What aspect of the Rule Against Perpetuities (RAP) does not apply to personal property?

The aspect of the Rule Against Perpetuities (RAP) that does not apply to personal property is trust management. The Rule Against Perpetuities is primarily concerned with the duration of future interests in property, specifically real property. It ensures that certain interests do not last indefinitely and thereby affect the transferability and use of the property.

In the context of personal property, the RAP is not generally applied the same way it is with real property. The rule is designed to prevent personal property interests from being tied up for an unreasonable length of time through trusts or similar arrangements. However, the management of trusts is more focused on the responsibilities and powers granted to trustees, which do not directly relate to the perpetuity concerns that arise with personal property.

While personal property can be placed in trust, the typical restrictions imposed by the RAP do not have the same impact as they do with real estate. This allows for greater flexibility in managing and transferring personal property, free from the restrictions on duration that the rule imposes for real property interests.