1. Goldfarb owns a 500 acre tract of land known as Blackacre. He executes a deed conveying Blackacre with the following language, “To March for life, then to Hunt.” March is excited to receive Blackacre, but soon executes a deed to the property with the following language, “To Laverne and Shirley, as joint tenants with the right of survivorship.” March then dies. Hunt, believing he now owns Blackacre, executes a deed with the following language, “To Larry, Moe and Curly, as joint tenants with the right of survivorship.” Laverne and Shirley are not aware of Hunt’s deed and execute their own deed to Blackacre with the following language, “to the Valley Victory Church, so long as the property is used for church purposes.” Laverne and Shirley both die in an automobile accident, each leaving one son (Lenny and Squiggy). Then, Larry dies, leaving his son, Ralph, as his heir. Ralph gets a loan from First State Bank and gives the bank a mortgage to Blackacre. Moe then transfers his interest in Blackacre to his nephew, Potsy. Valley Victory Church, which did use Blackacre for a summer church camp, decides to sell the property to Wal-Mart so it can build a new store on the property. Valley Victory Church gives Wal-Mart a deed to Blackacre. At the same time, Ralph defaults on his loan to First State Bank and they start a foreclosure proceeding. Not knowing any of the facts above, Curly transfers his interest in Blackacre to his favorite kids from the neighborhood, Marlon, Jackie, Tito, Michael and Jermaine. Who owns Blackacre?
In your answer, analyze when (and whether) each of the parties (March, Hunt, Laverne, Shirley, Lenny, Squiggy, Valley Victory Church, Wal-Mart, Larry, Moe, Curly, Ralph, First State Bank, Potsy, Marlon, Jackie, Tito, Michael and Jermaine) took ownership in Blackacre, how much of an interest each owns, if any, and why.
Goldfarb owns a 500 acre tract of land known as Blackacre. He executes a deed conveying Blackacre with the following language, “To March for life, then to Hunt.” March is excited to receive Blackacre, but soon executes a deed to the property with the following language, “To Laverne and Shirley, as joint tenants with the right of survivorship.” March then dies. Hunt, believing he now owns Blackacre, executes a deed with the following language, “To Larry, Moe and Curly, as joint tenants with the right of survivorship.” Laverne and Shirley are not aware of Hunt’s deed and execute their own deed to Blackacre with the following language, “to the Valley Victory Church, so long as the property is used for church purposes.” Laverne and Shirley both die in an automobile accident, each leaving one son (Lenny and Squiggy). Then, Larry dies, leaving his son, Ralph, as his heir. Ralph gets a loan from First State Bank and gives the bank a mortgage to Blackacre. Moe then transfers his interest in Blackacre to his nephew, Potsy. Valley Victory Church, which did use Blackacre for a summer church camp, decides to sell the property to Wal-Mart so it can build a new store on the property. Valley Victory Church gives Wal-Mart a deed to Blackacre. At the same time, Ralph defaults on his loan to First State Bank and they start a foreclosure proceeding. Not knowing any of the facts above, Curly transfers his interest in Blackacre to his favorite kids from the neighborhood, Marlon, Jackie, Tito, Michael and Jermaine. Who owns Blackacre?
In your answer, analyze when (and whether) each of the parties (March, Hunt, Laverne, Shirley, Lenny, Squiggy, Valley Victory Church, Wal-Mart, Larry, Moe, Curly, Ralph, First State Bank, Potsy, Marlon, Jackie, Tito, Michael and Jermaine) took ownership in Blackacre, how much of an interest each owns, if any, and why.
Didn't I just see this? Go to the other post. It has to be YOUR answer and then we HELP. We do not DO your work for you.
Sra
To determine who owns Blackacre and how much of an interest each party holds, we need to analyze the sequence of deeds and the language used in each deed. Let's break down the ownership situation step by step:
1. Goldfarb originally owns Blackacre.
2. Goldfarb conveys Blackacre to March "for life, then to Hunt": This means that March has a life estate in Blackacre, granting them the right to possess and use the property for their lifetime. After March's death, the ownership of Blackacre would pass to Hunt.
3. March then conveys Blackacre to Laverne and Shirley as joint tenants with the right of survivorship: This creates a joint tenancy between Laverne and Shirley, meaning they share equal ownership of Blackacre. If either Laverne or Shirley dies, their share automatically passes to the surviving joint tenant.
4. Hunt, believing he owns Blackacre, conveys it to Larry, Moe, and Curly as joint tenants with the right of survivorship: Since Hunt did not own Blackacre (as they only had a future interest after March's death), this deed to Larry, Moe, and Curly is ineffective.
5. Laverne and Shirley convey Blackacre to the Valley Victory Church for church purposes: This creates a fee simple determinable with a condition subsequent. It means that Valley Victory Church owns Blackacre, but the ownership could potentially be terminated if the property is no longer used for church purposes.
6. Laverne and Shirley, both dying, leave one son each (Lenny and Squiggy): Their respective shares in Blackacre would pass to their sons, Lenny and Squiggy.
7. Larry dies, leaving his son Ralph as his heir: Ralph inherits Larry's share of Blackacre, becoming a joint tenant alongside Laverne (through Lenny) and Shirley (through Squiggy).
8. Ralph gets a loan from First State Bank and gives them a mortgage on Blackacre: First State Bank now has a lien on Ralph's share of Blackacre as collateral for the loan.
9. Moe transfers his interest in Blackacre to his nephew Potsy: As Moe is a joint tenant, he can transfer his interest to Potsy, making Potsy a joint tenant alongside Laverne (through Lenny), Shirley (through Squiggy), and Ralph (through Larry).
10. Valley Victory Church decides to sell Blackacre to Wal-Mart: With the condition subsequent being fulfilled (church purposes were used), Valley Victory Church has the authority to sell Blackacre to Wal-Mart.
11. Meanwhile, Ralph defaults on his loan to First State Bank, and a foreclosure proceeding begins: If the foreclosure is successful, First State Bank could take possession of Ralph's share of Blackacre.
12. Curly transfers his interest in Blackacre to his favorite kids from the neighborhood: Curly's transfer to Marlon, Jackie, Tito, Michael, and Jermaine is ineffective since he was not the sole owner of Blackacre.
Based on the above analysis, here is the ownership breakdown:
- March: A life estate in Blackacre.
- Laverne: A 1/2 interest in Blackacre through her son Lenny.
- Shirley: A 1/2 interest in Blackacre through her son Squiggy.
- Ralph: A 1/3 interest in Blackacre as a joint tenant with Laverne and Shirley's children.
- Valley Victory Church: Fee simple determinable with a condition subsequent in Blackacre, as long as it is used for church purposes.
- Wal-Mart: Acquires ownership of Blackacre from Valley Victory Church.
- First State Bank: Holds a mortgage on Ralph's share of Blackacre.
- Potsy: A joint tenant with Laverne's (through Lenny), Shirley's (through Squiggy), and Ralph's (through Larry) children.
- Marlon, Jackie, Tito, Michael, and Jermaine: No ownership in Blackacre since Curly's transfer was invalid.
It is essential to note that real estate law can be complex and subject to interpretation, so it is recommended to consult with a legal professional for a more accurate and detailed analysis based on specific jurisdiction and laws governing the situation.
Sorry! If you were trying to "cut and paste" it will not work here. You will need to type everything out.
Sra