ELFI Ch 13.txt
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13.1: State from memory the Rule Against Perpetuities as described by John Gray and modified on page 137.
"No interest is good unless it must vest [and close], if at all, not later than 21 years after some life in being at the creation of the interest."
13.2: Does the Rule Against Perpetuities operate immediately at the time the conveyance is attempted or later?
Immediately at the time the conveyance is attempted
13.3: Is the Rule Against Perpetuities applicable to future interests in the grantor, future interests in a grantee, or both?
Future interests in a grantee
13.4: Name the future interests that are vulnerable to the Rule Against Perpetuities.
- Contingent remainders
- Vested remainders subject to open
- Executory interests
13.5: When does a conveyance made in a will operate?
Upon the death of the testator
13.6: What is a "life in being"?
Any person alive at the time of the conveyance
13.7: If a child has been conceived but not born at the time of the conveyance, is that child considered a life in being?
Yes, if the child is later born alive
13.8: When does the holder of a conveyance to D's widow, widower, heir, or devisee become ascertained?
Upon the death of D
13.9: What is wrong with the following sentence: The Rule Against Perpetuities requires that to be valid a contingent interest must be certain to vest and close within 21 years after the death of the last life in being at the time of the conveyance.
The interest must be certain to either vest and close or fail within 21 years.
13.10: What is wrong with the following sentence: If a contingent interest might vest and close within 21 years after the death of the last life in being, the interest does not violate the Rule Against Perpetuities.
The Rule tests whether the interest is sure to vest and close, not whether it might.
13.11: How long is the permitted time period created by the Rule Against Perpetuities?
Twenty-one years after the death of the last life in being
13.12: What is a validating life?
A person whose life can prove that the contingent interest is certain to either vest and close or fail within the permitted time period
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