Brief Fact Summary. The Plaintiff, the Symphony Space, Inc. (Plaintiff), seeks to have a commercial option contract declared void because it vests beyond the 21-year perpetuity period.
Synopsis of Rule of Law. If a commercial option contract has any possibility of vesting beyond the 21 year’s perpetuities period it is held void.
It removes technical objections in instances where recoveries can otherwise be justified by analogy with mistakes of fact.View Full Point of Law
Issue. Whether options to purchase commercial property are exempt from the prohibition against remote vesting embodied in the Rule against Perpetuities.
Held. Affirmed. All Commercial option agreements are not exempt from the Rule against Perpetuities
Discussion. The Rule against Perpetuities states no interest in property is valid unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest. If there is any possibility the interest might vest more than 21 years after a life in being, the interest is void. The Rule of Perpetuities seeks to prevent property from being unmarke