Rule Against Accumulations Law and Legal Definition
Rule against Accumulations refer to a principle that prohibits accumulation of income from property beyond the perpetuity period. The direction to accumulate income is valid only if it is confined to the perpetuity period. The perpetuities period under the common law rule is not a fixed term of years. The rule against perpetuities limits the period to at the latest 21 years after the death of the last identifiable individual living at the time the interest was created.
The rule against accumulations does not apply to accumulations for charity. [Quinn v. Peoples Trust & Sav. Co., 223 Ind. 317, 333 (Ind. 1945)]
The rule against accumulations is concerned only with the time of the accumulation and not with the dollar amount. The period during which accumulations are permitted is the same as that allowed under the rule against perpetuities in the absence of a statute providing a different period. [In re Estate of Freeman, 195 Kan. 190 (Kan. 1965)]
Legal Definition list
- Rule Absolute
- Rule 312 Amendment [Patent]
- Rule 222 Disclosure
- Rule 13D Disclosure Form
- Rule 116 Amendment [Patent]
- Rule Against Accumulations
- Rule Against Inalienability
- Rule Against Perpetuities
- Rule against Pyramiding Inferences
- Rule Against Trusts of Perpetual Duration
- Rule against Vitiation of a Claim Element [Patent]
