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Full-Text Articles in Law

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 Uniform Probate Code Extends Antilapse-Type Protection To Poorly Drafted Trusts, Lawrence W. Waggoner Jan 1996

The Uniform Probate Code Extends Antilapse-Type Protection To Poorly Drafted Trusts, Lawrence W. Waggoner

Articles

The Uniform Law Commission' promulgated a revised version of Article II of the Uniform Probate Code (UPC or Code) in 1990, and approved a set of technical amendments in 1993. As Director of Research and Chief Reporter for the Joint Editorial Board for the Uniform Probate Code (Board)2 and reporter for the UPC Article II drafting committee, I was privileged to serve as the principal drafter of these provisions. UPC Article II deals with the substantive rules governing donative transfers - intestacy; spouse's elective share; execution, revocation, and revival of wills; rules of construction for wills and other donative transfers; …


The Upc's New Survivorship And Antilapse Provisions, Edward C. Halbach Jr., Lawrence W. Waggoner Jan 1992

The Upc's New Survivorship And Antilapse Provisions, Edward C. Halbach Jr., Lawrence W. Waggoner

Articles

Law governing transfers of family property has long struggled with questions of survivorship in their many and varied forms. Important results can and regularly do turn on how such issues are resolved.


The Uniform Statutory Rule Against Perpetuities: The Rationale Of The 90-Year Waiting Period, Lawrence W. Waggoner Jan 1990

The Uniform Statutory Rule Against Perpetuities: The Rationale Of The 90-Year Waiting Period, Lawrence W. Waggoner

Articles

The Uniform Law Commissioners promulgated the Uniform Statutory Rule Against Perpetuities in 1986. The perpetuity-reform efforts of the American Law Institute in the Restatement (Second) inspired the Uniform Act. The Restatement and the Uniform Act employ the so-called wait-and-see approach to perpetuity reform. Wait-and-see is a two-step strategy. Step One preserves the validating side of the common-law Rule Against Perpetuities (the common-law Rule): By satisfying the common-law Rule, a nonvested future interest in property is valid at the moment of its creation. Step Two is a salvage strategy for future interests that would have been invalid at common law: Rather …


The Uniform Statutory Rule Against Perpetuities: Oregon Joins Up, Lawrence W. Waggoner Jan 1990

The Uniform Statutory Rule Against Perpetuities: Oregon Joins Up, Lawrence W. Waggoner

Articles

Uniform perpetuity reform is on the march, and Oregon has joined the parade. On January 1, 1990, the Uniform Statutory Rule Against Perpetuities (Uniform Act) became effective in Oregon. Although promulgated only three years ago, the Uniform Act has been enacted in over twenty percent of the states and appears to be on its way toward enactment in several others. Prior to the adoption of the Uniform Act, Oregon followed the common-law Rule Against Perpetuities (common-law Rule). Noted for its unjust consequences, the common-law Rule disregards actual events and invalidates a contingent (nonvested) future interest merely on the grounds of …


Wait-And-See: The New American Uniform Act On Perpetuities, Lawrence W. Waggoner Jan 1987

Wait-And-See: The New American Uniform Act On Perpetuities, Lawrence W. Waggoner

Articles

The wait-and-see version of perpetuity reform has gained a new champion in the United States. The National Conference of Commissioners on Uniform State Laws-the body responsible for promulgating uniform legislation, such as the Uniform Commercial Code, for recommended enactment by the federal states-recently approved a Uniform Statutory Rule Against Perpetuities. Shortly thereafter, the Uniform Act was endorsed by the House of Delegates of the American Bar Association, the Board of Regents of the American College of Probate Counsel, and the Board of Governors of the American College of Real Estate Lawyers.


A Rejoinder By Professor Waggoner, Lawrence W. Waggoner Jan 1985

A Rejoinder By Professor Waggoner, Lawrence W. Waggoner

Articles

Since the patience of the reader and the space in this issue of the Law Review are nearing their limits, I wish to publish only two points in response to what Professor Dukeminier has written.. These points further support my position that Dukeminier's proposed statute would lead almost anyone to conclude that A, not X, is the causal relationship measuring life in Example 1 of my article.1 By implication, these points, along with the others made in my article, corroborate my overall thesis: Professor Dukeminier's proposed one-sentence statute2 cannot be counted a responsible way of identifying the measuring lives for …


Perpetuities: A Perspective On Wait-And-See, Lawrence W. Waggoner Jan 1985

Perpetuities: A Perspective On Wait-And-See, Lawrence W. Waggoner

Articles

Professor Dukeminier and I agree on most of the important points concerning perpetuity law and perpetuity reform. We agree that the Rule Against Perpetuities still serves a socially useful function of limiting dead hand control, and should not be abolished. We also agree that the common law Rule is needlessly harsh and should be softened. Finally, we agree on the type of reform that is most desirable-waitand- see. Our only disagreeihent-concerns the best method of marking off the wait-and-see perpetuity pe]iqod-the period of time during which dispositions that would have been invalid under the common law Rule are to be …


The New Arkansas Inheritance Laws: A Step Into The Present With An Eye To The Future, Robert R. Wright Jan 1969

The New Arkansas Inheritance Laws: A Step Into The Present With An Eye To The Future, Robert R. Wright

Faculty Scholarship

No abstract provided.


Wills - Construction - Meaning Of "Issue" In Testamentary Gifts, Daniel Hodgman Feb 1939

Wills - Construction - Meaning Of "Issue" In Testamentary Gifts, Daniel Hodgman

Michigan Law Review

Two recent cases illustrate a trend in the judicial construction of the word "issue" in wills which seems to be divergent from the view expressed in the older cases.

In Re Thompson's Estate there was a bequest to A and B for their lives and at the death of the survivor "one half thereof to the living issue of each daughter, if there then be such issue of each, whether of the first or succeeding generations." At the death of the survivor there were six children of A and two grandchildren, issue of living children, and there were two children …