41-28. Definitions. As used in this Article: (1) "Nonvested easement in gross" means a nonvested easement which is not created to benefit or which does not benefit the possessor of any tract of land in his or her use of it as the possessor. (2) "Option in gross with respect to an interest in land" […]
41-29. Options in gross, etc. An option in gross with respect to an interest in land or a preemptive right in the nature of a right of first refusal in gross with respect to an interest in land becomes invalid if it is not actually exercised within 30 years after its creation. For purposes of […]
41-30. Leases to commence in the future. A lease to commence at a time certain or upon the occurrence or nonoccurrence of a future event becomes invalid if its term does not actually commence in possession within 30 years after its execution. For purposes of this section, the term "lease" does not include an oil, […]
41-31. Nonvested easements. A nonvested easement in gross becomes invalid if it does not actually vest within 30 years after its creation. (1995, c. 525, s. 1.)
41-32. Possibilities of reverter, etc. (a) Except as otherwise provided in this section: (1) A possibility of reverter preceded by a fee simple determinable; (2) A right of entry preceded by a fee simple subject to a condition subsequent; or (3) An executory interest preceded by either a fee simple determinable or a fee simple […]
41-33. Prospective application. This Article applies only to a property interest or arrangement that is created on or after October 1, 1995. (1995, c. 525, s. 1.)
