The #AZAG opinion you've all been waiting for: Arizona’s statutory and constitutional provisions on the Rule Against Perpetuities.
azag.gov/sgo-opinions/a…
The Arizona Constitution provides that “[n]o hereditary emoluments, privileges, or powers shall be granted or conferred, and no law shall be enacted permitting any perpetuity or entailment in the state.”
A.R.S. § 14-2901(A)(2) likely violates Article II, § 29 of the Arizona Constitution by allowing a person to create a “perpetuity” within the original meaning of Article II, § 29.
A.R.S. § 14-2901(A)(3) likely violates Article II, § 29 of the Arizona Constitution by allowing a person to create a perpetuity or an entailment.
Conclusion: Article II, § 29 of the AZ Constitution prohibits perpetuities & entailments, both of which carry their common law definitions. ARS § 14-2901(A)(2) allows a future interest to vest within 500 years of its creation, which is far outside the common law vesting period.
(cont) Section 14 2901(A)(3) allows the creation of perpetual trusts, which enables a future interest to vest far outside the vesting period, if at all. Accordingly, A.R.S. § 14 2901(A)(2) and (3) likely violate Article II, § 29 of the Arizona Constitution.
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