The applicants sought a declaration that an option in a 1997 mining rights option agreement was void under the 21-year perpetuity period in s. 13(3) of the Perpetuities Act.
The court held, in a case of first impression, that the option concerned an incorporeal interest akin to a profit à prendre and therefore fell within s. 14, which provides a 40-year vesting period for easements, profits à prendre, and similar interests.
Applying a textual, contextual, purposive, and original-meaning interpretation, the court concluded that s. 13(3) addressed options relating to corporeal hereditaments, while s. 14 addressed incorporeal hereditament interests.
Because the option was created in 1997, it remained presumptively valid and the application was dismissed.