FUTURE INTERESTS-RULE AGAINST PERPETUITIES-VESTING OF RESIDUARY ESTATE IN TRUSTEE FOR CHARITY SUBJECT TO A CONDITION PRECEDENT

The will of testatrix provided: after the payment of debts and legacies, I give, devise and bequeath the residue of my estate to a charitable foundation. Held, the provision for payment of debts and legacies refers only to the quantum of estate the trustee will take and not to the time when his title vests in interest; it constitutes no condition precedent to the vesting of title in the trustee for charity. Therefore, the rule against perpetuities, which applies only to remoteness of vesting and not to postponement of possession and enjoyment, has no application. The fact that debts and legacies might not be paid within lives in being and twenty-one years has significance only in regard to the postponement of actual possession by the trustee. Smith v. United States Nat. Bank of Denver, (Colo. 1949) 207 P. (2d) 1194