This site is a developmental version of Wiki Law School. To go to the production site: www.wikilawschool.org
Rule Against Perpetuities
From wikilawschool.net. Wiki Law School does not provide legal advice. For educational purposes only.
Rule Against Perpetuities affects a future interest in property.
The Rule Against Perpetuities does *not* apply to
- a present interest
- a grantor
- a purchase option after a lease term[1]
Summary
A future interest that doesn't vest (materialize into possession) within 21 years after the end of some life in being when the future interest is created yields the future interest void in accordance with the rule against perpetuities.
See also
References
- ↑ "a purchase option that may be exercised after the end of the lease term violates the Rule Against Perpetuities", Restatement (First) of Property, §395 (a) (1944) (“Restatement” §395 (a)”)
