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THE CONCEPT OF PROPERTY

Why Recognize Property a. Five Theories of Property only theories, not necessarily concluded in the rule of law (Justifications for having property) i. Protect First Possession ii. Encourage Labor iii. Maximize Social Happiness iv. Ensure Democracy v. Facilitate Personal Development II. Legal Positivism a. In our legal system, property exists only to the extent that it is recognized by government. Thus, natural law theory has little impact on property law. Property Rights as a Bundle of Rights a. Property consists of rights rather than things i. Implications 1. Property rights are relative, not absolute a. The law resolves conflicts in property by determining the relative scope and extent of each owners rights in the particular situation. Rule of Capture of Wild Animals a. GR: Possession is obtained with reasonable control and precautions to prevent escape over captured wild animal. i. Reasonable 1. Ordinary person a. Question of fact for the fact finder b. Based on arguments of the facts ii. The one who satisfies this test first, is the property owner iii. Personal Property rule relates to personal property iv. Animal is transformed from being wild to being owned by an individual v. Consider how much control is needed based on case authority. Compare Pierson majority (deprived animal of natural liberty) v. minority views (reasonable prospect of gaining control) vi. Does not apply to domesticated and wild animals in urban areas Test for Common Law Right to Publicity - White v Samsung a. Factors i. Defendants use of identity ii. Defendant may not appropriate plaintiff's name (celebrity) or likeness to defendants commercial (or otherwise) advantage

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iii. lack of consent by celebrity iv. resulting injury to celebrity b. **Focus of the common law? ** i. Common law is not focused on the how but whether the identity of the celebrity was appropriated VI. State Law Rules a. GR: State Law defines property rights i. What is property is fluid and subject to evolution 1. Easier to monitor amongst states ii. Exception 1. Copyrights and Patents

What is Property? I. Right to Transfer a. GR: Property is freely transferrable b. Why is the right to transfer (alienate) an important rights? i. Encourages conservation of property ii. Supports liberty iii. Ensure highest and most valuable use of property c. Exceptions i. Many depending on type of property, state, etc. ii. While the law favors free alienation of property, an owners right to transfer is sometimes limited for public policy reasons. iii. The law regulates what can be transferred, how transfers are made, and who can transfer or obtain property. d. Johnson v MIntosh Native Americans i. Right to transfer only to the government makes it hard to make economically satisfactory deal e. Moore v Regents of UC cell transfer i. Does Moore have the right to transfer (sell) sell body parts after removal 1. Majority concerns about extending conversion a. Consider policy considerations b. Extension of Strict Liability c. Legislative prerogatives d. Impacts on science research Right to Exclude a. The law generally protects an owners right to exclude others from his property, subject to privileges such as consent and necessity. Exceptions exist based on jx. b. GR: Property owners have a right to exclude others from their property

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i. Right is supported by 1. Trespass (Tort/criminal) a. Right to Exclude Restatement (2nd) of Torts Section 158 i. One is subject to liability for trespass, irrespective of whether he thereby causes any harm to any legally protected interest of thereof, if he intentionally . . .. enters land in the possession of the other, or causes a thing or third person to do so 2. No injury or intent needed to show trespass ii. Conversion for personal property iii. Exceptions: 1. Migrant workers visiting w/ social organizations based on balancing 2. Necessity or emergency c. Jacque v Steenberg Homes d. State v Shack III. Right to Use a. An owner is normally entitled to use his property as he wishes, as long as she does not injure the rights of others. The spite fence and nuisance doctrines help define the limits of the right to use. b. GR: Property owners have absolute right to use their property in any way wished c. Exceptions i. uses that injure others Nuisance - Prah 1. Nuisance-Tort Restatement , 822 a. One is subject to liability for a private nuisance if . . . his conduct [nontrespassory] is a legal cause of an invasion of another's interest in the private use and enjoyment of land, and the invasion is either i. (a) intentional and unreasonable, or 1. Unreasonableness Of Intentional Invasion a. An intentional invasion of another's interest in the use and enjoyment of land is unreasonable if i. (a) the gravity of the harm outweighs the utility of the actor's conduct, or ii. (b) the harm caused by the conduct is serious

