Interests in property are classified as to duration as: (1) A fee simple absolute; (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; (3) An interest for life, which may be created for the duration of a life or lives of one or more human beings; (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; (5) A periodic interest, which will continue for successive periods of a year, or successive periods of a fraction of a year, unless terminated; (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.
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