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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
However, in the United Kingdom, the significance of the royal lives clause may have diminished as a result of the Perpetuities and Accumulations Act 1964, a legal act that reformed the rules against perpetuities in the country. [1] Similar reforms were also made in several Australian states and the Canadian province of British Columbia. [2]
The reforms introduced a statutory limitation on how long income could be accumulated before it must be distributed. In 2009, many of the Act's principles were further reformed by the Perpetuities and Accumulations Act 2009, which introduced a single, simplified perpetuity period of 125 years, replacing the earlier rules. [1]
The rule against perpetuities is an example of how older property laws can influence how families transfer and inherit property rights. Well-meaning grantors create wills defining their wishes …
The Perpetuities and Accumulations Act 2009 (c. 18) is an Act of the Parliament of the United Kingdom that reforms the rule against perpetuities. The Act resulted from a Law Commission report published in 1998. [3] It abolishes the rule against perpetuities in most non-trust contexts, such as easements. [3]
Executory interests are subject to the rule against perpetuities, which disqualifies any interest that can vest more than twenty-one years after the death of every party who was living at the time the interest was created. However, if all of the potential vesting beneficiaries are named, the rule will never be violated.
Land law, or the law of "real" property, is the most significant area of property law that is typically compulsory on university courses. Although capital, often held in corporations and trusts, has displaced land as the dominant repository of social wealth, land law still determines the quality and cost of people's home life, where businesses and industry can be run, and where agriculture ...
This followed a similar policy to the rule against perpetuities, which rendered void any trust that would only be transferred to (or "vest") in someone in the distant future (currently 125 years under the Perpetuities and Accumulations Act 2009). [87]