R is putting together a syndicate for the purpose of constructing four duplexes on a
piece of land he now owns. R would like to raise $200,000 for construction of the
duplexes. He would allow the investors to share in any income produced and also
would like them to have the benefits of the depreciation deductions that would be quite
large for the first few years after completion of construction. Advise R on what is
available. R also notes that he would “like to avoid the SEC completely.”
Provide two examples of how present and future interests can be combined to create a
fee simple interest.
Clauses that prohibit the leasing of center space to competitors are anti-competitive and
violative of the Sherman Act.
The rule in Shelley’s case means that the present and future interests are merged when
the grantor has given a life estate to himself and the remainder to his heirs.
The Astons contracted with John King to purchase property from him. John King then
conveyed the purchase contract to King, Spaulding, and Reston, a law firm in which
King had become a partner as a means of providing an initial investment into the firm,
an LLC that was about to be formed. After the transaction closed with the Astons, the
secretary of state rejected the LLC documents for some missing information. When the
Astons learned that the grantor did not exist, they sought to have the transaction set
aside as invalid. Offer your analysis of this situation.
Most shopping center tenants pay a fixed rent.
Article IX of the U.C.C. pertains to fixtures only.
The presence of legal counsel for both sides to a prenuptial agreement
a. Has little effect on whether the agreement will be valid
b. Is not necessary in California
c. Is a near-certain way of ensuring the agreement’s validity
d. Makes the agreement void
A tenancy at will is created in the same manner as a periodic tenancy.
With reference to #38, who has title under a notice state statute?
a. Grant
b. Dee Dee
c. Joe
d. Larry