rule against perpetuities
Definition
Older legal rule that if a person is designated (such as in a will) as the future transferee of a property, the property must be transferred to him or her not later than 21 years after the death of the transferor. Its objective was to prevent the property from remaining indefinitely without being sold or otherwise being used in commerce. In the UK, this period now can be up to 80 years in certain cases.
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