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11 Cards in this Set
- Front
- Back
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Basic concept of RAP
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Future interests are void if there's any possibility that a given interest might not vest more than 21 years after the death of a measuring life
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To A for life, then to the first of her children to reach age 30. A is 70, Her child B is 29.
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Violation! A could have another child and it would be more than 21 years. A = life estate; O = reversion.
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A gift to an open class that is conditioned on the members surviving to an age beyond 21
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Always violates RAP! Bad to one, bad to all!
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To A for life, then to as many of A's children that live to be 30.
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Violates RAP! Might take more than 21 years after A's death to see who takes. A = life estate; O = reversion.
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What type of interest commonly violates RAP?
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Shifting executory interest with no time limit!
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To A and his heirs so long as the land is used as a farm, and when it ceases to be used as a farm, to B.
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B's interest is void! Now: A = fee simple determinable; O = possibility of reverter
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To A and his heirs, but if the land ceases to be used as a farm, to B.
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B's interest void! Now A = FSA
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What is the most important exception to RAP?
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Charity - charity exception
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What is the "wait and see" doctrine?
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The validity of the suspect future interest is determined at the end of the measuring life
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What is the uniform statutory rule against perpetuities (USRAP)?
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provides for alternative 90 year vesting period
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Cy pres doctrine
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"As near as possible"
court may reform in way that most closely matches grantor's intent while complying with RAP |
