The modern English rule against perpetuities or remoteness has been adopted under section 14 of the Transfer of Property act of 1882, with certain modifications. But from the words ago, originally, the rule emerged from the English Common law system. Which says that “where the vesting of any interest in the property, whether legal or equitable, is postponed for a period exceeding a life or lives in being at the date of instrument creating it, or where the disposition is a will, at the death of the testator, and twenty-one years after the expiration of such life or lives such interest is void.”
Perpetuity in general means continuous or underlying transaction. It is tying up property for an indefinite period. A transfer involving generations after generation is known as creating perpetuities. Thus concluding the literal meaning of perpetuity, it is regarded as “the state or quality of lasting forever or a bond or other security with no fixed maturity date or forever or something that is perpetual and unending”. However, there are a few exceptions to the rule, as discussed below.