John chipman gray rule against perpetuities and validating, find a copy in the library

The Rule Against Perpetuities.

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Lives in being could be, and frequently were, expressly nominated in the instrument; if none was so nominated, the period would be measured by reference to implied lives; these were the lives of persons whose existence had an effect on the vesting of the interests under the settlement or trust.

Even though the interest of the Fund might not vest for hundreds of years, the conveyance would nonetheless be held valid.

Where no such implied lives were to be found, the perpetuity period at common law was 21 years from the date of the coming into effect of the instrument.

Their interest is subject to the condition precedent that they survive their father Howard. However, as the rule does not apply to grantors, the possibility of reverter in the grantor or his heirs would be valid.

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For example, the grant "For A so long as alcohol is not sold on the premises, then to B" would violate the rule as to B. Thus, a devise "to John Smith, so long as no one operates a liquor store on the premises, but if someone does operate a liquor store on the premises, then to the Roman Catholic Church" would violate the rule.

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It is T's desire to leave Blackacre for her family to enjoy, and to ensure that her great-grandchildren, whom she knows, will get to enjoy Blackacre as well without the great-grandchildren's elders, such as T's children and grandchildren, selling Blackacre.

For example, if Donald Smith transfers his real property to his son Howard for life and then to Howard's children who are alive at the time of Howard's death, the children's interest is not vested. Finally, this article portrays current controversy in American property law as the product of the current movement away from formalism to a jurisprudence of functionalism and pragmatism.

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