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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 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 rule as follows:
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
Print/export Download as PDF; Printable version; ... Illustrations of the rule against perpetuities; Implied trust; Incentive trust; Incorporation by reference;
In a person's making of their own trusts, provisions and settlements, to newly proposed founded bodies or groups of persons, there are commonly still laws against perpetuities, preventing their "dead hand" from prevailing more than, for example, 80 years away and there is the common law rule in Saunders v Vautier enabling all of the adult ...
[1] [2] In some jurisdictions, a trust for the saying of masses may be allowed. [1] The name of the device derives from the lack of any beneficiary legally capable of enforcing an honorary trust: the trustee is bound by honor, but not by law, to carry out the wishes of the creator of the trust.
In trust law, an express trust is a trust created "in express terms, and usually in writing, as distinguished from one inferred by the law from the conduct or dealings of the parties." [ 1 ] Property is transferred by a person (called a trustor, settlor , or grantor) to a transferee (called the trustee ), who holds the property for the benefit ...
Uniform Statutory Rule Against Perpetuities: 1986, 1990 Uniform Supervision of Trustees for Charitable Purposes Act: 1954 Uniform Surface Use and Mineral Development Accommodation Act: 1990 Uniform Tod Security Registration Act: 1989 Uniform Testamentary Additions to Trusts Act: 1960, 1991 Uniform Trade Secrets Act: 1979, 1985