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Can a contract involving money be in perpetuity. Wyoming and…

Customer Question
Can a contract involving...

Can a contract involving money be in perpetuity

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

Wyoming and no

Lawyer's Assistant: Has anything been officially filed? If so, what?

These are contracts, with the state, where funds were furnished on a project that involved construction.The contract calls for a reserve to be held in perpetuity should the project need repair. I have no problem with the reserve account, just if it should have a date not perpertuitly

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Don't think so

Submitted: 3 months ago.Category: Business Law
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Answered in 1 minute by:
3/28/2018
Business Lawyer: RayAnswers, Attorney replied 3 months ago
RayAnswers
RayAnswers, Attorney
Category: Business Law
Satisfied Customers: 48,143
Experience: I have 30 years as a business lawyer in Texas
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Business Lawyer: RayAnswers, Attorney replied 3 months ago

No it can be held this way.The funds would be used over the years for repair.This prevents them from being take for other projects or uses while leaving them for repairs to the project,?It is not unheard of to do things this way here to preserve the project and keep it repaired over time.It is legal to have it worded this way.

I appreciate the chance to help you today.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 3 months ago
the state of wyoming provided funds for a project on our irrigation canal. The contract called for establishment of reserve account should repairs be needed. It stated the money to be held in perpetuity. We think that needs to be a certain date.
Business Lawyer: RayAnswers, Attorney replied 3 months ago

If this is a contract you can seek a change in language and have it time limited here, say 100 years or whatever.It is negotiable.

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Business Lawyer: RayAnswers, Attorney replied 3 months ago

Thanks for clarifying this.

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