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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.
Intestate succession of property; procedures for making, interpretation, and revocation of wills (includes Statutory rule against perpetuities and Uniform Simultaneous Death Act) 3 Probate of Wills and Administration: Procedural rules for the probate process 4 Foreign Personal Representatives and Ancillary Administration
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 ...
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]
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 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 ...
The purposes and uses of trusts historically had to do with management of property in absence of owner, mostly during medieval times when a lord left to fight in battle. Gradually, the device also found usefulness to control property "beyond the grave", although the so-called Rule Against Perpetuities limited this power. See trust law. In ...