Find Legal Information

47-04 Estates in Real Property

Download pdf

CHAPTER 47-04ESTATES IN REAL PROPERTY47-04-01. Jurisdiction - State laws. Real property within this state is governed by thelaw of this state.47-04-02. Classification of estates as to duration. Estates in real property in respectto the duration of their enjoyment are:1.Estates of inheritance or perpetual estates;2.Estates for life;3.Estates for years; or4.Estates at will.47-04-03. Estates - Classification and definition. Estates of inheritance and for life arecalled estates of freehold. Estates for years are chattels real. Estates at will are chattel interests,<br>but are not liable as such to sale on execution.47-04-04. Estate in fee defined. Every estate of inheritance is a fee, and every suchestate, when not defeasible or conditional, is a fee simple or an absolute fee.47-04-05. Estates tail abolished - Declared fees. Estates tail are abolished and everyestate which would be adjudged a fee tail at common law is a fee simple, and if no valid<br>remainder is limited thereon, is a fee simple absolute.47-04-06. Fee tail valid as contingent limitation upon a fee. Where a remainder infee is limited upon any estate which, by the common law, would be adjudged a fee tail, such<br>remainder is valid as a contingent limitation upon a fee and vests in possession on the death of<br>the first taker, without issue living at the time of that person's death.47-04-07. Estate for life is freehold. An estate during the life of a third person, whetherlimited to heirs or otherwise, is a freehold.47-04-08. Future estate limited. A future estate may be limited by the act of the partyto commence in possession at a future day, either without the intervention of a precedent estate,<br>on the termination by lapse of time, or otherwise, of a precedent estate created at the same time.47-04-09. Reversion defined. A reversion is the residue of an estate left by operation oflaw in the grantor or the grantor's successors or in the successors of a testator commencing in<br>possession on the determination of a particular estate granted or devised.47-04-10.Remainder defined.When a future estate, other than a reversion, isdependent on a precedent estate, it may be called a remainder and may be created and<br>transferred by that name.47-04-11. Limitation of suspension of absolute ownership. Repealed by S.L. 1991,ch. 484, </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>