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LSDefine

Simple English definitions for legal terms

perpetuity

Read a random definition: personal statute

A quick definition of perpetuity:

Perpetuity: Something that goes on forever. In finance, it means getting money regularly for an infinite amount of time. In property law, it's a rule that says no future property interest is valid unless it happens within 21 years after someone dies.

A more thorough explanation:

Perpetuity means something that goes on forever. In finance, it refers to a cash flow that continues indefinitely. This is called an annuity. A perpetuity is an annuity that is paid out in periodic payments for an infinite amount of time. The value of a perpetuity can be calculated using a formula.

An example of a perpetuity is a bond that pays a fixed amount of interest every year, forever. The bondholder will receive the same amount of money every year, without any end date.

In property law, perpetuity is important in the Rule Against Perpetuities. This rule states that no future property interest is valid unless it vests no later than twenty-one years after the death of a person alive at the time the property interest was created. This means that property cannot be tied up in legal limbo for too long.

For example, if someone creates a trust that gives their property to their grandchildren, but only when their grandchildren have children of their own, this would violate the Rule Against Perpetuities. The property would be tied up for too long, and the grandchildren may never have children, leaving the property in legal limbo.

Overall, perpetuity refers to something that goes on forever, whether it's a cash flow or a legal concept.

perpetrator | Person

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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