Rule Against Perpetuities and Suspension Rule

Question 1

Rule Against Perpetuities- definition

Answer 1

No interest is valid if it could vest later than any life-in-being at the time of the interest plus 21 years

Question 2

RAP- vesting

Answer 2

an interest is vested when there is no condition that has to be satisfied and the exact identity of the taker is known

Question 3

NY RAP Reform Statute

Answer 3

automatically reduces all age contingencies to 21 years, thus saving the gift

Question 4

NY Rule Against Suspension of the Power of Alienation- definition

Answer 4

Any interest is void if it suspends the power of alienation for a period longer than lives-in-being plus 21 years

-that is, there are no persons who could, together, transfer fee simple title

Question 5

NY Rule against Suspension of the power of alienation- concerns

Answer 5

Spendthrift income interests are in the trust, or
a life estate is created in an unborn person or in an open class that may include unborn persons