Fifteen years ago the Reading Corporation made a gift of lan…
Fifteen years ago the Reading Corporation made a gift of land to Literate City for use as the site for a city library. The deed provided that “if at any time the city shall cease to use the land for library purposes, then title to the land shall pass to Fred and Floy.” Fred and Floy are the sole shareholders of Reading Corporation. Literate City promptly constructed a library on the site. The library opened to the public 14 months after delivery of the deed to the city, and it has remained open ever since. What is the status of the future interest granted to Fred and Floy under the Rule against Perpetuities?