CA: rule against perpetuities only applicable to confuse law students

Bleecker St. Tenants Corp. v Jones, 2011 NY Slip Op 01360 [available here]


In a decision that gives me flashbacks to Professor Welsh's first-year property lecture, the Court of Appeals holds "the rule against perpetuities does not apply to options to renew leases."  I'm glad we have that settled.  Judge Read concurs and writes separately in order to discuss a 1715 case from the House of Lords.  Judge Graffeo dissents, and would have kept a more narrow, case-by-case exception to the rule against perpetuities rather than the broad exception adopted by the majority.