PROPERTY LAW ACT 1974 - SECT 219
Determinable interests
PROPERTY LAW ACT 1974 - SECT 219
Determinable interests
219 Determinable interests
(1) The rule against perpetuities shall apply—
(a) to a possibility of
reverter in land on the determination of a determinable fee simple, in which
case if the fee simple does not determine within the perpetuity period it
shall afterwards continue as a fee simple absolute; and
(b) to a possibility
of a resulting trust on the determination of any other determinable interest
in property, in which case if the first interest created by the trust does not
determine within the perpetuity period the interest it creates shall
afterwards continue as an absolute interest; and
(c) to a right of entry for
condition broken the exercise of which may determine a fee simple subject to a
condition subsequent and to an equivalent right in the case of property other
than land, in which case if the right of entry or other right is not exercised
within the perpetuity period the fee simple shall afterwards continue as an
absolute interest and any such other interest in property shall afterwards
continue free from the condition.
(2) This section shall apply whether or not
the determinable or conditional disposition is charitable except that the rule
against perpetuities shall not apply to a gift over from 1 charity to another.
(3) Where a disposition is subject to any provision that causes an interest to
which subsection (1) (a) or (b) applies to be determinable, or to any
condition subsequent giving rise on breach of it to a right of re-entry or an
equivalent right in the case of property other than land, or to any exception
or reservation the disposition shall be treated for the purposes of this Act
as including a separate disposition of any rights arising because of the
provision condition subsequent exception or reservation.
