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The so-called rule against perpetuities had its origin in a decision by Lord Chancellor Nottingham in i68i,l and while originally judge-made law, is now universally recognized as part of the common law. Closely related to this rule, but purely statutory, are trusts for accumulation, the duration of which under some statutes is limited to a shorter period than that prescribed by the rule against perpetuities. The so-called "spendthrift trust" is an American exotic with only a century of growth behind it. As the original forms of all of these have been modified in many states by recent legislation, the purpose of this article is to briefly summarize these statutory changes down to date, subject to the limitations of the average indices to the Pamphlet Laws issued since the latest editions of compiled or annotated statutes in the various states, and then to surmise the underlying causes that led to their enactment.

American Statutory Modifications of the Rule against Perpetuities, of Trusts for Accumulation and of Spendthrift Trusts