Search results
Results from the WOW.Com Content Network
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.
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]
In addition, the courts have recognised exceptions to the rules against purpose trusts. The erection and maintenance of tombs and monuments is a valid trust, as in Musset v Bingle; [17] this will not be held valid if the gift violates the perpetuity rule, or if the scale of the monument is "capricious and wasteful". [18]
[14]: p 627-8 Clause 3 created a trust for the benefit of the people who would become members of selected order of nuns or Christian Brothers in the future. Because the orders of nuns included bodies who had a religious rather than charitable purpose the trust offended the rule against perpetuities.
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]
If the agreement is deemed to violate rules against perpetuity, it will be in effect until 21 years after the death of the last survivor of the descendants of England's King Charles III, the ...
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]
In April 2011, after years of complaints from public schools about the postseason success of private schools, OSSAA membership approved Rule 14 in 2011 by a 265-49 vote and it’s been tweaked ...