In relation to instruments to which the Perpetuities and Accumulations Act 1964 applies1, there is a significant departure from the common law2 under which the gift to a class would be rendered void altogether by the possibility of an interest vesting outside the perpetuity period.
Thus, where the inclusion of any persons, being potential members3 of a class, or unborn persons who at birth would become members4 or potential members of the class, prevents the statutory age reduction provisions5 as well as the 'wait and see' rule6 from operating to save a disposition7 from being void for remoteness, those persons
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Definition of automatismAn act is done in a state of automatism if it is done by the body without control by the mind, (eg it is a spasm or a reflex), or if it is done by a person who is not conscious of what they are doing. The act may be described as involuntary, but will not be regarded as such
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
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