First Alabama Bank of Montgomery v. Adams

"No interest is good unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of the interest."

Most lawyers will immediately recognize this as the statement of the Rule against Perpetuities, which, when read, seems simple enough; but, when applied, has confounded lawyers, judges and law students for ages. In fact, one law professor, in an article entitled "Perpetuities in a Nutshell" observed:

"We school teachers have delighted to make a mystery of the Rule against Perpetuities. We love to tell the old, old story of its tangled history; we love…