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Law Quadrangle (formerly Law Quad Notes)

Abstract

The following article is adapted from an article soon to be published in the Cambridge Law Journal.

As this article was going to press, the Uniform Act was enacted in Nevada and South Carolina.

The wait-and-see version of perpetuity reform - adopted a few years ago by the American Law Institute as part of the Restatement (Second) of Property (Donative Transfers) (1983)- gained another champion when, last summer, the National Conference of Commissioners on Uniform State Laws approved a Uniform Statutory Rule Against Perpetuities (Uniform Act or USRAP).

Among a number of unique features of the Uniform Act, the method used to delimit the waiting period deserves special notice. The waiting period is the period of time allotted for the contingencies attached to an otherwise invalid property interest to work out harmlessly. In a step believed to be unprecedented, the waiting period adopted by the Uniform Act is a flat period of 90 years.

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