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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
The cy-près doctrine (/ ˌ s iː ˈ p r eɪ / see-PRAY; Law French, lit. ' so close ', modern French: si près or aussi près) is a legal doctrine which allows a court to amend a legal document to enforce it "as near as possible" to the original intent of the instrument, in situations where it becomes impossible, impracticable, or illegal to enforce it under its original terms. [1]
Property law can be complex and arcane, even for lawyers and judges. The rule against perpetuities is an example of how older property laws can influence how families transfer and inherit property ...
The clause became part of contractual drafting in response to common law rule developed by the courts known as the rule against perpetuities. [note 1] That rule provided that any future disposition of property must vest within "a life in being plus 21 years". The rule generally affects two types of transactions: trusts and options to
Intestate succession of property; procedures for making, interpretation, and revocation of wills (includes Statutory rule against perpetuities and Uniform Simultaneous Death Act) 3 Probate of Wills and Administration: Procedural rules for the probate process 4 Foreign Personal Representatives and Ancillary Administration
The cy-pres doctrine in English law is an element of trusts law that deals with charitable trusts.The doctrine states that when such a trust has failed because its purposes are either impossible or cannot be fulfilled, the High Court of Justice or the Charity Commission can issue an order redirecting the trust's funds to the nearest possible purpose.
Rule against perpetuities – Legal rule prohibiting very long temporary interests in property; List of territory purchased by a sovereign nation from another ...
The Perpetuities and Accumulations Act 2009 (c. 18) is an Act of the Parliament of the United Kingdom that reforms the rule against perpetuities. The Act resulted from a Law Commission report published in 1998. [3] It abolishes the rule against perpetuities in most non-trust contexts, such as easements. [3]