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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.
The clause became part of contractual drafting in response to common law rule developed by the courts known as the rule against perpetuities. [note 1] That rule provided that any future disposition of property must vest within "a life in being plus 21 years". The rule generally affects two types of transactions: trusts and options to
Alastair Hudson, Professor of Equity and Finance Law at the University of Exeter, argues that this is an example of the "strict" rule against purpose trusts. A looser application was found in Cocks v Manners , [ 6 ] a case with almost identical facts, where the court decided that the trust was valid as a gift to every member of the order ...
An example is the Privy Council decision in Attorney General of the Cayman Islands v Wahr-Hansen, [54] where the Council held that gifts to "organisations or institutions operating for the public good" and acting "for the good or for the benefit of mankind" failed, because the definition given was not exclusively charitable.
For example, although it was "said that a court of equity determines according to the spirit of the rule and not according to the strictness of the letter," wrote Blackstone, "so also does a court of law" and the result was that each system of courts was attempting to reach "the same principles of justice and positive law". [22]
For example, Michelle Cosgrove's benefits will be cut nearly in half — reduced by $557, to $601. Cosgrove spent the first half of her career as a paralegal, contributing to Social Security ...
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]
Annuities and perpetuities are insurance products that make payments on a fixed schedule. An annuity makes these payments over a fixed period of time and then ends. A perpetuity makes these ...