128. Application of the perpetuity rule.

Whatever the date of the instrument, or the purpose of the accumulation, not being for the payment of debts or incumbrances1, trusts and provisions for accumulation are subject to the rule against perpetuities. A trust for accumulation for any period for the benefit of any person is not invalid, however, if the person has a vested interest, since in this case he is not bound to wait until the expiration of the fixed period, but may stop the accumulation and require payment the moment he is competent to give a valid discharge2. This principle applies in the case of