Long-term option – a trap for the draftsman
Like algebra, the rule against perpetuities is something you struggle through in class in the expectation that you will never ever meet it again. But lawyers cannot afford a total blackout, above all where the intended transaction involves an option that may not be exercised for many years to come: see Wilson v Truelove [2003] EWHC 750 (Ch); [2003] 23 EG 136.
Long-term option – a trap for the draftsman
Like algebra, the rule against perpetuities is something you struggle through in class in the expectation that you will never ever meet it again. But lawyers cannot afford a total blackout, above all where the intended transaction involves an option that may not be exercised for many years to come: see Wilson v Truelove [2003] EWHC 750 (Ch); [2003] 23 EG 136.
