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Author Topic: HELP ME WITH PROPERTY *&^%  (Read 1708 times)

camelbx

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Re: HELP ME WITH PROPERTY *&^%
« Reply #10 on: March 08, 2005, 09:53:11 PM »
I know everyone knows RAP, but I'll go ahead and post this:

RAP=

(1) Might
Is it possible

(2) It
   a. Executory Interest
   b. Option Contract
   c. Contigent Remainder
   d. Vested remainder subject to open (partial divestment)

(3) Vest
   a. become possessory
   b. be acted on
   c. vest (person become known)
   d. class closes.

(4) Too late?
  More than 21 years after all the death of all life in beings.

   All people mentioned in the document are life in beings.

Remember: Gestation is added to the 21 years so technically with births its 21 years 9 months.

Dean Prosser

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HELP ME WITH PROPERTY
« Reply #11 on: March 09, 2005, 02:38:52 AM »
Its been a while, so forgive me if some of this is not up to speed, but I think it is.  What troubled me was the word VEST, and it honestly took me about a month to actuall grasp the RAP

Vest DOES NOT mean POSSESSION, it generally just means ascertainable person.  Will a person be known, or will a person not be known, by the day of 21 years? 


e.g.  Bud Selig to Mark McGuire until the baseball homerun record is broken.  If Broken, to Bonds, if not, then to Sammy Sosa.

Will the homerun record be broken (the vesting event), or not be broken in 21 years?  No, b/c it can be broken before or after the 21 years, violation!


SLJ0720

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Re: HELP ME WITH PROPERTY *&^%
« Reply #12 on: March 09, 2005, 08:41:14 AM »
Dean Prosser, that is how I thought of RAP as well.  If you can think of any situation in which it could possibly vest after the perpetuities period then the interest must fail and be stricken from the conveyance.

Burning Sands

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rap
« Reply #13 on: March 13, 2005, 04:00:48 PM »
Yeah....Property... :P

How about I'm still waiting for my property grade?

RAP...what a mess.  Its not even worth the headache to understand it anymore since most states recognize and most people just use Trusts anyway, or the USRAP which lasts for 90 years as opposed to that 21 year crap. Alabama, Arkansas, DC and Wyoming are the only states that still use RAP.

I co-sign to what Ruskie said. Get the E&E for Property.  Its a life saver and covers RAP, Future Interests, and the whole 9 in a common sense/historical approach so you can understand the who what when where and why of Property Law.

Burning Sands