North Dakota Security ownership of directors, nominees and officers showing sole and shared ownership
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N.D. Cent. Code § 47-02-27.1 A contingent property interest is invalid unless: a. When the interest is created, it is certain to vest or terminate no later than twenty-one years after the death of an individual then alive; or b. The interest either vests or terminates within ninety years after its creation.
The rule against perpetuities (RAP) was a common trust provision that is often referred to as a ?savings clause,? and states that ?no interest in land is good unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of the interest.? A perpetuity, by definition, has no ...
As of 2022, every state had abolished or abandoned the common law ?twenty-one years after the death of the life in being? Rule. No state has strengthened laws regarding perpetuities of interests or shortened the period allowed but many have replaced the common law with a statutory guideline.
Summary: The rule against perpetuities mandates that an interest in land must vest not later than twenty-one years after the death of some life in being at the creation of the interest.
What Is the Rule Against Perpetuities? The rule against perpetuities stipulates that a will, estate plan or other legal document intending to transfer property ownership more than twenty-one years after the death of the primary recipient is void.