RULE AGAINST PERPETUITIES

Question 1

4 STEPS FOR ASSESSING A POTENTIAL RAP PROBELM

Answer 1

1. determine which future interests have been created by the conveyance (only applies to contingent remainders, executory interests and certain vested remainders subject to open)
2. determine what has to happen for the future interest holder to take
3. look for people alive at the date of the conveyance whose lives and or deaths are relevant to what has to happen for the future interest holder to take (the measuring life)
4. determine whehter we will know for sure within 21 years of death of a measuring life if the future interest holder(s) can take.
   - an executory interest with no limit on the time within which it must best violates RAP

Question 2

WAIT AND SEE OR SECOND LOOK DOCTRINE

Answer 2

majority reform effort- the validity of any suspect future interest is determined on the bases of the facts as they now exist at the conclusion of the measuring life

Question 3

UNIFORM STATUTORY RULE AGAINST PERPETUITIES

Answer 3

provides alternative 90 year vesting period
Cy Pres doctrine: if a given disposition violates the rule, a court may reform it in a way that most closely matches the grantor’s intent while still complying with the rule against perpetuities