Rule “against” Perpetuties

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.

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