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LSDefine

Simple English definitions for legal terms

Possessory estate

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A quick definition of Possessory estate:

A possessory estate is a type of property ownership where the owner has the right to use and possess the property. There are two types of possessory estates: non-freehold estates (where the tenant does not own the property) and freehold estates (where the tenant owns the property). Freehold estates can be further divided into three types: life estate, fee tail estate, and fee simple estate. A life estate gives the holder the right to use the property for their lifetime, after which it will transfer to another person. A fee tail estate is an old system where the property must be passed down to blood heirs and is no longer used in most places. A fee simple estate is the most common type of property ownership, where the owner has complete control over the property. There are two types of fee simple estates: absolute (where the owner has complete control over the property) and defeasible (where the ownership can be revoked if certain conditions are met).

A more thorough explanation:

A possessory estate, also known as a present possessory estate, is a type of real property ownership where the holder has the current right to possess the property. This is different from a future interest, which is a right to possess the property in the future. Present estates can be divided into Non-Freehold Estates, where the tenant does not hold ownership, and Freehold Estates, where the tenant holds ownership. There are three types of Freehold Estates: Life Estate, Fee Tail Estate, and Fee Simple Estates.

A life estate grants the holder the right to use the property for the duration of their life. At the end of their life, the property will transfer to another person. For example, if a property is granted to A for life, then to B, A will have the property until they die, and then the property will transfer to B.

A Fee Tail Estate is an old system designed to establish family dynasties where the property must be passed down to blood heirs. This system has been abolished in most jurisdictions.

Fee Simple Estates are the most common type of Freehold Estate and grant complete ownership of the property. There are two types of Fee Simple Estates: Absolute and Defeasible.

An absolute fee simple estate is one where the owner has complete control over the property and cannot be revoked by others. However, the property may still be subject to non-property issues like taxes or seizure for unpaid judgments.

A defeasible fee simple is a type of Fee Simple Estate that can be removed for a reason established in the granting document. There are three types of Defeasible Fee Simple Estates:

  • Fee Simple Determinable: The estate will be automatically terminated if the stated condition occurs. For example, if a property is granted to A for as long as it is used as a museum, A will hold the property until it is no longer used as a museum, and then the property will transfer back to the grantor.
  • Fee Simple Subject to Condition Subsequent: The estate is similar to a fee simple, but has a condition attached. If the triggering event occurs, the holder must take steps to establish possession of the property. For example, if a property is granted to A, but if A does not use the property for a museum, then the grantor has the right to take back the property.
  • Fee Simple Subject to an Executory Limitation: A fee simple with a stated event, which if it happens, is automatically divested by an executory interest in a transferee. For example, if a property is granted to A so long as it is used for a museum, but if used for anything else, it will transfer to B.

These examples illustrate how different types of Freehold Estates work and how they can be transferred to other people based on certain conditions.

possession of stolen goods | possessory interest

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15:23
what if I started flexing again
15:24
that might be too much
15:33
can we see ur mod badge?
15:41
just for u sweetie pie
15:43
woah so much swagger with dat 'm;
Dkk
15:47
@shaquilleoatmeal: more like, blow my back out by the bay boston instead of back bay boston.
Dkk
15:48
Indeed, the legendary man himself.
15:49
I would go to blow my back out by the bay boston
15:50
lift with ur back not your legs, its better to have a blown back than two bad legs
CynicalOops
15:53
Blow and back day out by boston bay
15:59
so true
Dkk
16:03
Of course. Man sad Ricky Henderson died. That was my favorite athlete of all time.
windyMagician
16:10
is it dumb that I rlly want to go to Mich even tho I have a full ride to umn
16:12
no-value as a consumer often means more than the price
Dkk
16:15
@windyMagician: Nah michigan is better than UMN
Dkk
16:15
My sister just officially graduated, yay!
16:16
awesome @Dkks sister
16:16
prolly named veronica or sarah
windyMagician
16:16
@Dkk: for public defense tho?
windyMagician
16:16
Sarah in the bathroom
texaslawhopefully
16:17
@windyMagician: not at all. Michigan is also very generous with aid, so if you get enough it makes perfect sense to take it.
windyMagician
16:17
fuck okay
windyMagician
16:17
going to my dream school is crazy
michigan also has better options if you do PD for 10 years then want to do something else
windyMagician
16:19
also would love to clerk for my federal district court even tho I know its hella competitive, I think mich sets me up better?
16:20
would be a great point to bring up when ur deciding / visiting each place- see what recent placement looks like
texaslawhopefully
16:23
For fed clerkships by far Michigan places better. I think it’s like 14-15 percent
windyMagician
16:25
sticker debt is high-key scary tho
texaslawhopefully
16:26
I’m sure you’ll get good merit aid though. Look at Michigan’s 509 report. They’re very generous.
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