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Full-Text Articles in Estates and Trusts
Future Interests - Rule Against Perpetuities - Recent Statutory Amendment In New York, Paul K. Gaston S.Ed.
Future Interests - Rule Against Perpetuities - Recent Statutory Amendment In New York, Paul K. Gaston S.Ed.
Michigan Law Review
After 128 years of criticism and confusion and enormous amounts of litigation, New York has amended its statutory rule against perpetuities. The old rule provided that the absolute power of alienation could not be suspended for longer, than "two lives in being" at the creation of the estate plus a minority exception in some cases. Under the new rule the absolute power of alienation can be suspended for a period measured by any number of "lives in being" at the creation of the estate so long as they are not "so designated or so numerous as to make proof of …
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Michigan Law Review
From what has preceded it is apparent that none of those who would reform the rule against perpetuities, excepting Professor Simes, has suggested that the rule's application to remoteness of vesting alone requires investigation. Yet there is little doubt that this aspect of the rule has caused as much if not more litigation than those which have been so harshly condemned. Proof of this assertion will not be undertaken, for every property lawyer knows how frequently courts are called upon to determine whether for purposes of the rule an interest is "vested" or "contingent." Professor Simes put it well when …
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Should The Rule Against Perpetuities Discard Its Vest?, Daniel M. Schuyler
Michigan Law Review
The venerable rule of property known as the rule against perpetuities has recently been subjected to numerous searching and critical analyses, some of which will presently be discussed. Thus far nothing has been published dealing with, and only Professor Simes has touched upon, what seems to the present writer to be the most serious problem engendered by the common law rule in its commonly accepted form, i.e., the notion that the rule is concerned only with remoteness of vesting. It is the purpose of the present discussion to examine the concept of vesting as related to the rule and to …
Future Interests - Rule Against Perpetuities - Recent Kentucky Legislation Pertaining To Administrative Contingencies, Jules M. Perlberg S.Ed.
Future Interests - Rule Against Perpetuities - Recent Kentucky Legislation Pertaining To Administrative Contingencies, Jules M. Perlberg S.Ed.
Michigan Law Review
A recent Kentucky amendment to its perpetuities statute follows the lead of Illinois in seeking a legislative solution to the problems inherent in applying the rule against perpetuities to administrative contingencies. The amendment provides, inter alia, that the vesting of any limitation of property "shall not be regarded as deferred for purposes of the rule against perpetuities or regarded as a suspension of the power of alienation of title to property merely because the limitation is made to the estate of a person, or to a personal representative, or to a trustee under a will, or to take effect on …
Is The Rule Against Perpetuities Doomed?, Lewis M. Simes
Is The Rule Against Perpetuities Doomed?, Lewis M. Simes
Michigan Law Review
Few rules of the common law have shown such amazing vitality as the rule against perpetuities. Emerging in the Duke of Norfolk's Case in 1682, as a rule to restrict unbarrable entails in land, it is now applied, not only to interests in land, legal and equitable, but also to personal estate, tangible and intangible, including beneficial interests in trusts. It is regarded as a part of the common law of nearly every English speaking country, except a few of the United States where statutory substitutes have been provided. Since 1930, statutory substitutes have been abolished and there has been …