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Encyclopedia Britannica - Main :: A10-ADA |
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ACCUMULATION (from Lat. accumulare, to heap up) , strictly a piling-up of anything; technically, in law, the continuous adding of the interest
accumulation of property was not forbidden by English law, provided the period during which it was to accumulate did not exceed that forbidden by the law against perpetuities, viz. the period of a life or lives in being, and twenty-one years afterwards. In 1800, however, the law was amended in consequence of the eccentric will of Peter Thellusson (1737-1797), an English merchant, who directed the income of his property, consisting of real estate of the annual value of about 5000 and personal estate amounting to over 600,000, to be accumulated during the lives of his children, grandchildren and great
accumulation was to continue. The bequest was held valid (Thellusson v. Woodford
House
Augustus
To prevent such a disposition of property in the future, the Accumulations Act 1800 (known also as the "Thellusson Act") was passed, by which it was enacted that no property should be accumulated for any longer term than either (1) the life of the settlor; or (2) the term of twenty-one years from his death; or (3) during the minority of any person living or en ventre sa mere at the time of the death of the grantor; or (4) during the minority of any person who, if of full age, would be entitled to the income directed to be accumulated. The act, however, did not extend to any provision for payment of the debts of the grantor or of any other person, nor to any provision for raising portions for the children of the settlor, or any person interested under the settlement
. ACCUMULATOR of timber or wood
extended to heritable property in Scotland by the Entail Amendment Act 1848, but does not apply to property in Ireland. The act was further amended by the Accumulations Act 1892, which forbids accumulations for the purpose of the purchase of land for any longer period than during the minority of any person or persons who, if of full age, would be entitled to receive the income. (See also TRUST and PERPETUITY.) End of Article: ACCUMULATION (from Lat. accumulare, to heap up) If you wish, you can link directly to this article.
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