To begin, choose from these candidates for the all-world spendthrift hall of fame:
- Imelda Marcos.
- Every Congress since you and I were little babies.
- Any MLB team that would trade for Giancarlo Stanton.
- All Power Five football schools not named Vanderbilt.
- The eventual winner of the Amazon HQ2 sweepstakes.
- Robert Baratheon, Lord of the Seven Kingdoms.
In Bradley v. Shaffer, Darrell, a beneficiary of a mineral trust established by his grandparents, purported to convey to Bradley his mineral interests that were subject to the trust and any interest held in trust that he might acquire in the future. The trustees sued, alleging that Darrell had no authority to convey his beneficial interest. Bradley argued that an extension of the trust violated the Rule Against Perpetuities. Spoiler: It didn’t.
A primer on Texas trust law … who owns what and other rules:
Continue Reading Mineral Conveyance Thwarted by a Spendthrift Provision