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About: Rule against perpetuities     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:Volition105652593, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

Type: yago:WikicatCommonLawRulesyago:WikicatWillsAndTrustsyago:Ability105616246yago:Abstraction100002137yago:Cognition100023271yago:Concept105835747yago:Content105809192yago:Faculty105650329yago:Idea105833840yago:PsychologicalFeature100023100yago:Rule105846054yago:Volition105652593 New Facet based on Instances of this Class

The rule against perpetuities is a legal rule in the American common law that prevents people from using legal instruments (usually a deed or a will) to exert control over the ownership of private property for a time long beyond the lives of people living at the time the instrument was written. Specifically, the rule forbids a person from creating future interests (traditionally contingent remainders and executory interests) in property that would vest beyond 21 years after the lifetimes of those living at the time of creation of the interest, often expressed as a “life in being plus twenty-one years”. In essence, the rule prevents a person from putting qualifications and criteria in a deed or a will that would continue to affect the ownership of property long after he or she has died, a c