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Word of the Week - Perpetuity

Word of the Week - Perpetuity

Perpetuity


Manitoba

We usually think of the word “perpetuity” as it is used in the law relating to interests arising in futuro and not in praesenti, that is in the law dealing with (1) the rule against perpetuities, (2) the rule against double possibilites, and (3) the statutory restrictions on accumulation. When, however, we have to consider interests held on perpetual non-charitable trust, where no person or persons can take any benefit, for example, trusts to keep in repair a tomb not part of the fabric of a church (25 Hals., p. 82) we find the word “perpetuity” used in a wider sense.
A long line of cases finally established the rule that it is illegal to vest property in trustees in perpetuity to be held on perpetual non-charitable trusts where no person can take any benefit ...

Oldfield, Re |
1949 CarswellMan 14 (Man. K.B.) at para. 31, 32 |
Williams C.J.K.B.
 
Saskatchewan
 
The term “perpetuity” literally means something that lasts forever, but as used in [the] context [of the rule against perpetuities] it is generally used to refer to limitations of contingent future interests which may or will not vest beyond the period prescribed by the rule. In this context a perpetuity is a limitation upon the common law right of every person to dispose of his land to any other person at his or her discretion.

Taylor v. Scurry-Rainbow Oil (Sask) Ltd. |
2001 CarswellSask 539 (Sask. C.A.) at para. 24 |
Tallis J.A. (Sherstobitoff J.A. concurring)
 
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