47-04 Estates in Real Property - North Dakota Statutes

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CHAPTER 47-04ESTATES IN REAL PROPERTY47-04-01. Jurisdiction - State laws. Real property within this state is governed by thelaw of this state.47-04-02. Classification of estates as to duration. Estates in real property in respectto the duration of their enjoyment are:1.Estates of inheritance or perpetual estates;2.Estates for life;3.Estates for years; or4.Estates at will.47-04-03. Estates - Classification and definition. Estates of inheritance and for life arecalled estates of freehold. Estates for years are chattels real. Estates at will are chattel interests,
but are not liable as such to sale on execution.47-04-04. Estate in fee defined. Every estate of inheritance is a fee, and every suchestate, when not defeasible or conditional, is a fee simple or an absolute fee.47-04-05. Estates tail abolished - Declared fees. Estates tail are abolished and everyestate which would be adjudged a fee tail at common law is a fee simple, and if no valid
remainder is limited thereon, is a fee simple absolute.47-04-06. Fee tail valid as contingent limitation upon a fee. Where a remainder infee is limited upon any estate which, by the common law, would be adjudged a fee tail, such
remainder is valid as a contingent limitation upon a fee and vests in possession on the death of
the first taker, without issue living at the time of that person's death.47-04-07. Estate for life is freehold. An estate during the life of a third person, whetherlimited to heirs or otherwise, is a freehold.47-04-08. Future estate limited. A future estate may be limited by the act of the partyto commence in possession at a future day, either without the intervention of a precedent estate,
on the termination by lapse of time, or otherwise, of a precedent estate created at the same time.47-04-09. Reversion defined. A reversion is the residue of an estate left by operation oflaw in the grantor or the grantor's successors or in the successors of a testator commencing in
possession on the determination of a particular estate granted or devised.47-04-10.Remainder defined.When a future estate, other than a reversion, isdependent on a precedent estate, it may be called a remainder and may be created and
transferred by that name.47-04-11. Limitation of suspension of absolute ownership. Repealed by S.L. 1991,ch. 484,