and the financial burden of compensating for this and similar harm to others would not make the continuation of the conduct not feasible. ii. (b) unintentional and otherwise actionable under the rules controlling liability for negligent or reckless conduct . . . . ii. Spite fences Sundowner v King 1. Common law: Spite fences were permitted under the absolute ownership theory 2. Modern law: Sundowner, Inc v. King (p. 71) a. Spite fences are prohibited if i. serves no useful purposes injury neighbors and ii. constructed with malicious intent b. Should state of mind (intent) of fence builder toward neighbor matter? iii. Nuisance theory v Spite Fence Restrictions How they differ 1. Nuisance is not limited to fences 2. does not require malice 3. may restrict useful conduct under balancing iv. Many other exceptions to follow IV. Right to Destroy a. The scope of an owners right to destroy is unclear. In practice, the law rarely intervenes to prevent destruction. i. But concern arises when an owner seeks to destroy property that has substantial value to society. b. A well-ordered society cannot tolerate the waste and destruction of resources when such acts directly affect important interests of other members of society c. Eyerman left in will to destroy house upon death i. How much autonomy does the owner have over her property? 1. Majority concerned with the waste and destruction of resources d. The scope of an owners right to destroy is unclear. In practice, the law rarely intervenes to prevent destruction. i. Concern arises when owner seeks to destroy property that has substantial value to society, and some courts have limited this right.

OWNING REAL PROPERTY

Adverse Possession -Land ownership based on land (possession) occupancy for a period of time I. Elements of Adverse Possession a. Actual i. Some real use of property given its nature ii. This actual possession starts to run against the statutory time limit b. Exclusive i. No one uses but the possessor without possessors consent ii. Does not share possession with the public or the actual owner c. Open and notorious i. Visible possession that would give notice to true owner upon reasonable inspection of adverse title claim. 1. Open and Notorious requires that the adverse possessor must be so visible and obvious that a reasonable owner who inspects the land will receive notice of an adverse title claim. It must be applicable to condition, size, and locality of the land d. Adverse and hostile i. The majority rule (and modern trend) is that the adverse possessors state of mind is irrelevant. 1. This element is satisfied so long as the owner has not authorized the occupancy. a. However, some jxs require that the adverse possessor believe in good faith that he is the owner of the land. ii. Actions consistent with ownership; consider intent or mental state of possessor iii. Adverse/hostile means without the owners consent. iv. Claim of right sometimes an additional element 1. Adverse Possessor is using the land as a reasonable property owner would 2. Must be continuous as that of a reasonable owner would be e. Continuous i. Activity carried out in a manner of propertys normal use of a reasonable owner f. For statutory period: Required time period of possession

***Plaintiff has to establish ALL SIX elements by preponderance of the evidence*** - Defendant only has to disprove one of the six elements to win - High standard of proof for taking away someones title

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Defendant tries to pick a vulnerable element to disprove

CASES i. Van Valkenburgh adverse possession of land 1. For the purposes of constituting an adverse possession by a person claiming title not founded upon a written instrument or a judgment or a decree, land is deemed to have been possessed or occupied in either of the following cases, and no others: a. Where it has been protected by a substantial inclosure. b. Where it has been usually cultivated or improved. 2. A state can write a state to overrule common law- AP a. States have the ability to modify adverse position, get rid of adverse position or make it more difficult to succeed on adverse possession. ii. Difference between possession and ownership 1. Possession a. Right to possess but not the owner 2. Ownership a. No right to possess, but still the owner ie: landlord Justifications for adverse possession i. The dominant view is that the adverse possession is a specialized statute of limitations ii. Encourages Clarification on Title Disputes In Timely Manner iii. Encourages Development of Property iv. Encourages Use of Property The Adverse Possessors State of Mind a. Adverse and Hostile i. Three different theories 1. Possessor must believe in good faith she is owner of land 2. Possessor must have bad faith-knows she does not own land and intends to take property anyway 3. State of mind is irrelevantlook at objective indications (facts on the ground) to determine if adverse and hostile CA used in most Jurisdictions a. Hostility is not ill will b. Rejects subjective state mind against true owner

