rule against accumulations
- A rule based on the English statute known as the Thelluson Act or on equivalent laws enacted in other jurisdictions rendering nugatory provisions for the accumulation of the rents and profits of property beyond a certain period provided by the statute. 41 Am J1st Perp § 44. A statutory rule against the adding of interest or income to a fund, pursuant to the provisions of a deed or will, for the purpose of preventing the expenditure thereof, beyond a limited number of years. 41 Am J1st Perp § 48.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
rule against accumulations — A principle that prohibits adding income or interest earned by a trust back into the principal of the fund beyond the time allowed by the rule against perpetuities. Dictionary from West s Encyclopedia of American Law. 2005. rule against… … Law dictionary
rule against accumulations — A rule rendering an accumulation of income beyond the period of perpetuities void … Black's law dictionary
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
rule against excessive accumulations — England, Wales The statutory rule that prohibits trustees from accumulating income (accumulated income) outside the accumulation periods permitted under section 164 of the Law of Property Act 1925 and section 13 of the Perpetuities and… … Law dictionary
Rule against perpetuities — The rule against perpetuities is a rule of law in effect under the property, trusts, estate, and contract law of many common law jurisdictions. The rule invalidates certain future interests (traditionally contingent remainders and executory… … Wikipedia
accumulations, rule against — A rule rendering an accumulation of income beyond the period of perpetuities void … Black's law dictionary
accumulation — Increase by growth or addition. Rents and profits accumulating under directions in deed or will, such as prompted the enactment of statutes like the Thellusson Act. 41 Am J1st Perp § 44. As the word appears in a community property statute which… … Ballentine's law dictionary
Europe, history of — Introduction history of European peoples and cultures from prehistoric times to the present. Europe is a more ambiguous term than most geographic expressions. Its etymology is doubtful, as is the physical extent of the area it designates.… … Universalium
accumulation period — England, Wales The period during which the trustees of a trust may accumulate the trust income (that is, add it to the trust capital, rather than pay it out to or for the benefit of the beneficiaries (beneficiary) (see accumulated income)). After … Law dictionary
perpetuity period — England, Wales A 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… … Law dictionary