The Death of the Rule Against Perpetuities, Or the Rap Has No Friends—An Essay
THE DEATH OF THE RULE AGAINST PERPETUITIES, OR THE RAP HAS NO FRIENDS—AN ESSAY Joel C. Dobris* Editors’ Synopsis: This Article analyzes the Rule Against Perpetuities, which limits “dead hand” control of property to a reasonable period of time and chronicles its decline in recent years as public interest in creating perpetuities has increased. The author details society’s prevailing attitudes towards aggregations of wealth in trusts that facilitate the creation of perpetuities and undermine the Rule’s legitimacy in modern law. FOREWORD I. INTRODUCTION II. PERPETUITIES’ PERCEIVED HARM IS FADING A. We Do Not Mind Rich People These Days B. We Like Big Capital Pools and Do Not Wish to Break Them Up C. We See Virtue in Perpetual Existence D. We are Well-Disposed Towards Trusts E. Fighting About Perpetual Trusts May Be a Tempest in a Teapot * Professor of Law, University of California, Davis, School of Law. This Article was written while on sabbatical in London, England, where the author was associated with the London Goodenough Trust, The Institute of Advanced Legal Studies, and the Law Department of the London School of Economics. The author thanks all the preceding institutions for the direct and indirect support of his research. The author also thanks John D. “Jack” Ayer, Holly Doremus, Katy I. Filner, Matthew F. Filner, Michael Froomkin, James P. Garland, Robert H. “Tad” Jeffrey, Kevin R. Johnson, Colleen Kavanagh, Bill LaPiana, Jeff Pennell, Rex R. Perschbacher, David Schaengold, Bruce A. Wolk, Bella Wong, Jennifer Walker, and Richard C. Wydick. Finally, the author would like to thank attendees at a lecture given by the author at the Institute of Advanced Legal Studies held on February 7, 2000, including David Hayton, who sat as Chair, Malcolm Davies, Margaret Halliwell, Tony Oakley, and others.
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