Unconstitutional Perpetual Trusts

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Unconstitutional Perpetual Trusts

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Title: Unconstitutional Perpetual Trusts
Author: Sitkoff, Robert H; Horowitz, Steven

Note: Order does not necessarily reflect citation order of authors.

Citation: Robert H. Sitkoff & Steven Horowitz, Unconstitutional Perpetual Trusts, 67 Vand. L. Rev. 1769 (2014).
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Abstract: Perpetual trusts are an established feature of today’s estate planning firmament. Yet little-noticed provisions in the constitutions of nine states, including in five states that purport to allow perpetual trusts by statute, proscribe “perpetuities.” This Article examines those provisions in light of the meaning of “perpetuity” as a legal term of art across history. We consider the constitutionality of perpetual trust statutes in states that have a constitutional ban on perpetuities and whether courts in states with such a ban may give effect to a perpetual trust settled in another state. Because text, purpose, and history all suggest that the constitutional perpetuities bans were meant to proscribe entails, whether in form or in function, and because a perpetual trust is in purpose and in function an entail, we conclude that recognition of perpetual trusts is prohibited in states with a constitutional perpetuities ban.
Published Version: http://www.vanderbiltlawreview.org/content/articles/2014/11/Unconstitutional-Perpetual-Trusts.pdf
Other Sources: http://ssrn.com/abstract=2451083
Terms of Use: This article is made available under the terms and conditions applicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:15116960
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