700.02 Classification of interests in property as to duration. - Wisconsin Statutes

700.02

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

700.02(1)

(1) A fee simple absolute;

700.02(2)

(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;

700.02(3)

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

700.02(4)

(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;

700.02(5)

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

700.02(6)

(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.

700.02 - ANNOT.

History: 1991 a. 316.