Perpetuity Per‘pe*tuȷi*ty, n. [L. perpetuitas: cf. F. perp[‘e]tuit[‘e].] 1. The quality or state of being perpetual; as, the perpetuity of laws.
And yet we should, for perpetuity, go hence in debt. Shakespeare.
Most states have a rule against perpetuities, designed, basically, to keep folks from ruling from the grave.
No interest is good unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of the interest.
is how John Chipman Gray, formulated it in 1886.Continue reading “Rule “against” Perpetuties”