Royal Lives Clause Law and Legal Definition
Royal lives clause is a contract clause which provides that a certain right must be exercised within the lifetime plus 21 years of the last living descendant of a British monarch who was alive when the contract was made. This clause is applied in the United Kingdom. The rule generally affects two types of transactions namely trusts and options to acquire property. These kinds of transactions must vest before the end of the maximum period or else it will be held void. However, in the U.S., there is a similar clause used known as President’s lives clause.
