Future Interest

AP someone using someone elses land for an extended period of time SOL Maj Jdx 21 years MI 15 years O pen/consistant C - continuous E - exclusive A dverse/actual entry N otorious, out in open H hostile, mindset a. maj. Objective view b. minimum bad faith, intent to trespass JDX c. Good Faith JDX, they truly believed the land was vacant or abandoned the AP must prove all of OCEAN H, actual owner only had to destroy on element after 21 years AP can do a quiet title and claim the land as their own Add up the time 2 AP are on the land, called tacking Privity of estate, there is a connection between the two possessors Color of title is a bad deed Disability Statute 1. infancy 2. incarceration 3. military service 4. infirmary the analysis is: 1. is the disability present on the 1st day of possession 2. when was the disability removed 3. add the tiem 4. compare Ex. 5 yr SOL, disability, when was the disability removed? Then ad five years (or disability SOL # of years

Gifts

Co-Ownership

Recording Statutes

Transfer of Land

Casa Mortis gift given in death PP- you only gave it up because you were dying Must have: 1. Intent 2. Delivery 3. Acceptance Inter Vivos gift given in life, generally not revocable PP you meant it at the time that you gave the gift. Must have: 1. Intent 2. Delivery 3. Acceptance Delivery: 1. Actual give the item to them 2. Symbolic giving a pic of the item to them 3. Constructive giving them the keys to the safety deposit box What happens if the individual survives? 1. majority JDX says the gift automatically comes back 2. minority says that the gift given has to come back and reclaimed As a public policy we want a disinterested party in the room.

1. TIC 2. Joint Tenancy 3. JT with Right of Survivorship 4. Tenancy by entirety

1. Race 2. Notice 3. Race Notice

Co-Ownership Language TIC To A and B (when in doubt its a TIC) Courts favorite Rights Your interest is your You can do with it what you want Could be 20% and 80% You can will it to a 3rd P Rights are Possession Interest Time Ttitle Rights are Possession Interest Time Ttitle 4 Unities 4 Unities Termination By selling Or by partitioning KIND: physically divide up SALE: each person gets their share of the money for their portion of ownership You can sever it by doing the following then it becomes a TIC Sell it Partition it Mortgage it In minority JDX, title theory In majority JDX, lien theory The 4 Ds Death Divorce Dual transfer Debtor in BK

JT w/ RS

To A and B as joint tenants with RS General rule is if it is destroyed it becomes a TIC

TBE

To A and B as husband and wife General rule if destroyed it becomes a TIC

On a final when you see joint owners think co tenancy. 1. A and B and C own Blackacre as JT w. RS. 2. A mortgages land in a minority JDX to D. ( unity is now severed, so A and B own as JT w/ RS for 2/3 and D owns as TIC for 1/3) 3. D dies and wills estate to E. (he can do this, now it is A and B as JT w/ RS for 2/3 and E as TIC for 1/3) 4. A dies and will his land to F. (cant do this, B now owns 2/3 with E 1/3 as TIC)

Waste Voluntary deliberate affirmative acts of possessory tenant Ex. cutting down valuable trees Permissive failure of possessory tenant to perform affirmative duty imposed for the benefit of holders of other interests. Old CL: permanent of injury caused by trespassers was responsible. Of tenant Reason: only possessory tenant could sue for recovery Now: both present and FI holders can recover in court Guiding Principal Rule Future possessors are legally entitled at termination of preceding estate to have possession in substantially the condition it was when fee simple was divided Substantial alteration Surrounding conditions permanently change to deprive property of value and usefulness then tenant not bound to return property to same condition in which received. Cant decrease value to other holders

Waste Continued
Duties of life tenant: Not to diminish the market value of subsequent interests Not to change premises in such manner that subsequent owners have a reasonable objection to even if no decrease, or even in increase in property value (meliorating waste) unless: Substantial and permanent change in the conditions of neighborhood has deprived land in current form of reaonavle productivity or usefulness; and Proposed alteration is on owner would normally make, and Subsequent owners are proteted from liability due to change. Permissive waste Make reasonable repairs To pay taxes, mortgage interest, special assessments and other carrying charges Limited to no more than income that can be generated from land, or if occupied by LT, then rental value Limitations on LTs Duty Scope of repair, some limitations: If dilapidated at beginning of estate, no duty No duty to rebuild if natural disaster No duty to update wear and tear unless necessary to prevent further deterioration Must keep in reasonable state of repair

Legal Remedies for Waste

Forfeiture

Legal Remedies for Waste Forfeiture Damages Allowed at the time of waste, Requires a special showing equal either to cost of repair Voluntary act or diminution in permanent Wanton or malicious state of value caused by waste mind May be maintained by Permanent value put in indefeasibly vested remainder significant risk reversion holders Less clear that contingent Equitable remedies for waster interests (contingent Typically not available for remainders, executory one time act interests, defeasibly vested May be sought by contingent remainders, possibility of interest holders reverter, power of Must show continuing waste termination, contingent or threat to commit waste reversions) can recover Result: order (injunction) preventing waster or to repair and accounting for past occurrences Extreme cases receiver appointed to collect rents to make repairs

Restraints on Alienation