4013LAW Lecture Notes - Lecture 1: Fee Tail, Fee Simple, Life Estate
24 Jul 2018
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Document Summary
Property v contract: property enforceable against the whole world (except the true owner), contract enforceable by and against parties to the contract. The highest property right an individual can have in australia. The crown still actually owns" the property and may take it away from the fee simple owner: fee tail. Life estate, limited to specific members of family. Passes on to the next heir prescribed in the tail at the death of the tenant in tail. Can still be crated in south australia under the estates tail act 1881 (sa) and in tasmania. Fee tails created in other states will automatically become fee simple estates: absolute estate. Granted without condition or termination (fee simple): conditional estate. Only enacted upon the performance of a specific condition: contingent estate. Will only pass when a specific event occurs (e. g. a birthday): determinable estate. Will be terminated on the occurrence of a specific event.
