3.3 Limitations on Future Interest
当代英美法中，终身所有权及其后的 未来利益是英美财产法区别于大陆法 系的重要标志，也是遗嘱及遗产安排 法律中的焦点。“to my son A of life, and then to his daughter B and her heir” 此人不仅控制了该土地在他本人 死时的继承，也控制了其子死时的继 承。我们已经提到，未来利益与子女 期待从父母那里得到遗产不一样，未 来利益不仅仅是一种期望，而且是一 种受法律保护的现在就存在的财产权。
3.1.1 possibility of reverter 回归权，偶然取 回权 Possibility of reverter follows a determinable fee. When the owner of a fee simple absolute transfers a fee simple determinable, the grantor automatically retains a possibility of reverter. “To Bob and his heirs so long as the land is farmed” creates a fee simple determinable. The moment the land is no longer farmed, the estate ends, i.e., that Bob no longer has estate, where does the estate go? It goes back to O or his heirs. This is O’s possibility of reverter.
The above 3 future interests all belong to a transferor. The law, on the other hand, also recognize future interests in transferees. 3.2.1 remainder 剩余产权，转归权， 继受权
In a general sense, then, a reversion is the interest left in an owner when he carves out of his estate a lesser (smaller) estate and does not provide who is to take the property when the lesser/smaller estate expires. A fee simple is a greater estate than a fee tail, which is a greater estate than a life estate, which is a greater estate than the leasehold estate. Hence if O, owning a fee simple, creates a fee tail, a life estate, or a term of years, and does not at the same time convey a vested remainder in fee simple, O has a reversion. If A, owning a life estate, creates a term of years, A has a reversion.
Defeasible estate
Determinable estate Estate subject to condition subsequent
III. Future Interests
Future interests give rights to the enjoyment of property at a future time. “to A for life, then to B and his heirs.” “to A for life” creates a life estate for A, while B, although can not possess the land right now, has a future interest. His future interest is not a mere expectancy, like the hope of a child to inherit from a parent. His future interest gives him legal rights. B has present legal rights and liabilities. He can prohibit A from committing a waste, he can sue a third party who is injuring the land or, if B dies during the life of A, B’s interest will be inherited by his heir, and a federal estate tax or state inheritance tax may be levied upon its value.
Although a future interest does not entitle its owner to present possession, it is a presently exiting interest that may become possessory in the future.
3.2.1 remainder 剩余产权，转归权，继受 权 An example is “to A for life, then to B and her heirs.” In this example, you are sure that A has a life estate, and A is doomed to die, B has to wait patiently until A dies, then he will own the land in fee simple. If there is no expression as “then to B and her heirs”, O has a reversion. Now, with the expression, the property goes to B. If B dies during A’s life, on B’s death, B’s remainder passes to his heirs, if B dies without heirs, the state takes the property. This is a vested remainder. 既定的转归权/ 继受权。
There is also a contingent remainder. 偶然的转归权。For example, upon A’s marriage, O, (A’s father) might convey “to A for life, then to A’s eldest son and his heirs.” If A has a son later, such son will take on A’s death; if later A does not give birth to a son, the land will revert to O.
Future interests recognized in AngloAmerican legal systems are of 2 types: interests retained by the transferor interests created in a transferee
3.1 interests retained by the transferor
3.1.3 reversion 复归权
Historically, the earliest future interest to develop was a reversion. If O, a fee simple owner, granted the land to A for life, the land would come back to him at A’s death. This is reversion. To be exact, reversion is O’s right to future possession of the land. If O dies during A’s life, O’s reversion passes under his will or to his heirs.
3.1.2 right of entry (power of termination) 附终止权的取回权 O conveys blackacre "to A and his heirs, but if the premises are used for the sale of alcoholic beverages, O has the right to retake the premises”. In this case, A has a fee simple subject to condition subsequent. If he sells alcoholic beverages on blackacre, O, then, has the right to retake the land. So, from the owner’s point of view, he has a right of entry. This is his future interest.
3.2.2 Executory Interest 执行权，取代权 "to A and his heirs, but if the premises are ever used for other than residential purposes, then to B and his heirs." In this case, fee simple in A subject to a condition subsequent, (an executory limitation). If A or his heirs fail to use the property for residential purposes, the gift over to B will take effect. Notice: a remainder never cuts off a prior interest, but merely awaits the prior interest’s natural termination. An executory interest, by contrast, divests or cuts off a prior interest before the latter’s natural termination.