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Future Interests - Rule Against Perpetuities Applibd To A Charitable Trust

Michigan Law Review

The testator devised property to a trustee to accumulate the income for the period of a life in being and twenty-one years. Then a corporation was to be organized to receive the fund as trustee in order to apply it to a named charitable purpose. Held, that the gift does not contravene the rule against perpetuities on the grounds that the gift takes effect in possession the instant the prior period ends, that beneficially the gift vests in charity at the death of the testator, and that the rule does not apply to charitable gifts. First Camden National Bank …