On a sleepy summer day, with no fanfare and little public attention, New Jersey quietly undid a doctrine that's bedeviled law students and lawyers for hundreds of years: the rule against perpetuities. Not that New Jersey was on the vanguard of reform. When the Trust Modernization Act of 1999 was signed into law on July 8, the state joined others that have amended their laws to permit the creation of trusts that can last - at least theoretically - for eternity.
July 19, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
On a sleepy summer day, with no fanfare and little public attention, New Jersey quietly undid a doctrine that’sbedeviled law students and lawyers for hundreds of years: the rule against perpetuities.
Not that New Jersey was on the vanguard of reform. When the Trust Modernization Act of 1999 was signedinto law on July 8, the state joined others that have amended their laws to permit the creation of trusts that can last – atleast theoretically – for eternity.
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