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.
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 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 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 …
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".
Gray wrote two books on future interests, Restraints on the Alienation of Property (1883), and The Rule against Perpetuities (1886). His best known work is his survey of the common law, The Nature and Sources of the Law (1909).
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]