 E. Hungarian Usufruct Must be Included in Marital Estate............ 10 II. Value of the Hungarian Usufruct to the Marital Estate................... 11 A. Usufruct has Value......................................... 12 B. Method of Valuation....................................... 14 CONCLUSION............................................................ -
Comparison of Trust Laws Bermuda, British Virgin Islands and Cayman Islands
Comparison of Trust Laws Bermuda, British Virgin Islands and Cayman Islands Preface This publication has been prepared for the assistance of anyone who is considering establishing a trust under the laws of Bermuda, the British Virgin Islands or the Cayman Islands. It deals in broad terms with the requirements of the respective laws. It is not intended to be exhaustive but merely to provide general information to our clients and their professional advisers. We recommend that our clients seek legal advice in Bermuda, the British Virgin Islands or the Cayman Island on their specific proposals before taking any steps to implement them. Conyers Dill & Pearman Bermuda British Virgin Islands Cayman Islands GENERAL Principal legislation Trustee Act 1975 Trustee Act (“TA”) The Trusts Law (2017 Revision). Trusts (Special Provisions) Act 1989 Virgin Islands Special Trusts Act 2003 The Fraudulent Dispositions Law (1996 (“TSPA”) (“VISTA”) Revision) Perpetuities and Accumulations Act The Perpetuities Law (1999 Revision) 1989 Perpetuities and Accumulations Act 2009 Ultimate court of Privy Council Privy Council Privy Council appeal OECD List White list White list White list Hague Convention Ratified and implemented Ratified and implemented Not ratified Perpetuity period The rule against perpetuities has been 100 years 150 years for ordinary trusts; the rule for private trusts abolished or disapplied for all trusts against perpetuities does not apply to created after 1 August 2009. STAR trusts. SETTLOR RESERVED POWERS Bermuda British Virgin Islands Cayman Islands s.2(3) TSPA: s. 2 (4) TA: The reservation by the s.14 Trusts Law: settlor of certain rights and powers … The reservation by the settlor of certain Settlor may reserve or grant power to: are not necessarily inconsistent with rights and powers … are not necessarily the existence of a trust. -
The Rule Against Perpetuities and Its Application to a Private Trust
Cleveland State Law Review Volume 1 Issue 2 Article 7 1952 The Rule Against Perpetuities and Its Application to a Private Trust Reuben M. Payne Follow this and additional works at: https://engagedscholarship.csuohio.edu/clevstlrev Part of the Estates and Trusts Commons, and the Property Law and Real Estate Commons How does access to this work benefit ou?y Let us know! Recommended Citation Reuben M. Payne, The Rule Against Perpetuities and Its Application toa Private Trust, 1(2) Clev.-Marshall L. Rev. 59 (1952) This Article is brought to you for free and open access by the Journals at EngagedScholarship@CSU. It has been accepted for inclusion in Cleveland State Law Review by an authorized editor of EngagedScholarship@CSU. For more information, please contact [email protected]. The Rule Against Perpetuities and Its Application to a Private Trust by Reuben M. Payne* T ESTATOR DEVISED certain real property to his daughter in fee. Thereafter he executed a codicil whereby said devise was re- voked and the same property was devised to his son-in-law, in trust. Trustee was to hold it in trust for testator's daughter during the term of her life and in the event of death of daughter, son-in- law was to take possession of property, lease it, and use rents for support, education and benefits of the children of daughter. Daughter survived testator and gave birth to two additional children after testator's death. Held: the trust the testator at- tempted to create in his codicil was void as in violation of the Rule Against Perpetuities, where daughter survived testator and gave birth to two additional children after testator's death.' The court's decision is that a trust for private purpose must terminate within the period of the Rule Against Perpetuities. -
Future Interests
Future Interests Interests in the Transferor • Reversion • Possibility of Reverter (NOT a possibility of reversion) • Right of Entry/Power of Termination Interests in the Transferee • Executory Interest • Vested Remainder • Contingent Remainder U N I V E R S I T Y of H O U S T O N Professor Marcilynn A. Burke Copyright©2007 Marcilynn A. Burke All rights reserved. Provided for student use only. D E Present and Future Interests F E Present Interest Future Interest A S Fee Simple Determinable Possibility of Reverter I B (transferor) L Fee Simple Subject to Executory Interest E Executory Limitation (transferee) E Fee Simple Subject to Right of Entry/Power of S Condition Subsequent Termination (transferor) T A T E S U N I V E R S I T Y of H O U S T O N Professor Marcilynn A. Burke Copyright©2007 Marcilynn A. Burke All rights reserved. Provided for student use only. 1 Vested Remainders • If given to an ascertained person AND • Not subject to a condition precedent (other than the natural termination of the preceding estate) • Precedent: (pri-seed-[c]nt) preceding in time or order; contingent upon some event occurring • Note: Not subject to the rule against perpetuities U N I V E R S I T Y of H O U S T O N Professor Marcilynn A. Burke Copyright©2007 Marcilynn A. Burke All rights reserved. Provided for student use only. Types of Vested Remainders 1. Indefeasibly vested remainders • Certain to become possessory in the future • Cannot be divested U N I V E R S I T Y of H O U S T O N Professor Marcilynn A. -
A Simplified Guide for Oklahoma Farm and Ranch Families
ESTATEESTATE PLANNINGPLANNING A Simplified Guide for Oklahoma Farm and Ranch Families Circular E-726 Oklahoma Cooperative Extension Service Division of Agriculture Sciences and Natural Resources Oklahoma State University Revised June 2019 Estate Planning Problems ............................................................................................................................................ 4 Estate Planning Objectives .......................................................................................................................................... 5 How Property Is Owned ............................................................................................................................................... 5 Kinds of Property .......................................................................................................................................... 5 Ways of Owning Real Property ..................................................................................................................... 5 Fee Simple Ownership .................................................................................................................... 5 Life Estate ....................................................................................................................................... 5 Fee Simple Determinable ................................................................................................................ 6 Fee Simple Estates Subject to Condition Subsequent .................................................................... -
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. -
LIFE ESTATES and PRECATORY TRUSTS A. Creation of Life Estate
LIFE ESTATES AND PRECATORY TRUSTS A. Creation of Life Estate upon Passing of Decedent. According to the Official Code of Georgia Annotated (O.C.G.A.) § 44-6-80, estates that “extend during the life of a person but terminate at the death of the person are deemed life estates.”1 A life estate may be created by “deed or will” so long as the life estate does not exist in property that “will be destroyed [upon] being used.”2 Additionally, the life estate may last for the life of the tenant or for the life of some other person.3 Thus, the tenant of the life estate is entitled to the “full use and enjoyment of the property” so long as the life tenant is alive.4 When the life tenant passes, the life estate terminates and the right to present use or possession of the property will pass to either the “estate in remainder” or the “estate in reversion.”5 An estate in remainder is present if a party, other than the grantor and/or his heirs, receives the right to the use and the enjoyment of the property after termination of the the life estate.6 An estate in reversion exists if the right to use or enjoyment reverts back to the grantor and his heirs.7 Despite the legal distinction, the rights of the reversioner are the same as those of a vested remainderman in fee in Georgia.8 There is no technical requirement regarding what type of language is necessary for a testator to create a remainder.