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12 Cards in this Set
- Front
- Back
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RAP
State the Rule against perpetuities |
no interest in property is valid unless it must vest, if at all, not later than 21 years after some life in being (measuring life) at the creation of the interest.
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RAP
What interests does the Rule against Perpetuities apply to? |
1. contingent remainders
2. executory interests 3. vested remainders subject to open (class gifts 4. options to purchase (except for those held by a current tenant) 5. rights of first refusal 6. powers of appt. |
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RAP
What does the perpetuities period begin to run for interests granted by will? |
from the date of the testator's death
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RAP
What does the perpetuities period begin to run for interests granted by deed? |
date of delivery
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RAP
What does the perpetuities period begin to run for interests granted by irrevocable trust? |
date created
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RAP
What does the perpetuities period begin to run for interests granted by revocable trust? |
from the date it becomes irrevoc able
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RAP
when does an interest "vest"? (keep in mind when it could possible vest) |
when it becomes
1. possessory or 2. an indefeasibly vested remainder or a vested remanider subject to total divestment |
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RAP
Does the Rule ag P apply to vested interests? |
no, except for vested remainders subject to open
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RAP
"to A for so long as no liquor is consumed on the premises, then to B" (an executory interest that follows a defeasible fee) does this violate the Rule ag P? |
yes, the executory interest would be stricken
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RAP
to X for life, then to those of x's children who attain age of 25. does this violate the rule? |
yes, the remainder in x's children violates the rule and is void
a gift to an open class conditioned upon members surviving beyond age 21 violates the rule |
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RAP
"to A for life, then to A's children for life, then to A's grandchildren in fee" is this valid? |
not to A's grandchildren because a woman is presumed to be able to continue to bear children
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RAP
"to A for life, then to A's widow for life, then to A's surviving issue in fee" valid? |
the gift to A's issue is invalid because A's widow might be a spouse who was not in being when the interest was created
A remainder "to A's children" would be valid because, unlike issue, they would be determined at A's death |