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c. Instead hostility appears to be objective conduct (not subject to adverse possessors state of mind) Mechanics of Adverse Possession a. Color of title i. Refers to a written instrument (deed, judgment, etc.) that is invalid but is used a basis of adverse possession. ii. In some states, it is used to shorten statutory period or allow for claims on lands that were not used but are described in the document iii. Isnt a true deed but represents a true deed b. Quiet Title Action i. lawsuit to settle competing claims to real property ii. 2 types of actions 1. A (AP) sues B (true owner) to clarify title under AP theory 2. B (true owner) sues A (AP) to clarify title, eject A from property if present as a trespasser, and A raises AP is an affirmative defense c. Tacking helps the Adverse Possessor i. The addition of two or more adverse possession periods to meet the statutory period if successive occupants are in privity? 1. Provides benefit to adverse possessors 2. Requires the elusive concept of privityreasonable connection between successive occupants d. Disabilities helps the true owner i. Disabilitiescan extend statutory AP period when true owner is disabled 1. Protect owners with disability and makes it harder to obtain property by AP 2. Disability means (depending on jurisdiction) imprisonment, lack of mental capacity, minority (under age), living outside of the state, military service e. Identity of the Parties i. If party in true possession has less than fee (complete) title (tenant, life estate), adverse possessor only gets lesser title. ii. If the true owner is the government, the general rule is that it is impossible to obtain property through adverse possession from the government.

f. Government i. If a true owner is the government, the GR is that it is impossible to obtain property through adverse possession from the government 1. Government controls property rights control statutes governing this 2. If you are adversely possessing against the government, you are essentially adverse possessing against yourself 3. Character of public property open and available is different in nature than private property The Vertical Dimension of Ownership - The right to make use of the airspace above the land or the subspace below the land, such as through mineral, oil, or gas extraction (Oil & Gas Law) I. GR: English and American common lawproperty owner owns from the center of earth to the heavens and may use both the airspace and subsurface (Heaven to hell principle) a. Modern exceptions: numerous and fact sensitive and depends on use in question II. Airspace Rights a. Under traditional theory, a landowners title extended upward to heavens, but this view collapsed with the invention of the airplane. Today, most authorities agree that the surface owners rights do not extend upward indefinitely. One view is that the owner holds title only up to a fixed height, usually 500 feet. b. US v Causby i. Fifth Amendment: [N]or shall private property be taken for public use, without just compensation. ii. Modern Law: Airspace is divided into two rough categories: iii. Owner has same rights in lower airspace as on the surface land 1. Government intrusions may be a taking if impact is immediate, direct, and substantial 2. Private intrusions could be a trespass or nuisance iv. Upper airspace is freely navigable and not part of owners bundle of sticks (rights) III.Subsurface Rights a. The traditional view was that a landowners title extended downward to the center of the earth, but modern courts increasingly question this view. Some courts suggest that the surface owners rights extend downward only so far as to accommodate a reasonable and foreseeable use of the subsurface. b. Sprankling Owning the Center of the Earth c. Mineral, Oil and Gas Rights

i. GR for hard (coal, gold, copper, etc) minerals: absolute ownership as part of bundle of rights to center of the earth ii. GR for oil and gas: Owner may acquire as much gas and oil (mobile substance) as the owner can produce under common law rule of capture 1. Modern exceptions Correlative rights doctrine: limits rules of capture to non-wasteful production to better share resources 2. Statutory changes: well spacing and other laws further encourage sharing Water Law - The right to use surface water flowing near land or to extract groundwater under the land I. Surface Water Allocations a. The dominant view is the surface owner may withdraw groundwater only for reasonable uses on his overlying land. Today almost all states have rejected the rule of capture approach to groundwater. b. 2 Systems i. Riparian system-landowners with parcels adjacent to fresh waters (river, streams, lakes, etc) are entitled to divert and make reasonable uses of the water on that parcel only ii. Appropriative system (TX, CA and other western states) water is allocated on a first-person to divert basis called a priority system and parcel location is irrelevant 1. Person who diverts first in the priority system has a stronger right then the 2nd, 3rd etc. a. Government intervenes and says to person with lowest right, stop diverting water b. Protects the first person in times of drought etc. c. Becomes a property right attached to this parcel c. Modern exceptions i. Correlative rights doctrine: limits rules of capture to nonwasteful production to better share resources ii. Statutory changes: well spacing and other laws further encourage sharing d. Problem i. if you wait to take a reasonable amount, most likely your neighbor will not have waited 1. Promotes excessiveness II. Groundwater Doctrines a. Rule of Capture (TX) b. Reasonable Use (pumping is limited to reasonable use on the overlying parcel (parcel with well) c. Appropriative System (based on first to use principle)

