9.__Unreasonable restraint on alienability.__The working waterfront covenant may be considered to be an unreasonable restraint on alienability.

10.__In violation of rule against perpetuities.__The working waterfront covenant may violate the rule against perpetuities.

§136. Application

1.__Interest created after effective date.__This chapter applies to any interest that complies with this chapter created after the effective date of this chapter, whether designated as a working waterfront covenant or an equitable servitude, restriction, easement or other interest in real estate.

2.__Working waterfront covenant created before effective date.__ This chapter applies to any working waterfront covenant created before the effective date of this chapter if the working waterfront covenant would have been enforceable had it been created after the effective date of this chapter, unless retroactive application contravenes the Constitution of Maine or the United States Constitution.

3.__Chapter does not invalidate interest.__This chapter does not invalidate any interest, whether designated as a working waterfront covenant or an equitable servitude, restriction, easement or other interest in real estate, that is otherwise enforceable under other laws of this State.

SUMMARY

This bill implements authority given to the Land for Maine's Future Board to be a party to working waterfront covenants. This bill provides the necessary definitions and provisions for creation, conveyance, acceptance and duration of working waterfront covenants, along with provisions for the scope and validity of such covenants, as well as applicability provisions.