FUTURE INTERESTS in1) Grantors2) Grantees
1) Grantor future interestsa) Possibility of REVERTERb) Right of ENTRYc) REVERSION2) Granteesa) VESTED remaindersb) CONTINGENT remaindersc) EXECUTORY interests
REVERSIONARY INTERESTS in _____A. Possibility of _____B. Right of _____C. Reversion
A. Possibility of REVERTER (follows fee simple determinable)B. Right of ENTRY (follows fee simple subject to condition subsequent)C. Reversion�the "fall back"1) Quantum of interest transferred is less than that held by grantor2) E.g., O holds fee simple absolute, but transfers "to A for life
REMAINDERS2 types of remainders
VestedContingent
VESTED REMAINDERS _____ person, and not subject to any _____1. Indefeasibly vested2. Vested subject to defeasance3. Vested remainder subject to "open" (class gift)
ASCERTAINED person, and not subject to any CONDITION PRECEDENT (CP)1. INDEFEASIBLY VESTED (e.g., "to A for life, remainder to B")2. VESTED SUBJECT TO COMPLETE DEFEASANCEa. Condition subsequent (CS) cuts-short grantee's right of possessionb. e.g., "to A for life, then remainder to B, provided that if B dies under the age of 25, then to C"3. VESTED REMAINDER SUBJECT TO "OPEN"a. Rule of Administrative Convenience: class closes when any member can demand possessionb. Children in gestation count