possibility of reverter. A reversionary interest that is subject to a condition precedent; specif., a future interest retained by a grantor after conveying a fee simple determinable, so that the grantee’s estate terminates automatically and reverts to the grantor if the terminating event ever occurs. • In this type of interest, the grantor transfers an […]
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power of termination. A future interest retained by a grantor after conveying a fee simple subject to a condition subsequent, so that the grantee’s estate terminates (upon breach of the condition) only if the grantor exercises the right to retake it. — Also termed right of entry; right of reentry; right of entry for breach
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vested, adj. Having become a completed, consummated right for present or future enjoyment; not contingent; unconditional; absolute (a vested interest in the estate). [Cases: Estates in Property 1. C.J.S. Estates §§ 2–5, 8, 15–21, 116–128, 137, 243.] “[U]nfortunately, the word ‘vested’ is used in two senses. Firstly, an interest may be vested in possession, when
reversion, n. 1. The interest that is left after subtracting what the transferor has parted with from what the transferor originally had; specif., a future interest in land arising by operation of law whenever an estate owner grants to another a particular estate, such as a life estate or a term of years, but does
Property. 1. A future interest arising in a third person — that is, someone other than the estate’s creator, its initial holder, or the heirs of either — who is intended to take after the natural termination of the preceding estate. • For example, if a grant is “to A for life, and then to
elective share. Wills & estates. The percentage of a deceased spouse’s estate, set by statute, that a surviving spouse (or sometimes a child) may choose to receive instead of taking under a will or in the event of being unjustifiably disinherited. — Also termed forced share; statutory share; statutory forced share. See RIGHT OF ELECTION.
A reversionary interest that is subject to a condition precedent; specif., a future interest retained by a grantor after conveying a fee simple determinable, so that the grantee’s estate terminates automatically and reverts to the grantor if the terminating event ever occurs. • In this type of interest, the grantor transfers an estate whose maximum
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fettering of property. The act of making the disposition or ownership of property more complex so that those with separate interests must cooperate if they are to handle their interests reasonably. • Fettering of property occurs whenever ownership is split into two or more interests, as when present and future interests are divided or when
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legal memory. The period during which a legal right or custom can be determined or established. • Traditionally, common-law legal memory began in the year 1189, but in 1540 it became a steadily moving period of 60 years. Cf. TIME IMMEMORIAL(1). “Because of the importance to feudal landholders of seisin and of real property in
allodium ([schwa]-loh-dee-[schwa]m), n. An estate held in fee simple absolute. — Also spelled alodium. — Also termed alod; alode. [Cases: Estates in Property 5. C.J.S. Estates §§ 11–12.] “In this country, one who has full ownership of land is said to own it allodially — that is, free of feudal services and incidents.” Thomas F.