Perpetuity


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perpetuity

n. forever. (See: in perpetuity, 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 ?
Thus, even if it found that Harbor Lofts had equitable ownership, the facade easement grant could not satisfy the perpetuity requirements of Sec.
170(h)'s perpetuity requirements, (10) and failure to properly
[N]o deduction will be permitted under this section for an interest in property which is subject to a mortgage unless the mortgagee subordinates its rights in the property to the right of the qualified organization to enforce the conservation purposes of the gift in perpetuity. The appeals court noted that prior court decisions have held that the Commissioner's regulations require any existing mortgage on the donated property to be subordinated at the time of the gift.
Professor Martin Gill, of consultants Perpetuity Research, said: "The findings are striking and suggest that organised crime is more prolific than many had estimated, and the harms more serious than we thought.
Alexander Street's PDA model permits the library to choose between term licensing the video and purchasing the video in perpetuity. Films on Demand was the first company to offer a PDA model for streaming video, but it no longer does so, having replaced it with a subscription model.
coincide year Majo"It will mean The Light Dragoon story, and its spirit, will be protected in perpetuity. Maj Gen David Rutherford-Jones
In recent years, however, the IRS has increased its scrutiny of conservation easements, generally focusing on whether the easement furthers specific conservation purposes, whether the easement would in fact be enforced in perpetuity, and whether the parties have overvalued the easement.
Some out-of-state courts have required that the language include terms such as "forever," "in perpetuity" or "for all times." On the other hand some courts have pointed to language referencing 'heirs and assigns' as suggesting the possibility of a long-term arrangement.
" Everything cannot be stopped just like that and in perpetuity. There was a natural catastrophe and the restraint order was passed.
Stating that the "new and unambiguous" decision endorsed by the WTO membership will remain in perpetuity till a solution is found she said it will also give flexibility to countries such as India in continuing their minimum support price policy.
Or should the result of the next Westminster or Holyrood election be considered as the "settled will of the people" and the result ossified in perpetuity? John Hein, Edinburgh ?
The conservation restriction will furthermore ensure that the land will be preserved in perpetuity as open space and agricultural land, and remain open to the public for passive recreation.