perpetuity

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perpetuity

n. forever. (See: in perpetuity, rule against perpetuities)

perpetuity

noun boundlessness, ceaselessness, constant progression, continuance, continuation, continued existence, continuous time, endless duration, endless time, endlessness, eternity, everlasting, forever, incessancy, infinite duration, infiniteness, infinity, perenniality, permanence, perpetuation, perpetuitas, time without end, unintermitted continuance, uninterrupted existence
Associated concepts: after-born children, in perpetuity, lives in being, period of perpetuities, restraint on alienation, rule against perpetuities

PERPETUITY, estates. Any limitation tending to take the subject of it out of commerce for a longer period than a life or lives in being, and twenty-one years beyond; and in case of a posthumous child, a few months more, allowing for the term of gestation; Randall on Perpetuities, 48; or it is such a limitation of property as renders it unalienable beyond the period allowed by law. Gilbert on Uses, by Sugden, 260, note.
     2. Mr. Justice Powell, in Scattergood v. Edge, 12 Mod. 278, distinguished perpetuities into two sorts, absolute and qualified; meaning thereby, as it is apprehended, a distinction between a plain, direct and palpable perpetuity, and the case where an estate is limited on a contingency, which might happen within a reasonable compass of time, but where the estate nevertheless, from the nature of the limitation, might be kept out of commerce longer than was thought agreeable to the policy of the common law. But this distinction would not now lead to a better understanding or explanation of the subject; for whether an estate be so limited that it cannot take effect, until a period too much protracted, or whether on a contingency which may happen within a moderate compass of time, it equally falls within the line of perpetuity and the limitation is therefore void; for it is not sufficient that an estate may vest within the time allowed, but the rule requires that it must. Randall on Perp. 49. Vide Cruise, Dig. tit. 32, c. 23; 1 Supp. to Ves. Jr. 406; 2 Ves. Jr. 357; 3 Saund. 388 h. note; Com. Dig. Chancery, 4 G 1; 3 Chan. Cas. 1; 2 Bouv. Inst. n. 1890.

References in periodicals archive ?
This can be seen most dramatically in the major exception to the rule that options are subject to the Rule against Perpetuities.
Careful drafting can create a perpetuities period of a century(76) and, where options do seriously interfere with alienability and productivity, that ought to be too long.
While the policies behind the Rule against Perpetuities arguably are not served by subjecting options to the Rule, other policies, more familiar to the law of commercial transactions, are decidedly disserved.
First, they may, as does the Uniform Statutory Rule against Perpetuities (USRAP),(79) simply exclude non-donative transfers from the scope of the Rule altogether.
In light of the fact that where rights of first refusal implicate none of the policies underlying the Rule against Perpetuities, options trigger both the Rule's alienability and its productivity concerns, and that these concerns are not fully addressed by exempting options from the Rule, the Court of Appeals was doubtless correct in concluding as it did that options in gross are subject to the Rule.
Unfortunately, as the late Barton Leach, arguably the century's most learned and certainly its most influential authority on the Rule against Perpetuities, noted, "the esoteric learning of the Rule against Perpetuities is, apart from dim memories from student days, a monopoly of lawyers who deal in trusts and estates.
Claim 2: An insurer holding old, tax-favored exempt perpetuities should sell them and purchase taxables when |Delta~ = |Delta~*, |Delta~* |is less than~ 0 and satisfying the equation