Property In 1955, Dave bought Dead Man's Lake and the 50 acres that surrounded the lake. Dave stocked the lake with fish and it became a popular spot to camp and fish. In 1970, Dave wanted to retire and sold the property to Builder, "so long as it maintained the campsites," then to Sierra Club. In 2004, Dave died. Immediately after Dave died, Builder closed the campground and started building houses on the land. 1. Who owns what interest in the land? In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created in the formation of a defeasible estate; with executory interest in the Sierra Club. This is an estate with a condition or event triggering transfer of possessory ownership. Dave has set up a defeasible estate which is created when he transferred the property conditionally to Builder. Upon the happening of the event or condition expressly defined in the transfer agreement, the transfer may be void or at least subject to annulment. There are two types of defeasible estates which are the fee simple determinable and the fee simple subject to condition subsequent. A fee simple determinable is an estate that will end automatically if the condition of the grantor occurs and the interest will revert back to the grantor, the heirs of the grantor or a third party. The future interest created with this estate is called a possibility of reverter. The reverter will contain provisional language such as, "to party A as long as the property is used for a cetain purpose" which creates this type of estate. A fee simple subject to a condition subsequent does not end automatically upon the happening of the condition; the future interest in this estate must be claimed by the holder of the interest. The future interest is called a "right of reentry" or "right of entry." Here, Dave created a defeasible fee estate with conditions subsequent. The property will be held by builders so long as it is used as for camping. Upon Dave's death Builder immediately closed down the camping sites and began to build houses. There were provisions in the conveyance that clearly stated Builder would hold interest in the land as long as it is to be used for camping, if the property is used for something other than camping, then the property would then transfer to the Sierra Club The Sierra Club now holds primary interest in the property know as Dead Man lake including the 50 acres surrounding