Citgo Petroleum Corp. v. Hopper

The sole issue presented in this appeal is whether the rule against perpetuities applies to an option to purchase that is appendant to a commercial lease and exercisable during the term of the lease.

Rowena B. Hopper and Sparks M. Hopper (the Hoppers) filed a declaratory judgment proceeding against Citgo Petroleum Corporation (Citgo) and The Southland Corporation (Southland). The Hoppers, the lessors in a certain commercial lease, alleged that a provision in the lease that granted the lessee an option to purchase the leased property during the term of the lease violates the rule against…