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Powell on Real Property
Copyright 2017, Matthew Bender & Company, Inc., a member of the LexisNexis Group.
10-74 Powell on Real Property 74.syn
New York Rule Against Perpetuities
Michael Allan Wolf, General Editor;Originally by Richard R. Powell
The chapter first traces the history of the rule against perpetuities in New York. It then discusses future interests under the rule. Next, the chapter explains its treatment of private trusts. The discussion moves on to examine power of appointment and powers in trust, then focus on accumulations of income. The chapter describes the current permissible period and examines construction of instruments under the rule.
The continued discussion of the New York state rule against perpetuities centers on matters related to construction, including separability, constructional strainings under the former statutory rule, and factors consistent with validity and partial invalidity. The discussion then turns to conflicts of law rules applicable to perpetuities problems.
Next, the chapter provides a detailed analysis of the former permissible statutory period of two lives. It goes on to summarize arguments against the former New York rule. Finally, the chapter provides a sequential summary of statutory amendments to the rule against perpetuities that have occurred in New York since 1958.
Recognized as the leading source on real property law and considered a classic text since its original publication in 1949, Powell on Real Property provides expert analysis on virtually all aspects of the law of real property. The combination of detailed information on current law with explanations behind the law allows readers to forecast future trends. National in scope and updated four times a year, Powell on Real Property is frequently cited by the highest courts.
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RELATED CHAPTERS: (View)
For a discussion on the historical background to the rule against perpetuities, see Ch. 71, Rule Against Perpetuities--Background.
For a general discussion on the common law aspects of the rule against perpetuities, see Ch. 72, Common-Law Rule Against Perpetuities--General Aspects.
For treatment of specific allocations of the rule against perpetuities, see Ch. 73, Common-Law Rule Against Perpetuities--Specific Applications.
For a discussion on the rule against perpetuities in jurisdictions other than New York, see Ch. 75, The Rule Against Perpetuities--Other Statutory Variations.
For a discussion on modifications of the rule against perpetuities such as cy pres and "wait and see," see Ch. 75A.
For a discussion on modifications of the rule against perpetuities such as cy pres and "wait and see," and a comment on the treatment given the rule against perpetuities by the Restatement of Property, see Ch. 75A, "Wait and See," Cy Pres and Other Modifications of the Rule Against Perpetuities.
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