OWNING PERSONAL PROPERTY


Four ways to Acquire Personal Property I. Rule of Capture g. Taking possession of wild animal i. Originally the rule of capture governed property rights in wild animals; ownership was acquired only by physical possession of the animal. 1. The rule of capture was later used to determine property rights in other natural resources such as water, oil and natural gas II. Finders a. Someone who rightfully acquires property that was lost, mislaid, abandoned, or a treasure trove b. The nature of the item and the location of the find are important in determining the finders rights. i. Mislaid 1. voluntarily and knowingly put item in a certain place with intent to return, then forgets about it 2. GR: Right goes not to the finder, but to property owner where item is found (loqus in quo) ii. Lost 1. owner unintentionally and involuntarily parts with possession of item and doesnt know where it is 2. GR: Finder acquires rights of possessions against all except true owner. Consider context of where property is found, employer-employee relationship, and whether property is affixed to the ground iii. Abandoned 1. owner no longer wants item and relinquishes it 2. GR: Finder has a right to possession and ownership of property iv. Treasure trove: Owner concealed coins or currency long ago 1. Items of value like money, gold, silver, etc. 2. Intentionally buried in the earth for later recovery 3. GR: Generally goes to land owner (but English common law goes to crown) v. Employee/employer 1. If an employee finds an item in the course of employment, it belongs to the employer III. Adverse Possession a. Title to personal property may be obtained by adverse possession

i. Statutory period begins when possession becomes open and notorious 1. Statutory period generally shorter for personal property IV.Gift a. Transfer of Property without consideration b. Inter vivos gifts between living people i. Donative intent 1. intent to make an immediate transfer ii. Delivery 1. donor parts with dominion and control (most complicated element) 2. Types of delivery a. Manual i. physical transfer of possession of gift to donee b. Constructive i. transfer to donee the means of obtaining possession and control of gift c. Symbolic i. something is transferred to donee in place of gift to recognize the gift iii. Acceptance 1. Acceptance generally presumed iv. GR: inter vivos gifts cannot be revoked v. Law of the Rings 1. GR: Inter vivos gift is not conditional 2. Exception: The ring is a conditional inter vivos gift in anticipation of marriage. If the marriage (condition) does not take place, the ring is returned to donor. a. Montanarings stays with women-- treat as an inter vivos gift (not revocable) b. Ring goes to person who was not at fault for broken engagement c. CA Civil Code Sec. 1590 - Where either party to a contemplated marriage in this State makes a gift of money or property to the other on the basis or assumption that the marriage will take place, in the event that the donee refuses to enter into the marriage as contemplated or that it is given up by mutual consent, the donor may recover such gift or such part of its value as may, under all of the circumstances of the case, be found by a court or jury to be just. c. Gift Causa Mortis i. Elements

1. Donative intent 2. Delivery 3. Acceptance 4. Gift made in imminent contemplation of death ii. Gift is revocable any time before death! 1. Property generally reverts to O if O doesnt die Ownership v Possession I. Both common law actions for personal property; differ on remedy a. Troveraction to recover damages for wrongful taking of personal property b. Replevinaction to recover possession personal property c. Both Largely replaced by modern statutes but concepts are similar II. Possession a. Possession put short of complete ownership i. Would need to return to true owner ii. Could transfer, use, etc. b. Bailment i. rightful possession of goods by one who is not the owner (property held in trust) 1. Bailor: owner of the goods 2. Bailee: holder or receiver of the goods ii. Examples: valet parking, rented equipment, pet hotels III. Distinguish between Possession and Ownership a. First possessor generally protected other than against true owner for lost property b. Traditional rules are based on classification of property i. Lost, mislaid, abandoned, , treasure trove (some) ii. Location of property where foundarea open to public? iii. employer/employee relationship iv. property affixed or embedded in soil v. BUT: labels often used as justification, not the real reason

