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RESTRAINT ON ALIENABILITY OF PROPERTY #2

Restriction on the ability to convey real property interests; any attempt to restrict alienation was in derogation of the common law public policy favoring free alienability; interests thus created were void or voidable as an unlawful restraint on alienation. Although fees on condition subsequent and fee simple determinables are, in general, permissible estates, a condition which states, “but if any attempt is made to alienate the land, the grantor and his heirs reserve the right to re-enter and declare the estate forfeit,” would be against the policy. As a consequence, a rule exists which requires that there be a person capable of transferring absolute interest in possession within a certain period of time. See 201 P. 2d 69, 73. See alienation, rule against perpetuities. In estates created by short-term leases, however, such restraints are permissible. The determination of validity is based upon the nature and quality (duration) of the restraint, the type of estate in question, and the penalty imposed for violation of the restraint. http://en.wikipedia.org/wiki/Restraint_on_alienation

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