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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.
See rule against perpetuities—each rule varies by jurisdiction. Mortmain was a key underlying interdiction in legal history, contextualising much early case law. The decision of Thornton v Howe (1862) 31 Beav 14 held that a trust for publishing the writings of Joanna Southcott [7] was charitable, being for the "advancement of religion".
The focus on vesting is important in many states because contingent remainders (and certain other future interests) are invalidated if they might vest after the period defined by the Rule Against Perpetuities (RAP). [14] The Rule Against Perpetuities traditionally requires an interest to vest "if at all, not later than twenty-one years after ...
Under the common law such restraints are void as against the public policy of allowing landowners to freely dispose of their property. Perhaps the ultimate restraint on alienation was the fee tail , a form of ownership which required that property be passed down in the same family from generation to generation, which has also been widely abolished.
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 ...
Because options amount to dispositions of future property, in common law countries they are normally subject to the rule against perpetuities and must be exercised within the time limits prescribed by law. In relation to certain types of asset (principally land), in many countries an option must be registered in order to be binding on a third ...
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 Rule in Shelley's Case is a rule of law that may apply to certain future interests in real property and trusts created in common law jurisdictions. [ 1 ] : 181 It was applied as early as 1366 in The Provost of Beverly's Case [ 1 ] : 182 [ 2 ] but in its present form is derived from Shelley's Case (1581), [ 3 ] in which counsel stated the ...