The Rule Against Perpetuities is a legal principle that governs the creation of future interests in property. The rule is design to prevent property interests from tied up indefinitely and ensures that property will eventually be available for use or disposition.
Under the rule, any future interest in the property must vest or take effect within a certain period after the death of the person who created the appeal or within a certain period after the creation of the interest. This period generally called the “measuring life” or “lives in being” plus a certain number of years, usually 21 years.
If the future interest does not vest within this period, it said to violate the Rule against Perpetuities and is, therefore, void. This means that the future claim will fail, and the property will pass to whoever would have been entitled to it if the future interest had not created.
The Rule Against Perpetuities aims to prevent the property from being tie up for generations and ensure that property is available for use or disposition in a reasonable amount of time. This helps to promote economic activity and prevents property from becoming stagnant or unused.
Overall, the Rule Against Perpetuities is an important legal principle that helps ensure that property is use and disposed of reasonably while allowing individuals to create future interests in property for the benefit of their heirs and successors.