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Perpetuities and Accumulations Act 1989.

Country/Territory
Bermuda (UK)
Document type
Legislation
Date
1989 (2009)
Source
FAO, FAOLEX
Subject
Land & soil
Keyword
Land tenure Right of use Lease
Geographical area
Americas, Atlantic Ocean Islands, North America, North Atlantic
Abstract

This Act modifies the law relating to the avoidance of future interests in property on grounds of remoteness and governing accumulations of income from property. The rule against perpetuities shall not apply to an option to acquire for valuable consideration an interest on the term of a lease if: (a) the option is exercisable only by the lessee or his or her successors in title, and (b) it ceases to be exercisable at or before the expiration of one year following the determination of the lease. In the case of a disposition consisting of the conferring of an option to acquire for valuable consideration any interest in land, the perpetuity period under the rule against perpetuities shall be 21 years.

Full text
English
Website
www.bermudalaws.bm

References - Legislation

Amended by

Perpetuities and Accumulations Act 2009.

Legislation | Bermuda (UK) | 2009

Keyword: Land tenure, Right of use

Source: FAO, FAOLEX