Saturday, April 18, 2009

Dear Law School/Law Professors/Fellow Law Students,

Does anyone know what this means???!!??  ANYONE??  This is from my class on Thursday.  Yikes.

UNIFORM STATUTORY RAP [USRAP]

        In 1995, legislation was enacted that significantly changed the treatment of property interests like contingent remainders, vested remainders subject to open, and executory interests that were previously governed by the common law rule against perpetuities [RAP].  If created on or after October 1, 1995, the validity of such interests is determined under the Uniform Statutory Rule Against Perpetuities [USRAP].

        Determining validity of interests under USRAP

          (a)  interests that would have been valid under the common law RAP (i.e., are certain to vest or fail within a life in being + 21 years) remain valid under USRAP.

          (b) interests that do not meet the test of the common law RAP are not void ab initio.  USRAP adopts a wait-and-see approach to such interests and they become void only if they actually fail to vest or terminate within 90 years of when they were created.

        Note:  Even if the interest becomes invalid after expiration of the 90-year waiting period, a person with an interest in the property can petition for reformation.

Love, Me

3 comments:

BLC :o said...

Omg, that is just TOO funny. Thanks for your sweet comment. And, I am LOOVING the new do ... its really pretty. Xoxo-BLC

very married said...

hahaha - i totally DID about this time last year. but it flew outta my head as soon as the final was over. :)

Jo said...

Sure! Future interest is void unless it is certain to vest 21 years after someone's life begins. :) Or under USRAP every future intrest is vaild even in limbo (without vesting or terminating) for 90 years. Thus the phrase "wait and see" or more commonly known as 90 years SOMEONE has to be born during that window of time to pass this property interest onto so we don't have to fight in court over the RAP. AKA no one has a clue!

Good luck! The bar exam is brutal, but it's such a GREAT feeling when you pass.