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In property law, a condition subsequent is an event which terminates a party's interest in a property. [6] When land rights are subject to a condition subsequent, this creates a defeasible fee called a fee simple subject to condition subsequent. In such a fee, the future interest is called a "right of reentry" or "right of entry." There, the ...
For example, Kentucky abolished the fee simple determinable and possibility of reverter by statute in 1960. An attempt to create such an interest is construed as a fee simple subject to condition subsequent (see below), and a person who would have possibility of reverter at common law will instead have a right of entry. [1]
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created on the formation of a defeasible estate; that is, an estate with a condition or event triggering transfer of possessory ownership. A common ...
Fee simple estates may be either fee simple absolute or defeasible (i.e. subject to future conditions) like fee simple determinable and fee simple subject to condition subsequent; this is the complex system of future interests (q.v.) which allows concepts of trusts and estates to elide into actuarial science through the use of life contingencies.
As one has stated, "The rule against perpetuities is an ancient, but still vital, rule of property law intended to enhance marketability of property interests by limiting remoteness of vesting." [ 6 ] For this reason, another court has declared that the provisions of the rule are predicated upon "public policy" and thus "constitute non-waivable ...
This may also refer to contingent conditions, which come under two categories: condition precedent and condition subsequent. Conditions precedent are conditions that have to be complied with before performance of a contract. With conditions subsequent, parties have to perform until the condition is not met.
A defeasible estate is created when a grantor places a condition on a fee simple estate (in the deed). When a specified event happens, the estate may become void or subject to annulment. There are two types of defeasible estates: fee simple determinable and the fee simple subject to a condition subsequent.
Community property; Concurrent estate; Condition precedent; Condition subsequent; Conflict of property laws; Constructive eviction; Constructive possession; Court auction; Covenant (law) Property crime; Cuius est solum, eius est usque ad coelum et ad inferos; Cultural property law; Customary land