Question: What is the Common Law Rule of Perpetuities?
Answer: It’s a property rule that pertains to common law and it states that no interest in land is good unless it is vested within 21 years after the creation of the interest.
Question: How did the rule come about?
Answer: John Robert Gray made the rule back in the early 1900’s(around the 1930’s from what I could find)which was meant to be a rule against the remoteness of vesting by insisting on the appropriate use of techniques which was meant save gifts from invalidity and regulates the devolution of wealth from generation to generation but over the years the rule has been reworded, twisted and in some cases completely abolished depending on the state.
Question: How does the rule apply today? and Does it still apply in the state of Colorado?
Answer: the rule against perpetuities has been modified by laws passed by the government in many jurisdictions such that it takes a "wait and see" approach. For Example: that means they would just wait till you die and then the property would revert to the estate of the person who gave it to you. As for does it still apply in Colorado? The state of Colorado as well as 29 other states(Alabama, Alaska, Arizona, Arkansas, California, Connecticut, Florida, Georgia, Hawaii, Indiana, Kansas, Massachusetts, Minnesota, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Oregon, South Carolina, South Dakota, Tennessee, Utah, Virginia, Washington and West Virginia) have enacted a form of this rule called The Uniform Statutory Rule Against Perpetuities. In Colorado: the statue is CRS §15-11-1102.5 and its says: A non-vested property interest is invalid unless it eithervests or terminates within 1,000 years after its