700.02 Classification of interests in property as to duration.

234 words·~1 min read·/wi/chapter-700/700-02-9

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

700.02 Classification of interests in property as to duration. Interests in property are classified as to duration as:

(1)A fee simple absolute;

(2)A defeasible fee simple which may be a fee simple determinable automatically expiring upon the occurrence of a stated event, a fee simple subject to a condition subsequent with a power in the transferor or the transferor’s successors in interest to reacquire the fee by reason of a breach of the condition, or a fee simple with a remainder over to a person other than the transferor or the transferor’s successors in interest to take effect upon the occurrence of a stated event; for purposes of this subsection, a stated event can be either the happening, or the nonhappening, of a specified occurrence, and can be either certain or not certain to happen;

(3)An interest for life, which may be created for the duration of a life or lives of one or more human beings;

(4)An interest for years, which is any interest the duration of which is described in units of a year or multiples or divisions thereof;

(5)A periodic interest, which will continue for successive periods of a year, or successive periods of a fraction of a year, unless terminated;

(6)An interest at will, which is terminable at the will of either the transferor or the transferee and has no designated period of duration.