California Civil Code 885.015 – This chapter does not apply to any of the following:(a) A power …
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This chapter does not apply to any of the following:
(a) A power of termination conditioned upon the continued production or removal of oil or gas or other minerals.
Terms Used In California Civil Code 885.015
- Power of termination: includes the power created in a transferee to terminate a fee simple estate in real property to enforce a restriction on the use of the real property in the form of a limitation or condition subsequent to which the fee simple estate is subject, whether the power is characterized in the instrument that creates or evidences it as an executory interest, executory limitation, or otherwise, and includes the interest known at common law as an executory interest preceded by a fee simple determinable. See California Civil Code 885.010
(b) A power of termination as to separately owned improvements or fixtures conditioned upon the continued leasehold or possessory interest in the underlying land.
(Amended by Stats. 1991, Ch. 156, Sec. 16.)