Future Interests – Rule Against Perpetuities – Recent Statutory Amendment in New York
After 128 years of criticism and confusion and enormous amounts of litigation, New York has amended its statutory rule against perpetuities. The old rule provided that the absolute power of alienation could not be suspended for longer, than “two lives in being” at the creation of the estate plus a minority exception in some cases. Under the new rule the absolute power of alienation can be suspended for a period measured by any number of “lives in being” at the creation of the estate so long as they are not “so designated or so numerous as to make proof of their end unreasonably difficult.” There is, however, still no period in gross provided for in the New York statutes. N.Y. Sess. Laws 1958 (McKinney) chapters 152 and 153.