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1990

Future interests

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The Uniform Statutory Rule Against Perpetuities: The Rationale Of The 90-Year Waiting Period, Lawrence W. Waggoner Jan 1990

The Uniform Statutory Rule Against Perpetuities: The Rationale Of The 90-Year Waiting Period, Lawrence W. Waggoner

Articles

The Uniform Law Commissioners promulgated the Uniform Statutory Rule Against Perpetuities in 1986. The perpetuity-reform efforts of the American Law Institute in the Restatement (Second) inspired the Uniform Act. The Restatement and the Uniform Act employ the so-called wait-and-see approach to perpetuity reform. Wait-and-see is a two-step strategy. Step One preserves the validating side of the common-law Rule Against Perpetuities (the common-law Rule): By satisfying the common-law Rule, a nonvested future interest in property is valid at the moment of its creation. Step Two is a salvage strategy for future interests that would have been invalid at common law: Rather ...


The Uniform Statutory Rule Against Perpetuities: Oregon Joins Up, Lawrence W. Waggoner Jan 1990

The Uniform Statutory Rule Against Perpetuities: Oregon Joins Up, Lawrence W. Waggoner

Articles

Uniform perpetuity reform is on the march, and Oregon has joined the parade. On January 1, 1990, the Uniform Statutory Rule Against Perpetuities (Uniform Act) became effective in Oregon. Although promulgated only three years ago, the Uniform Act has been enacted in over twenty percent of the states and appears to be on its way toward enactment in several others. Prior to the adoption of the Uniform Act, Oregon followed the common-law Rule Against Perpetuities (common-law Rule). Noted for its unjust consequences, the common-law Rule disregards actual events and invalidates a contingent (nonvested) future interest merely on the grounds of ...