- perpetuity period
England, WalesA perpetuity period applies to future interests in assets (that is, interests that do not take effect immediately) that are subject to the rule against perpetuities. The perpetuity period may be:• A prescribed statutory period of 125 years, under the Perpetuities and Accumulations Act 2009.• An optional statutory period of up to 80 years, under the Perpetuities and Accumulations Act 1964.• The common law period, which is the lifetime of the last to die of certain individuals alive when the interest is created (known as"lives in being" or"measuring lives") plus 21 years.For more information, see Practice note, Perpetuities and trusts: overview: What the perpetuity period is (www.practicallaw.com/5-383-8796).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
Look at other dictionaries:
perpetuity — per·pe·tu·i·ty /ˌpər pə tü ə tē, tyü / n pl ties 1: the quality, state, or duration of being perpetual devised to them in perpetuity 2 a: the condition of a future estate limited in such a way as not to vest within the period fixed by law for the … Law dictionary
Perpetuity — Per pe*tu i*ty, n. [L. perpetuitas: cf. F. perp[ e]tuit[ e].] 1. The quality or state of being perpetual; as, the perpetuity of laws. Bacon. [1913 Webster] A path to perpetuity of fame. Byron. [1913 Webster] The perpetuity of single emotion is… … The Collaborative International Dictionary of English
perpetuity — [pʉr΄pə to͞o′ə tē, pʉr΄pətyo͞o′ə tē] n. pl. perpetuities [ME perpetuite < OFr perpetuité < L perpetuitas] 1. the state or quality of being perpetual 2. something perpetual, as an annuity or pension to be paid indefinitely or, often specif … English World dictionary
perpetuity — /parpatyuwadiy/ Continuing forever. Legally, pertaining to real property, any condition extending the inalienability or property beyond the time of a life or lives in being plus twenty one years. A perpetuity is a limitation which takes the… … Black's law dictionary
perpetuity — noun (plural ties) Etymology: Middle English perpetuite, from Anglo French perpetuité, from Latin perpetuitat , perpetuitas, from perpetuus Date: 15th century 1. eternity 2 2. the quality or state of being perpetual < bequeathed to them in… … New Collegiate Dictionary
perpetuity — [pə:pɪ tju:ɪti] noun (plural perpetuities) 1》 the state or quality of lasting forever. 2》 a bond or other security with no fixed maturity date. 3》 Law a restriction making an interest in land inalienable perpetually or for a period beyond certain … English new terms dictionary
perpetuity — Fin a periodic payment continuing for a limitless period. See also annuity … The ultimate business dictionary
perpetuity — Literally, something that lasts forever. In an artificial sense of the term, as used in the law of property, a limitation of a contingent future interest in violation of the rule against perpetuities. A limitation, whether executory or by way of… … Ballentine's law dictionary
Heian period — The nihongo|Heian period|平安時代|Heian jidai is the last division of classical Japanese history, running from 794 to 1185. [ [http://search.eb.com/eb/article 9039814 Heian period ] . Encyclopædia Britannica . Retrieved 2007 04 24.] It is the period… … Wikipedia
rule against perpetuities — often cap R&P: a common law rule stating that in order for a future interest to be good it must vest after its creation (as at the death of a testator) within a life in being or lives in being plus 21 years plus the period of gestation of any… … Law dictionary