Brief Fact Summary. A deed conveyance was unclear as to what type of interest was being conveyed.
Synopsis of Rule of Law. An option to purchase land is unenforceable if it can be exercised beyond the end of the rule against perpetuities period.
Therefore every provision in a will or settlement is to be construed as if the rule did not exist, and then to the provision so construed the rule is to be remorselessly applied.View Full Point of Law
Issue. Is a restriction in a deed that is an option to purchase void if the restriction allows for the possibility that the option might vest later than 21 years?
The interest created is an option to purchase. An option is not a vested estate, and so is subject to the rule against perpetuities. This jurisdiction favors interpreting deed restrictions, which bring the restriction within the rule.
Economic development and prosperity depends in part upon the free alienability of land. The repurchase option is void because the option was not exercised within 21 years of the grant, and so is void because it violates the rule against perpetuities.
Discussion. An option to purchase land is unenforceable if it can be exercised beyond the end of the rule against perpetuities period.