Open Access. Powered by Scholars. Published by Universities.®

Law Commons

Open Access. Powered by Scholars. Published by Universities.®

Articles 1 - 14 of 14

Full-Text Articles in Law

What Property Does, Christopher Serkin Jan 2022

What Property Does, Christopher Serkin

Vanderbilt Law School Faculty Publications

For centuries, scholars have wrestled with seemingly intractable problems about the nature of property. This Article offers a different approach. Instead of asking what property is, it asks what property does. And it argues that property protects people’s reliance on resources by moderating the pace of change. Modern scholarly accounts emphasize voluntary transactions as the source and purpose of reliance in property. Such “transactional reliance” implies strong, stable, and enduring rights. This Article argues that property law also reflects a very different source of reliance on resources, one that rises and falls simply with the passage of time. This new …


Evolution Of Rules In A Common Law System: Differential Litigation Of The Fee Tail And Other Perpetuities, Jeffrey E. Stake Jan 2005

Evolution Of Rules In A Common Law System: Differential Litigation Of The Fee Tail And Other Perpetuities, Jeffrey E. Stake

Articles by Maurer Faculty

This paper presents a variation on the Rubin-Priest theory of the evolution of common law rules toward efficiency. It offers the fee tail and similar restraints on alienation as examples of how inefficient rules can lead to inefficient uses of land, which cause owners to seek the help of courts in freeing their lands from the inefficient constraints. In other words, there is a feedback loop that provides courts with opportunities to overturn inefficient common law rules. We should expect this common law drift toward efficiency to be stronger for property rules than for tort rules. Because efficient property rules …


The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier Jan 2003

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 …


The Rule Against Perpetuities And The Generation-Skipping Tax: Do We Need Both, Leonard Levin, Michael Mulroney Jan 1990

The Rule Against Perpetuities And The Generation-Skipping Tax: Do We Need Both, Leonard Levin, Michael Mulroney

Villanova Law Review

No abstract provided.


Raising The Perpetuities Question: Conception, Adoption, "Wait And See," And Cy Pres, Robert J. Lynn Oct 1964

Raising The Perpetuities Question: Conception, Adoption, "Wait And See," And Cy Pres, Robert J. Lynn

Vanderbilt Law Review

Applying the orthodox, the "wait and see," or the cy pres version of the Rule Against Perpetuities presupposes analyzing the limitations in the dispositive instrument as of the time of their creation to determine whether any gifts are future, whether any future gifts are remainders or executory interests, and whether any remainders or executory interests are contingent. If a contingent future interest might vest, if it vests at all, at a remote time, it is bad ab initio under the orthodox form of the Rule. That being so, the perpetuities question may properly be raised at the time the contingent …


Perpetuities: Cy Pres On The March, W. Barton Leach Oct 1964

Perpetuities: Cy Pres On The March, W. Barton Leach

Vanderbilt Law Review

The standard doctrine has been that where an interest may vest too remotely the entire interest is stricken down; and this destructiveness is multiplied by the all-or-nothing rule of Leake v. Robinson which declares that the invalidity of a gift to any member of a class invalidates the gifts of all other members. It is the thesis of this paper that the penalty for violation of the Rule--a penalty inflicted, not on the violator, but on his or her intended beneficiaries, usually minors or unborns--should be, not the invalidation of the future interest, but rather a tailoring of the interest …


Effect Of Power Of Revocation Vesting Subsequent To Execution Of Deed Of Trust On Measuring Period Of Perpetuities, Robert E. Powell Jan 1960

Effect Of Power Of Revocation Vesting Subsequent To Execution Of Deed Of Trust On Measuring Period Of Perpetuities, Robert E. Powell

Maryland Law Review

No abstract provided.


Kentucky Perpetuities Law Restated And Reformed, Jesse Dukeminier Jr. Jan 1960

Kentucky Perpetuities Law Restated And Reformed, Jesse Dukeminier Jr.

Kentucky Law Journal

No abstract provided.


Abstracts Of Recent Cases, J. E. J. Feb 1958

Abstracts Of Recent Cases, J. E. J.

West Virginia Law Review

No abstract provided.


An Attack On The "Twenty-One Year Rule", S. Raymond Dunn Jan 1958

An Attack On The "Twenty-One Year Rule", S. Raymond Dunn

Maryland Law Review

No abstract provided.


Possibility Of Reverter And The Rule Against Perpetuities In Kentucky, William C. Brafford Jr. Jan 1957

Possibility Of Reverter And The Rule Against Perpetuities In Kentucky, William C. Brafford Jr.

Kentucky Law Journal

No abstract provided.


Future Interests--Rule Against Perpetuities Applied To Options In Favor Of Grantor To Purchase Back The Land Conveyed--Maddox V. Keeler, Scott Reed Jan 1945

Future Interests--Rule Against Perpetuities Applied To Options In Favor Of Grantor To Purchase Back The Land Conveyed--Maddox V. Keeler, Scott Reed

Kentucky Law Journal

No abstract provided.


Perpetuity Statutes, Edwin C. Goddard Jan 1923

Perpetuity Statutes, Edwin C. Goddard

Articles

THE common law of perpetuities is one of the most interesting examples of almost pure judicial legislation. De Donis, The Statutes of Uses and of Wills, but gave wider scope to the development by the courts of rules of law to thwart the attempt of the great landowners to tie up their landed estates in their families in perpetuity. One body of rules to this end limited restraints upon alienation, another the creation of future interests vesting at too remote a period. Restriction of restraints upon alienation, and the rule against perpetuities, these two were developed for the same end, …


Options And The Rule Against Perpetuities, John R. Rood Mar 1917

Options And The Rule Against Perpetuities, John R. Rood

Articles

"The question to be discussed in this article is whether an option to buy property is void by reason of the fact that it may be exercised at a period more remote from the time of its creation than the law of the state permits contingent interest to vest."