The rule against perpetuities in English law

Abstract

This paper takes into consideration the rule against perpetuities, a legal institution of English law that acts as a temporary limit to the power of disposal of the property owner. This rule was born in England in the 17th century and was originally based on case-law. For the first time, it was embodied in the 1964 Perpetuities and Accumulations Act.  The 1964 Act was amended in 2009 by the Perpetuities and Accumulations Act, which includes the current regime. This rule introduced a 125-year perpetuity period for trusts; it means that all interests created on real or personal property under a trust must vest within such trust period or before such vesting day. This paper presents the fundamental outlines of the English regime and draws up a set of conclusions. These conclusions focus on the parallels between this English rule and the provisions of the Spanish legal system regarding the constraints on the power of disposal of the owner.