Property Law: Estates and Future Interests

• These notes cover Acquisition of Property, Adverse Possession, Gifts, Wills, Estates, Future Interests, and the Rule Against Perpetuities.

Acquisition of Property

• This involves acquiring ownership through capture, creation, or other means.
• Pierson v. Post established that pursuit alone isn't enough to claim a wild animal; mortal wounding with intent to appropriate is required.
• Ghen v. Rich recognized industry custom in whale hunting, where marking a whale was sufficient for possession due to the nature of the business.
• Keeble v. Hickergill ruled against malicious interference with another's trade (duck decoy), distinguishing it from legitimate competition.
• International News Service v. Associated Press protected labors by preventing others from using someone else's work for their own profit.
• Cheney Bros. v. Doris Silk limited property rights in inventions, allowing others to imitate to encourage improvement and reduce prices.

Adverse Possession

• Adverse possession is a means of acquiring title to land by occupying it for a statutory period.
• Elements include actual entry giving exclusive possession that is open, notorious, adverse under a claim of right, and continuous for the statutory period.
• The purpose is to punish those who neglect their property rights, encourage productive land use, and enhance land alienability.
• Process issues involve the statutory period starting when the cause of action accrues, with exceptions for disabilities like insanity, underage, or incarceration.
• Tacking allows adding successive periods of possession if there is privity of contract, estate, or possession.
• Claim of title theories vary; the state of mind is irrelevant in the majority, but some require good faith or aggressive trespass.
• Color of title involves a claim based on a defective written instrument, helpful but not always required for adverse possession.
• Constructive possession occurs when occupying part of the land under color of title extends possession to the entire area described in the writing.
• A discovery rule delays the start of the statute of limitations until the property owner discovers the property was taken.
• The Maine Doctrine requires aggressive trespasser intent for adverse possession.
• Tacking involves joining consecutive periods of possession by different people as one continuous period.
• Privity refers to the connection or relationship between parties with a legally recognized interest in the same subject matter.
• Types of privity include contract, estate, and possession, with privity of possession often at issue in adverse possession claims.
• Privity is necessary for tacking.
• Adverse Possessors "earn" rights by possession by rewarding them and punishing owners for sleeping on their rights.

Gifts

• A Gift involves a voluntary transfer of property without consideration.
• Elements include intent to make a present transfer, delivery to the donee (actual, constructive, or symbolic), and acceptance by the donee.
• Gifts can be inter vivos (made during life), causa mortis (in contemplation of death), or life estate (for the duration of someone's life).
• The donor is the one who gives, and the donee is the recipient.
• Constructive delivery involves handing over something that provides access to the gift.
• Actual delivery involves physically handing over the gift.

Wills

• Wills are legal declarations of how a person wants their property distributed after death.
• Types include witnessed wills (written, signed by the testator, and witnessed) and holographic wills (entirely in the testator's handwriting, requiring only the testator's signature).
• Generally, witnesses must be competent, but interested witnesses can sign.
• Testamentary obsolescence occurs when intervening circumstances affect the will's relevance.
• Ademption occurs when gifts are no longer in the estate, while satisfaction means a gift was already given to someone else.
• Advancements are lifetime gifts that reduce the inheritance if acknowledged as such by the donee or indicated by the donor in writing.
• Classifications include residuary (everything else owned), general (specific amount), demonstrative (from a specific source), and specific (identified items).
• A will must be in writing, signed by the testator, and either signed by at least two witnesses or acknowledged before a notary public.
• A holographic will is valid if the signature and material portions are in the testator's handwriting, whether witnessed or not.

Estates

• Estates define the nature and extent of ownership in land.
• A Fee Simple Absolute is the most complete ownership, potentially lasting forever.
• A Fee Simple Determinable is potentially perpetual but ends automatically when a specified event occurs, creating a possibility of reverter for the transferor.
• A Fee Simple Subject to Condition Subsequent continues unless the transferor takes action to terminate it upon the occurrence of a specified event, creating a right of entry.
• A Fee Simple Subject to Executory Limitation ends automatically upon a stated contingency, with the interest passing to a third party (executory interest).
• A Life Estate is measured by the life of the transferee, followed by a future interest (reversion to the transferor or remainder to a third party).
• A Term of Years has a set duration.
• Fee simple subject to condition subsequent - Grant continues until grantor retakes it.
• • If no retaking done, the fee simple continues.
• Fee tail goes to Andrew and the Heirs of his Body.
• If the bloodline runs out, it goes back to O or O's heirs.

Future Interests

• Future interests are rights to possess property in the future.
• A Reversion is the interest retained by the transferor after granting a life estate or term of years.
• A Possibility of Reverter arises in a fee simple determinable.
• A Right of Entry arises in a fee simple subject to a condition subsequent.
• A Remainder follows a life estate or term of years and must be created simultaneously.
• A Vested Remainder is given to an ascertained person with no conditions precedent.
• A Contingent Remainder is given to an unascertained person or is subject to a condition precedent.
• An Executory Interest divests or cuts short a prior estate.
• Vested Remainders accelerate into possession and can be transferred; contingent remainders are subject to additional conditions.

Rule Against Perpetuities

• The RAP prevents property interests from being tied up indefinitely in the future.
• It requires that an interest must vest, if at all, within 21 years after the death of someone alive at the interest's creation.
• The measuring life is someone who can prove the contingent interest will vest or fail within the permitted time.
• RAP applies to Contingent Remainders, Executory Interests, and Certain Vested Remainders.
• It doesn't apply to Fully Vested Interests or Future Interests retained by the transferor.
• Lives in being are all those connected that are alive at the time of the conveyance.
• Charitable organizations are exempt if both possessory estate and future interest are charitable.

Additional Definitions

• Heir: Person entitled to another's real property under intestate succession.
• Testator: Person making the will.
• Devisee: Person receiving property under a will.
• Intestacy: Dying without a will.
• Escheat: Property reverting to the state if there are no heirs.

Class Gifts

• Class gifts depends on performance of everyone in the class

Restraints on Alienation

• Restraints on sell of property makes the property unmarketable.
• Restraints concentrate wealth.
• Restraints discourage improvements on land.

Test your knowledge of property law with questions on fee simple estates, future interests, remainders, and legal cases. This quiz covers key concepts such as Fee Simple Determinable, Fee Simple Subject to Condition Subsequent, life estates, vested and contingent remainders. Also includes questions on Pierson v. Post, Ghen v. Rich, and Keeble v. Hickergill.