55-101. REAL PROPERTY DEFINED. Real property or real estate consists of: 1. Lands, possessory rights to land, ditch and water rights, and mining claims, both lode and placer. 2. That which is affixed to land. 3. That which is appurtenant to land. History: [(55-101) R.S., sec. 2825; reen. R.C. & C.L., sec. 3056; C.S., sec. […]
55-101A. "LANDS" DEFINED. Lands are the material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock or other substance, and include free or occupied space for an indefinite distance upwards as well as downwards, subject to limitations upon the use of airspace imposed and rights in the use […]
55-101B. "CONDOMINIUM" DEFINED. A condominium is an estate consisting of (i) an undivided interest in common in real property, in an interest or interests in real property, or in any combination thereof, together with (ii) a separate interest in real property, in an interest or interests in real property, or in any combination thereof. History: […]
55-102. PERSONAL PROPERTY DEFINED. Every kind of property that is not real is personal. History: [55-102, added R.S., sec. 2826; reen. R.C. & C.L., sec. 3057; C.S., sec. 5326; I.C.A., sec. 54-102.]
55-103. WHO MAY OWN PROPERTY. Any person, whether citizen or alien, may take, hold and dispose of property, real or personal. History: [55-103, added R.S., sec. 2827; reen. R.C. & C.L., sec. 3058; C.S., sec. 2827; I.C.A., sec. 54-103.]
55-104. INTERESTS IN COMMON. Every interest created in favor of several persons in their own right is an interest in common, unless acquired by them in partnership, for partnership purposes, or unless declared in its creation to be a joint interest, or unless acquired as community property. History: [55-104, added R.S., sec. 2828; reen. R.C. […]
55-105. FUTURE INTERESTS — WHEN VESTED. A future interest is vested when there is a person in being who would have a right, defeasible or indefeasible, to the immediate possession of the property upon the ceasing of the immediate or precedent interest. History: [55-105, added R.S., sec. 2830; reen. R.C. & C.L., sec. 3061; C.S., […]
55-106. CONTINGENT INTERESTS. A future interest is contingent whilst the person in whom, or the event upon which, it is limited to take effect remains uncertain. History: [55-106, added R.S., sec. 2831; reen. R.C. & C.L., sec. 3062; C.S., sec. 5330; I.C.A., sec. 54-106.]
55-107. ALTERNATIVE FUTURE INTERESTS. Two (2) or more future interests may be created to take effect in the alternative; so that if the first in order fails to vest, the next in succession shall be substituted for it, and take effect accordingly. History: [55-107, added R.S., sec. 2832; reen. R.C. & C.L., sec. 3063; C.S., […]
55-108. INHERITANCE BY POSTHUMOUS CHILDREN. When a future interest is limited to successors, heirs, issue or children, posthumous children are entitled to take in the same manner as if living at the death of their parent. History: [55-108, added R.S., sec. 2833; reen. R.C. & C.L., sec. 3064; C.S., sec. 5332; I.C.A., sec. 54-108.]
55-109. TRANSFER AND DEVOLUTION OF FUTURE INTERESTS. Future interests pass by succession, will and transfer in the same manner as present interests. History: [(55-109) R.S., sec. 2834; reen. R.C. & C.L., sec. 3065; C.S., sec. 5333; I.C.A., sec. 54-109.]
55-110. POSSIBILITIES. A mere possibility, such as the expectancy of an heir apparent, is not to be deemed an interest of any kind. History: [(55-110) R.S., sec. 2835; reen. R.C. & C.L., sec. 3066; C.S., sec. 5334; I.C.A., sec. 54-110.]
55-111. NO RULE AGAINST PERPETUITIES. There shall be no rule against perpetuities applicable to real or personal property. History: [(55-111) R.S., sec. 2836; reen. R.C. & C.L., sec. 3067; C.S., sec. 5335; I.C.A., sec. 54-111; am. 1957, ch. 54, sec. 1, p. 92; am. 2008, ch. 77, sec. 1, p. 204.]
55-111A. SUSPENSION OF POWER OF ALIENATION — FUTURE INTEREST BY POWER OF APPOINTMENT. (1) The absolute power of alienation of property cannot be suspended by any limitation or condition whatever, for a longer permissible period than during the continuance of the lives of the persons in being at the creation of the limitation or condition, […]
55-112. FUTURE INTERESTS DEFEATED. A future interest, depending on the contingency of the death of any person without successors, heirs, issue or children, is defeated by the birth of a posthumous child of such person capable of taking by succession. History: [(55-112) R.S., sec. 2837; reen. R.C. & C.L., sec. 3068; C.S., sec. 5336; I.C.A., […]
55-113. FUTURE INTERESTS NOT DEFEATED. No future interest can be defeated or barred by any alienation or other act of the owner of the intermediate or precedent interest, nor by any destruction of such precedent interest by forfeiture, surrender, merger or otherwise. History: [(55-113) R.S., sec. 2838; reen. R.C. & C.L., sec. 3069; C.S., sec. […]
55-114. FUTURE INTERESTS NOT DEFEATED BY PREMATURE DETERMINATION OF PRECEDENT ESTATE. No future interest, valid in its creation, is defeated by the determination of the precedent interest before the happening of the contingency on which the future interest is limited to take effect; but should such contingency afterward happen, the future interest takes effect in […]
