[2-8-4-7] The Rule applicable to executory interests

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[2-8-4-7] The Rule applicable to executory interests

The Rule Against Perpetuities applies to executory interests, because such interests are not vested at their creation.

For example, X owns Blackacre in fee simple absolute. X conveys Blackacre “to Y School Board, so long as it is used for a school, then to Z and his heirs.” The executory interest in Z violates the Rule, because it might vest beyond lives in being plus 21 years. That is, Y School Board might maintain a school on Blackacre longer than any live in being at the time of the gift plus 21 years, and then stop using it for a school. Therefore, instead of the executory interest in Z being valid, X and his heirs have a possibility of reverter which will become possessory if Y School Board ever stops using the property for a school.