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Rule against perpetuities

The rule against perpetuities is a legal rule in common law property law that states that prohibiting the grant of an estate unless the future interest granting that such estate vests within 21 years after the death of someone alive when the interest was created (lives in being plus twenty one years).

Quote

Richard Posner Economic Analysis of the Law 2nd ed. (1977), sec. 18.7 at page 394.