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 ?
Having affirmed that options generally are subject to the Rule against Perpetuities, the court then turned to whether the option in the instant case was exercisable beyond the perpetuities period.
Options to purchase land were first held subject to the Rule against Perpetuities in 1882.(66) This subjection proceeded from the fact that options were specifically enforceable thus giving their holders equitable interests in land that were deemed contingent.
At its core, the Rule against Perpetuities, like other rules that share its common law roots,(68) was originally concerned that property not be made inalienable for an unreasonable length of time.(69) Over time a twin concern, productivity,"(70) emerged.
Claim 1: An insurer holding only taxable perpetuities should switch to exempt perpetuities as soon as |Delta~ becomes positive, that is, as soon as there is a cost advantage of doing so.
|V.sub.T~(|Delta~) = the value of the option to switch from taxable to new exempt perpetuities, given that the insurer holds taxables,
|V.sub.E~(|Delta~) = the value of the option to switch from new exempt to taxable perpetuities, given that the insurer holds new exempts,
(5) Perpetuities and Accumulations Act2009 (UK), c 18.
As perpetuities are given implicitly by their fixed-point characterization (1), properties of their distributions are not directly amenable.
The aim is to algorithmically approximate perpetuities, in particular their distribution functions and their Lebesgue densities (if they exist).
For these moduli of continuity we find global bounds for perpetuities with b [equivalent to] 1 in Section 6.
Perpetuities increased its reported trust assets by about $6 billion and
Against Perpetuities accrue not to the donor, but to beneficiaries whose