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12 Cards in this Set

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  • Back
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.
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.
RAP
What does the perpetuities period begin to run for interests granted by will?
from the date of the testator's death
RAP
What does the perpetuities period begin to run for interests granted by deed?
date of delivery
RAP
What does the perpetuities period begin to run for interests granted by irrevocable trust?
date created
RAP
What does the perpetuities period begin to run for interests granted by revocable trust?
from the date it becomes irrevoc able
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
RAP
Does the Rule ag P apply to vested interests?
no, except for vested remainders subject to open
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
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
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
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