Estates 1) Freehold A. Fee Simple and his heirs i. Absolute ii.

. Defeasible used for land control, but less common than equitable servitudes/covenants a. Fee simple Determinable (FSD) i) language such as if so long as while until ii) creates possibility of reverter in the grantor b. Fee simple subject to Condition Subsequent (FSCS) i) language such as provided, however but if but in the event on condition that ii) creates right of entry in grantor c. Fee simple subject to Executory Limitation (FSEL) i) created by granting interest leftover from a FSD or FCSC to a third party rather than the grantor ii) executory interest is any interest that divests the previous interest d. Restatement 3d draft 24.3 collapses these into fee simple defeasible a present interest that terminates upon the happening of a stated event htat might or might not occur p.233 B. Fee Tail and the heirs of his body C. Life Estate i) legal life tenant cannot sell the fee, cannot mortgage the fee, cannot get minerals from the fee unless the mine is already open and is under a duty not to commit permissive waste (failing to maintain the fee) or affirmative waste (misusing resources, i.e. cutting down trees) ii) Baker v. Weedon and Gruen v. Gruen better to set up a trust 2) Non-Freehold A. Leasehold Future Interests -future refers to right of possession, but these are presently existing property interests, unlike expectancy of children to be heirs 1) Reversions retained by the grantor after transferring an estate of a lesser quantum, can be transferred to a third party, but only after they are kept by grantor A. Reversion i. never applicable to FSD or FCSC because these are fee simples ii. applicable after fee tail, life estate, and leasehold B. Possibility of Reverter i. applicable after FSD C. Right of Entry i. applicable after FSCS 2) Non-Reversionary Future Interests given to a third party A. Executory Interest i. if it is certain that there must be a time gap, no matter how small, between the ending of the possessory estate previous and when the right of possession of the future interest arrives, the interest is an executory interest ii. example: p.259 to A for life, then to B if B gives A a proper funeral iii. EIs do not vest until they become possessory

B. Contingent Remainder (possibility of becoming possessory if an event other than natural termination of preceding estates occurs OR given to an unascertained person) i. remainder subject to a condition precedent (if condition subsequent, it is a vested remainder) ii. remaindermen unascertained or unborn iii. Difference from an Executory Interest: both end with a limited exception, but if there is any possibility that the precondition can be met immediately upon termination of previous interest, it is a remainder, not an EI iv. Alternative contingent remainders exist if the vesting of one precludes the vesting of another C. Vested Remainder (certain to become possessory when preceding estates expire and created in an ascertained person) i. Indefeasibly vested remainder ii. Vested remainder Subject to Open/Partial Divestment a. used for class gifts, vested in those ascertainable and presently entitled to possession as soon as preceding estate expires b. class must be named by class term only, cannot name or number beneficiaries c. class closes naturally upon the death of the progenitor of the class (ancestor) except for Rule of Convenience d. unborn or unascertained members have an executory interest that partially divests when they are born/ascertained iii. Vested remainder Subject to Complete Defeasance a. can be subject to complete defeasance by limitation (FSD) b. can be subject to complete divestment by condition (FCSC) iv. Remainder can be vested in more than one sense, i.e. both subject to open and subject to complete divestment Shortcuts 1) Life Estate + Contingent Remainder (in fee simple) [+Reversion (in fee simple)] 2) Life Estate + Vested Remainder subject to complete divestment [+ Executory Interest]; cannot be a remainder because remainders do not operate by way of divesting future interests that come immediately before it 3) Life Estate + Contingent Remainder (in fee simple) [+CR (in fee simple)] [+Reversion (in fee simple)] if there are two future interests and the first one is a contingent remainder, then the second must be a contingent remainder as well. It cannot be an executory interest because those operate by cutting short a vested interest immediately before it, and if the interest before it is contingent, it is not vested. Also, since you have contingent interests, you must have a reversion. If alternative contingent remainders, there is no possessory reversion, but there exists a theoretical one due to historical rule that if you tried to transfer an estate larger than your own, it forfeits to the next vested estate (reversion) Note: Escheat only if, in general, 1) no spouse 2) no issue 3) no parents 4) no siblings or their issue 5) no grandparents or their issue (split property in half between each side)