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 past December, the School Committee voted 4-1 to waive the fees for just one year and not in perpetuity.
To ensure that the BBC retained some kind of record of published output, it was also decided that the system would store in perpetuity all metadata associated with content whether in- or out-of-scope.
The conservation purpose of the gift must be protected in perpetuity.
He said that the source of the problem-tooling--can be a positive through the use of a tooling development royalty, which is paid in perpetuity every time a foundry-designed tool is used.
Roughly $20 billion invested would create a billion dollars a year in perpetuity.
Rather than having the symphony recognize the gift by naming it the "Wartmann Organ," the 64-year-old donor submitted a 60-word dedication (inset) to "all creative people who have succumbed to AIDS" that would appear on the organ and in symphony programs in perpetuity.
Big Government deficits have their uses, but not in perpetuity.
Further, acting on behalf of all participants, the American People shall receive, in perpetuity, 10 percent of all royalties derived from any subsequent movies, books, and paid interviews referring to the criminal proceedings in any way.
For simplicity, we model the spread between taxables and exempts by fixing the price of the exempt perpetuity at some constant, |P.
It is worth investigating whether pricing techniques more complicated than the widely used perpetuity model might provide significantly better estimates of preferred stock prices.
The bank will maintain native open space in perpetuity in a portion of Merced County where habitat is being lost to development and conversion to agriculture.