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Future Interests - Rule Against Perpetuities - Recent Statutory Amendment In New York, Paul K. Gaston S.Ed.
Future Interests - Rule Against Perpetuities - Recent Statutory Amendment In New York, Paul K. Gaston S.Ed.
Michigan Law Review
After 128 years of criticism and confusion and enormous amounts of litigation, New York has amended its statutory rule against perpetuities. The old rule provided that the absolute power of alienation could not be suspended for longer, than "two lives in being" at the creation of the estate plus a minority exception in some cases. Under the new rule the absolute power of alienation can be suspended for a period measured by any number of "lives in being" at the creation of the estate so long as they are not "so designated or so numerous as to make proof of …
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Michigan Law Review
From what has preceded it is apparent that none of those who would reform the rule against perpetuities, excepting Professor Simes, has suggested that the rule's application to remoteness of vesting alone requires investigation. Yet there is little doubt that this aspect of the rule has caused as much if not more litigation than those which have been so harshly condemned. Proof of this assertion will not be undertaken, for every property lawyer knows how frequently courts are called upon to determine whether for purposes of the rule an interest is "vested" or "contingent." Professor Simes put it well when …
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Michigan Law Review
The venerable rule of property known as the rule against perpetuities has recently been subjected to numerous searching and critical analyses, some of which will presently be discussed. Thus far nothing has been published dealing with, and only Professor Simes has touched upon, what seems to the present writer to be the most serious problem engendered by the common law rule in its commonly accepted form, i.e., the notion that the rule is concerned only with remoteness of vesting. It is the purpose of the present discussion to examine the concept of vesting as related to the rule and to …
Future Interests - Rule Against Perpetuities - Legislation Exempting Options To Purchase In Leases, Edward A. Manuel S.Ed.
Future Interests - Rule Against Perpetuities - Legislation Exempting Options To Purchase In Leases, Edward A. Manuel S.Ed.
Michigan Law Review
A recent West Virginia statute provides that in all leases subsequently executed, an option to purchase the whole or any part of the leased premises-exercisable during or at the end of the term is not subject to the rule against perpetuities. The statute also provides that the rule against perpetuities shall not constitute a defense to a suit to enforce such an option against the lessor. W. Va. Code (Michie, Cum. Supp. 1957) §3541(3).
Future Interests - Rule Against Perpetuities - Recent Kentucky Legislation Pertaining To Administrative Contingencies, Jules M. Perlberg S.Ed.
Future Interests - Rule Against Perpetuities - Recent Kentucky Legislation Pertaining To Administrative Contingencies, Jules M. Perlberg S.Ed.
Michigan Law Review
A recent Kentucky amendment to its perpetuities statute follows the lead of Illinois in seeking a legislative solution to the problems inherent in applying the rule against perpetuities to administrative contingencies. The amendment provides, inter alia, that the vesting of any limitation of property "shall not be regarded as deferred for purposes of the rule against perpetuities or regarded as a suspension of the power of alienation of title to property merely because the limitation is made to the estate of a person, or to a personal representative, or to a trustee under a will, or to take effect on …
Future Interests - Restraints On Alienation - Validity Of Pre-Emptive Provision, Julian Linde
Future Interests - Restraints On Alienation - Validity Of Pre-Emptive Provision, Julian Linde
Michigan Law Review
Defendant purchased a strip of land lying between his residence and the plaintiff's for $2,550. Immediately thereafter and pursuant to a prior understanding, he conveyed the west half to plaintiff for one half the price he paid for the entire tract. As a part of this transaction it was agreed that should either party desire to sell his portion of the lot at any time in the future, he would first offer it to the other at its original cost plus any amounts expended for improvements. When defendant was offered $3,500 for his half seven years later, he disregarded this …
Future Interests - Restraints On Alienation - Option To Repurchase At A Fixed Price, Edward H. Hoenicke S.Ed.
Future Interests - Restraints On Alienation - Option To Repurchase At A Fixed Price, Edward H. Hoenicke S.Ed.
Michigan Law Review
Shortly after his second marriage in 1925, plaintiff deeded a house and two lots to the parents of his first wife. The grantees, along with the plaintiff, had occupied the premises since the first wife's death. The deed contained a provision that "if the second parties do not wish at any time to use the property as a home, the first parties shall have the first privilege to purchase the above described property at any future time at the price stated in this deed, viz., $4,000." In 1952, after the death of both grantees and when the property was worth …
Future Interests - Rule Against Perpetuities - Applicability Of The Rule To An Option To Purchase Incident To A Lease, Donald M. Wilkinson, Jr. S.Ed.
Future Interests - Rule Against Perpetuities - Applicability Of The Rule To An Option To Purchase Incident To A Lease, Donald M. Wilkinson, Jr. S.Ed.
Michigan Law Review
Plaintiffs' testator ''leased" certain land to the defendants' assignor for a period of twenty-eight years, the latter contracting to pay $1,200 annually and to pay all taxes and assessments against the land during that period. The instrument also contained a clause whereby plaintiffs' testator contracted to convey in fee to defendants' assignor at the expiration of the twenty-eight year period, upon the latter's making a payment of one dollar. During the twenty-eight year period considerable improvements were made on the land. At the expiration of the period plaintiffs sought a declaration of rights and obligations of the parties under the …
Is The Rule Against Perpetuities Doomed?, Lewis M. Simes
Is The Rule Against Perpetuities Doomed?, Lewis M. Simes
Michigan Law Review
Few rules of the common law have shown such amazing vitality as the rule against perpetuities. Emerging in the Duke of Norfolk's Case in 1682, as a rule to restrict unbarrable entails in land, it is now applied, not only to interests in land, legal and equitable, but also to personal estate, tangible and intangible, including beneficial interests in trusts. It is regarded as a part of the common law of nearly every English speaking country, except a few of the United States where statutory substitutes have been provided. Since 1930, statutory substitutes have been abolished and there has been …
Simes On Future Interests, Charles C. White
Simes On Future Interests, Charles C. White
Michigan Law Review
It is encouraging that the law teachers are turning their talents to the writing of treatises. Recent examples are Professor Bogert's monumental work on Trusts and Professor Griswold's volume on Spendthrift Trusts. And now comes this comprehensive work on Future Interests, about which little has heretofore been written with an especial appeal to the average practitioner. Too much of the law teacher's energy has. gone into editing case books and writing law review articles. And case books and law review articles are not read by lawyers in general.
Non-Assignment Provisions In Land Contracts, Edwin C. Goddard
Non-Assignment Provisions In Land Contracts, Edwin C. Goddard
Michigan Law Review
Many a sale of real estate is made to a purchaser who lacks the ready cash to pay the price. A deed of conveyance may be given with a mortgage back for the unpaid portion of the purchase price. But more and more in recent years the vendor has given a contract to convey conditioned upon the making of periodical payments of stipulated amounts, a deed to be given when the whole or a stated portion of the purchase price has been paid. The initial payment may be very small, and not infrequently the periodic payments are little more than …