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12 Cards in this Set
- Front
- Back
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What is the Rule Against Perpetuities As Stated by Professor Klein?
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No interest is valid, unless it must vest [and close], if at all, but not later than 21 year after some life in being at the creation of the interest.
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13-2 Does the RAP operate immediately at the time the conveyance is attempted or later?
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Yes, It is operated immediately at the time of Conveyance
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Is the RAP applied to future interests in the grantor, future interests in the grantee or both?
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The RAP rules only apply to future interests in the grantee.
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Name the Future Interests that are vulnerable to the RAP?
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1. contingent remainders
2. vested remainders subject to open 3. executory interests |
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When does a conveyance made in a will operate?
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At the death of the testator.
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What is a "life in being"
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Any person alive at the time of conveyance
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If a child has been conceived but not born at the time of the conveyance, os that child considered a life in being?
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YES, If the child is later born alive
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When does the holder of a conveyance to D's widow, widower, heir or devisee become ascertained?
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At the death of D because we will know exactly who the widow will be when D dies.
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What is wrong with this:
The RAP requires that to be valid a contgent interest must be certain to vest and close within 21 years after the death of the last life in being at the time of the conveyance |
This does not state the rule completely. RAP requires us to know whether the interest is certain to vest [and close] and conclusively fail to vest within 21 years after the death of the last life in being at the time of the conveyance.
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How long is the permitted time period created by the RAP?
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There is no specific number, but the permitted time period can be calculated by adding together "how long the last life in being lived" + 21 years.
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What is wrong with this:
If a contingent interest might vest and close within 21 years after the death of the last life in being, the interest does not violate the RAP |
Wrong, the RAP tests to see if there is even a slight possibility that the interest will FOR SURE vest or CONCLUSIVELY FAIL TO VEST, not whether it might.
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What is a validating Life?
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A person whose life can prove that the contingent interest is certain to either vest and close or fail within the permitted time period.
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