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Full-Text Articles in Law
The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier
The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier
Articles
For more than two centuries, the Rule against Perpetuities has served as the chief means of limiting a transferor's power to tie up property by way of successive contingent interests. But recently, at least seventeen jurisdictions in the United States have enacted statutes abolishing the Rule in the case of perpetual (or near-perpetual) trusts. The prime mover behind this important development has been the federal Generation-Skipping Transfer Tax. This Article traces the gradual decline of the common law Rule against Perpetuities, considers the dynamics behind the recent wave of state legislation, examines the problems that might result from the rise …
Gift, Sale, Payment, Raid: Case Studies In The Negotiation And Classification Of Exchange In Medieval Iceland, William I. Miller
Gift, Sale, Payment, Raid: Case Studies In The Negotiation And Classification Of Exchange In Medieval Iceland, William I. Miller
Articles
Near the end of Eyrbyggja saga Porir asks Ospak and his men where they had gotten the goods they were carrying. Ospak said that they had gotten them at Pambardal. "How did you come by them?" said Porir. Ospak answered, "They were not given, they were not paid to me, nor were they sold either." Ospak had earlier that evening raided the house of a farmer called Alf and made away with enough to burden four horses. And this was exactly what he told Porir when he wittily eliminated the other modes of transfer by which he could have acquired …
Transactions Subject To Gift Tax, Douglas A. Kahn, Earl M. Colson
Transactions Subject To Gift Tax, Douglas A. Kahn, Earl M. Colson
Articles
The gift tax is imposed on the "transfer of property by gift." The term gift is not expressly defined either in the Code or in the Treasury Regulations. However, section 2512(b), dealing with the valuation of gifts, states that "where property is transferred for less than an adequate and full consideration in money or money's worth," the difference between the value of the property transferred and the consideration received constitutes a gift. Thus, for gift tax purposes, the determination of whether a gift was made does not turn so much on the intent of the transferor as it does on …
Statute Of Uses And The Modern Deed, John R. Rood
Statute Of Uses And The Modern Deed, John R. Rood
Articles
To what extent does the modem conveyance of estates in land in the United States by deed derive its validity from the English Statute of Uses, 27 Hen. 8, c. IO? No doubt the student, and especially the teacher, is inclined to magnify the importance of mere matters of history, because it is so much easier to understand or explain many of the terms and doctrines of real property law by approaching them historically, and, indeed, many of them cannot otherwise be understood at all. And yet we all have this constant, serious, and often difficult task, of separating matter …