INTELLECTUAL PROPERTY
IP Overview I. Laws governing Ownership of Information or Ideas a. Generally defined by federal law through statute i. Compare to other property rights defined by state law II. Policy Considerations Why IP is Protected a. Encourage development of new products b. Allow creator to receive fruit of labor c. Balance between monopoly practices d. The Constitutional Basis, p. 242 i. Congress has the power to promote the Progress of Science and the useful Arts, by securing for limited Times to Authors

and Inventors the exclusive Right to their respective Writings and Discoveries. Art. 1, sec. 8 3 major categories of IP I. Copyright a. protects literary, musical, pictorial, television, and dramatic works b. Purpose i. Encourage creative effort by giving authors an incentive to produce works that will benefit the public c. Components i. Occurs automatically once work is authored ii. No government designation need to obtain copyright protection iii. Provides protection for 70 years from the death of the author iv. Author has exclusive right to use, distribute, license (royalties), or sell work d. Protected works must be i. Original 1. Original ideas v. facts a. What is the test for originality? i. Independently created by author ii. Some degree of creativity b. De minimis quantum of creativity ii. Work of authorship 1. Fall within protected category: literary (includes computer programs), musical, dramatic, dance, artistic (pictorial, graphic, or sculptural), video recordings, sound recordings, and architectural work iii. Fixation 1. Produced in permanent form e. Use of Copyrighted material without Permission i. Infringement - somebody exercise rights reserved exclusively for copyright owner 1. Does not have to be intentional 2. Remedies: damages, injunctive relief 3. Important Defense: Fair Use Doctrine a. not infringement if used for criticism, comment, news, classroom use, scholarship, and research. II. Patent a. protects process, machines, methods of manufacture, and composition of matter b. Requirements for a valid patent i. Patentable subject matter ii. Utility

iii. Novelty iv. Non obviousness v. enablement c. Components i. Protection occurs when granted by federal government through United States Patent and Trademark Office ii. 20 years protection from date of application iii. Sometimes difficult to draw a line between nonpatentable natural process and patentable process transforming nature. d. Purpose i. Encourage creative effort by giving inventors an incentive to produce inventions that will benefit the public e. 35 U.S.C. 101, p. 377 i. Whoever invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof, may obtain a patent therefor, subject to the conditions and requirements of this title. 1. Interpreted broadly to include living organisms f. Elements of Valid Patents, p. 275 i. Subject Matter: process, machine, manufacture, or composition of matter ii. Utility: useful invention iii. Novelty: new or novel iv. Nonobviousness v. Enablement : skilled person could make or use III.Trademark a. protects names or images of a particular company or product b. Requirements i. Distinctiveness ii. Non-functionality iii. First use in trade c. Components i. Protects word, name, symbol, or device used to identify a manufacturer or sponsor of goods ii. Defined by state common law to protect consumers iii. Congress has also regulated under the Commerce Clause iv. Trademarks may be registered v. Rights are based on a first in-time approach vi. Must be used to obtain protection d. Purpose i. To protect consumers from being deceived about the source of goods and services ii. To give trademark owners an incentive to produce quality goods and services

ESTATES & FUTURE INTERESTS


History Terms I. Deed a. Owner transfers property through conveyance) while alive (inter vivos) II. Will a. Owner transfers property through written (called devise) will at the time of his or her death III.Intestate succession (no will) a. Property transfers at the time of owners death based on state adopted rules Modern Freehold Estates I. Fee Simple Absolute a. Creating Words i. O to A and his heirs ii. To A in fee simple iii. To A b. Limitations in deeds and wills on the transfer of property rights i. GR: Absolute restraints on fee simple absolute are void ii. Restraints on Alienation 1. A provision in a deed or will that expressly or effectively prohibits a future transfer of a fee simple is an invalid restraint on alienation II. Life Estate a. Rights i. Gives use and enjoyment of property ii. Period of possession can be measured by person in possession OR 1. another person (life estate pur autre vie) a. O to D for the life of E iii. O retains reversion if conveyance is silent b. Creating Words i. To A for life ii. To A to live in forever c. Examples i. O conveys to B for life (and upon Bs death, then to O) 1. Present Possession - B has a life estate 2. Future Possession (Future Interest) - O has reversion ii. O conveys to B for life and upon Bs death, to C and her heirs 1. Present Possession - B has life estate 2. Future Possession (Future Interest) - C has remainder d. Waste Rules

