McPHERSON v. FIRST & CITIZENS NAT. BANK

No. 24.

81 S.E.2d 386 (1954)

240 N.C. 1

McPHERSON et al. v. FIRST & CITIZENS NAT. BANK OF ELIZABETH CITY et al.

Supreme Court of North Carolina.

April 7, 1954.


Attorney(s) appearing for the Case

John H. Hall, Killian Barwick, Elizabeth City, for defendant guardian ad litem, appellant.

Chas. L. Kaufman, Norfolk, Va., and LeRoy & Goodwin, Elizabeth City, for plaintiffs-appellees.


JOHNSON, Justice.

The initial question presented by this appeal is whether the provisions of the trust instrument relating to the grandchildren violate the rule against perpetuities. This rule prescribes the time within which title to a future interest must vest. Under the rule, "no devise or grant of a future interest in property is valid unless title thereto must vest, if at all, not less than twenty-one years, plus the period of gestation, after some life or lives...

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