Anderson v. Anderson

HENRIOD, Chief Justice.

Appeal from a judgment that an escrow agreement relating to a land transfer violated the rule against perpetuities. Reversed with costs to appellant.

A deed was deposited with a bank, which, under the agreement, calling for a $26,500 purchase price, would be delivered to the buyer upon performance of all conditions set forth therein. The condition precipitating this litigation is that relating- to amount and time of payment, and reads as follows:

“$500. May 1, 1959; $500, Dec. 1, 1959; $1,000, Oct. 1, 1960; $1,000 each Oct. 1 thereafter until the full purchase price with…