Does the rule against perpetuities apply to vested interests?
Ontario, Canada
The following excerpt is from In re Barrett Beard et al., 1953 CanLII 24 (ON CA):
The rule against perpetuities does not apply to vested interests, and if an interest vests within the period the rule does not affect its duration. The annuities and the accompanying charge on income vested during the lives of the daughters of the testatrix, which were lives in being at the time of her death, and therefore the duration of that interest does not matter. There is a gift of an annuity which constitutes a portion of the rents, and this is a present gift: Gray, The Rule against Perpetuities, 4th ed. 1942, p. 260; In re Allott; Hanmer v. Allott, [1924] 2 Ch. 498. Belyea et al. v. McBride et al., supra, is not applicable to this case, where there is a present gift of annuities which vest immediately.
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