Perpertuity means forever. Or it means for 75 years. Or it means 50 years.
It means what ever the participants agree to. There are instances where large donations were given to public institutions with the understanding that Perpetuty will last for 75 years, or even 50 years. Or even while the last Grandchild is alive.
So Perpetuity can be defined and redefined to suit the agreeing parties.
So what happens if the parties do not agree? Can the standard dictionary meaning be abrogated. Can it be changed to meet the needs of one party and not the other.
Absolutely not!
So the argument over the Golf course continues.
Research for this article can start at this link. Cut and paste it into your Browser.
http://www.nytimes.com/2014/11/28/nyregion/with-naming-rights-perpetuity-doesnt-always-mean-forever.html
No comments:
Post a Comment