Rule against perpetuities
1.    Rule: no interest is valid unless it may vest, if at all, within 21 years if a life in being at the

creation of the interest; validity of a grant is determined at time of creation and it does not matter if it actually vests within the rap

period
2.    Application: applies to contingent remainders, executory interests, certain vested remainders subject to open, rights of

1st refusal and options