Friday, June 20, 2008

The Rule Against Perpetuities

I had to post a little something about this case...I mean how often does "The Rule" ever come up anymore? Ah that was fun learning early in my law school career.

The rule against perpetuities at common law provided "that an interest sought to be
devised to be good must vest, if at all, not later than twenty-one years and nine months after
some life or lives in being at the creation of the interest." Johnston v. Cosby, 374 Ill. 407,
410, 29 N.E.2d 608, 610 (1940).

Here's the case:

Robinson v. North Pond Hunting Club, No. 5-06-0436 . Because second land trust agreement for hunt club contains no revocation clause, it violates rule against perpetuities and is void. Further, deed purporting to transfer plaintiff's 40 acres to second land trust is nullity because grantee is non existent entity. Therefore, first trust agreement, to which plaintiff is not a party is still valid; and plaintiff still owns his 40 acres. Case is remanded to circuit court to determine issues with regards to equitable mortgage resulting from construction on plaintiff's acreage.

I mean it doesn't get much better than a discussion of "The Rule," land trusts, and partition for the real estate lawyer.


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