Future Interests Flashcards
1
Q
Future Interests subject to RAP
A
“CORPSE”
- Continent Remainder
- Options
- Rights of first refusal
- Powers of appointment
- Subject to open (vested remainder)
- Executory Interests
2
Q
Does GA follow the common law rule for RAP?
A
No, an otherwise invalid transfer will be valid if it actually vets within 360 years of its creation
3
Q
What rule does GA follow with regard to interests subject to RAP?
A
The “wait and see approach”
4
Q
What happens if an interest does not vest within 360 years?
A
If an interest does not actually vest during this period, an interested party can petition a court to reform the conveyance in a way that best effect’s the grantor’s intent but still complies with the statutory time frame.
