Lesson 3: Basic Future Interests: Fee Simple Determinable (and Possibilities of Reverter)
This lesson is part of a series of exercises covering Basic Future Interests. While the 10 lessons comprising this series can be worked in any sequence, the lessons do to some degree build on each other. Thus, it is suggested that students work them in order.
Students should complete the Basic Estate System lesson prior to working through this lesson and series.
The 10 lessons are:
- Lesson 1: The Concept of "Future Interest"
- Lesson 2: The Defeasible Estates and Their Future Interests
- Lesson 3: Fee Simple Determinable (and Possibilities of Reverter)
- Lesson 4: Fee Simple on Condition Subsequent (and Rights of Re-entry)
- Lesson 5: Fee Simple On Executory Limitation (and Executory Interests)
- Lesson 6: Reversions
- Lesson 7: Remainders
- Lesson 8: Kinds of Vested and Contingent Remainders
- Lesson 9: Executory Interests
- Lesson 10: Identifying Remainders and Executory Interests
On completion of the lesson, the student will be able to:
1. Explain the basic concept of future interests under American common law.
2. List the key characteristics of modern future interests.
3. Identify the fee simple determinable from the words of conveyance that create it.
4. Identify how early termination occurs for a fee simple determinable.
5. Define a possibility of reverter.
6. Explain who has the right to possession upon the termination of a fee simple determinable.