LAW 515-001 – Property I
Rule Against Perpetuities
No interest is good unless it must vest and close, if at all, not later than twenty-one years after some life in being at the creation of the interest.
Does not apply to future interests in the grantor.
A future interest is void the moment it is created if:
- It is given to a grantee (a remainder or an executory interest);
- It is either contingent (given to an unascertained taker or subject to a condition precedent or both) or subject to open [or executory]; and
- It might still be contingent or subject to open longer than 21 years after the death of the last person alive at the time of the conveyance.