May 10, 2005

Normal Humans Enjoy This?

by PG

From the Associated Press:

How Did the Kennedys Become Boilerplate?

THE BOILERPLATE: ''In no event shall the trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy Sr., the late Ambassador to the Court of St. James.''

WHERE IS IT? In documents for more than 6,000 commercial trusts worth billions of dollars.

WHY IS IT THERE? English law dating back to the 1680s, The Rule Against Perpetuities, set the terms for how long a patriarch could exert control over his heirs. Lawyers for commercial trusts apply the same rule.

Or maybe it's just for the Kennedy obsessors.

May 10, 2005 01:38 AM | TrackBack

I understand that some states have enacted statutes that "override" the Law against Perps.

Query: Can an embryo in storage be considered a life in being for purposes of the Rule against Perpetuities? Or would that be too contingent?

Posted by: Shag from Brookline at May 10, 2005 05:19 AM

It doesn't seem like that would satisfy the RAP given that the referred to person may not actually be alive at the time the language is applied. Are there any cases where this language has been upheld absent falling within someone (more specific) else's life + 21?

Posted by: Mackenzie at May 10, 2005 10:43 AM
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