Talk to any fellow bar exam taker, and invariably you end up laughing and snickering about the Rule Against Perpetuities. Why this is so is a mystery, since really this rule is not any harder or complex than other legal rules. I think it is because the rule just sounds so antiquated. Just using the word perpetuities conjures up the image of lawyers in wigs.
But here is the rule plain and simple:
No interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest.
This applies to contingent remainders, executory interests, options and rights of first refusal, and vested remainders subject to open. The rule can also apply to class gifts. I won't swear this is a complete list. After all, I am still studying for the bar!
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