i. Modern View 1. Substantial alteration permitted if doesnt result in decrease in value III.Fee Tail a. Overview i. Intended to keep property in the family 1. Passes on through lineal decedentsa string of life estates 2. If no lineal descendants, then back to O as a reversion ii. Very limited in US and not in CA b. Creating Words i. To A and the heirs of her body c. Right to Transfer i. Limited ability to convey right to possess during lifetime ii. No ability to transfer by will (devise) or instate succession IV. Fee Simple Determinable Not in CA a. Overview i. Estate ends when certain condition occurs ii. What are the conditions? 1. O retains a possibility of reverter a. Automatic reverter automatically divests iii. Transferrable subject to durational condition b. Creating Words i. To A as long as ii. To A while; To A until iii. To A during . . . then to Owner c. When Condition is met i. Adverse Possession 1. AP statute of limitations starts to run when the condition is met V. Fee Simple Subject to Condition Subsequent ( or a power of termination) a. Overview i. Estate ends when certain condition occurs ii. O retains a right of entry, which is at Os discretion, not automatic-- Compare to FSD iii. Transferrable subject to durational condition b. Creating Words i. Words of express condition 1. To A, provided that 2. To A, but if 3. To A, on the condition . . . then to Owner c. FSSCS v FSD

i. The key difference is how the condition subsequent if it occurs cuts short 1. Reverter option option to re-entry and reclaim 2. Conditional language d. 3 Options when Condition is Met i. Can wait forever to exercise right of entry ii. Rights of entry must be exercised within a reasonable time. 1. AP statute starts after reasonable time iii. 3. Some states treat like FSD VI.Fee Simple Subject to Executory Limitation a. Overview i. Essentially a FSD or FSSCS ends and future interest is held by a third party (not transferor) 1. Uses same magic words for creation as FSD and FSSCS ii. Termination automatic 1. similar to FSC in that regard iii. Third party interest (A, B and O) 1. Third party has an executory interest b. Creating Words i. To A as long as . . . then to B ii. To A while, until, during, provided that, but if, . . . then to B iii. To A on condition that, . . . then to B Modern Future Interests I. Future interests Retained by Transferor a. Reversion b. Possibility of Reverter c. Right of Entry (power of termination) II. Future Interests created in Transferee (third party) a. Remainders i. All are transferrable 1. Vested (indefeasibly) remainder a. O to B for life, then to C 2. Vested remainder subject to divestment a. O to B for life, then to D, but if D does not play in the NBA, then to E i. D has vested remainder subject to divestment 3. Vested remainder subject to open a. O to B for life, then to E and to all of his family who play on NBA teams i. E has vested remainder subject to open 4. Contingent remainder a. O to B for life, then to F if he plays in the NBA

ii. Characteristics of Remainder 1. Future interest created in 3rd party, not in grantor, at time of transfer 2. Transferee (3rd party) capable of gaining a present interest upon natural expiration (death/term of years) of possessor of prior estate 3. Does not cut short prior estate, which ends naturally b. Executory Interests i. Characteristics of Executory Interest 1. Future interest in 3 party, not grantor 2. But Transferee is not capable of gaining a present interest upon natural expiration of prior estate a. look for FSD/FSSCS language 3. Does cut short prior estate 4. Transferrable ii. Examples 1. O to C and her heirs as long as someone from the Jordan family plays in the NBA, then to E and heirs. a. (E has shifting executory interest (Shifting--E divest C (not O); C has FSSEL ) i. Dumbledore to Harry and his heirs if he graduates from Hogwarts a. (Harry has springing executory interest; Dumbledore has FSSEL ) (Springing-Harry divests Dumbeldore) Rule Against perpetuities I. Overview a. Owners desire to tie-up use of property in the future v. desire to promote marketability b. Difficult to borrow due to title uncertainty II. The Common Law Rule a. No interest is good unless it vest or fails within 21 years after some life in being at the creation of the interest b. Some tips on using i. Life in being is a person alive (even if not named in transfer) at the time of creation of the interest ii. Validating life: used to test interests iii. Vesting: removal of title uncertainty III.Modern trendCommon Law Rule Going Away! a. Many states have abolished; Still used in TX b. Some states have modified by statute. Alaska-1000 years! c. Leases are much more common transactional tool than estates d. Many states permit perpetual trusts (may include real property) for financial reasons and to avoid tax consequences

IV.Interests Subject to the Rule a. contingent remainders b. executory interests c. vested remainder subject to open V. Interests not subject to the rule a. All present interests ( fee simples, fee simple defensible, fee tails, life estates, leases) b. reversion c. possibility of reverter d. right of entry e. vested remainders f. remainders subject to divestment