Oregon Statutes 105.770 – Failure of contingency; application of extinguishment
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(1) A special limitation or a condition subsequent, which restricts a fee simple estate in land, and the possibility of reverter or right of entry for condition broken thereby created, shall, if the specified contingency does not occur within 30 years after the possibility of reverter or right of entry was created, be extinguished and cease to be valid.
Terms Used In Oregon Statutes 105.770
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Inter vivos: Transfer of property from one living person to another living person.
- Testator: A male person who leaves a will at death.
(2) This section shall apply only to inter vivos instruments taking effect after January 1, 1978, to wills where the testator dies after such date, and to appointments made after such date, including appointments by inter vivos instruments or wills under power created before such date. [1977 c.723 § 1]