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ACCUMULATION (from Lat. accumulare, t...

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Originally appearing in Volume V01, Page 126 of the 1911 Encyclopedia Britannica.
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ACCUMULATION (from See also:Lat. accumulare, to heap up) , strictly a piling-up of anything; technically, in See also:law, the continuous adding of the See also:interest of a fund to the See also:principal, for the benefit of some See also:person or persons in the future. Previous to 1800, this accumulation of See also:property was not forbidden by See also:English law, provided the See also:period during which it was to accumulate did not exceed that forbidden by the law against perpetuities, viz. the period of a See also:life or lives in being, and twenty-one years afterwards. In 1800, however, the law was amended in consequence of the See also:eccentric will of See also:Peter Thellusson (1737-1797), an English See also:merchant, who directed the income of his property, consisting of real See also:estate of the See also:annual value of about £5000 and See also:personal estate amounting to over £600,000, to be accumulated during the lives of his See also:children, grandchildren and See also:great-grandchildren, living at the See also:time of his See also:death, and the survivor of them. The property so accumulated, which, it is estimated, would have amounted to over 14,000,000, was to be divided among such descendants as might be alive on the death of the survivor of those lives during which the accumulation was to continue. The See also:bequest was held valid (Thellusson v. See also:Woodford, 1798, 4 Vesey, 237). In 1856 there was a protracted lawsuit as to who were the actual heirs. It was decided by the See also:House of .Lords (See also:June 9, 1859) in favour of See also:Lord Rendlesham and See also:Charles See also:Sabine See also:Augustus Thellusson. Owing, however, to the heavy expenses, the amount inherited was not much larger than that originally bequeathed. To prevent such a disposition of property in the future, the Accumulations See also:Act 1800 (known also as the "Thellusson Act") was passed, by which it was enacted that no property should be accumulated for any longer See also: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 See also:mere at the time of the death of the grantor; or (4) during the minority of any person who, if of full See also:age, would be entitled to the income directed to be accumulated. The act, however, did not extend to any See also:provision for See also: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 See also:settlement, nor to any direction touching the produce . See also:ACCUMULATOR of See also:timber or See also:wood upon. any lands or tenements.

The act was extended to heritable property in See also:

Scotland by the See also:Entail See also:Amendment Act 1848, but does not apply to property in See also:Ireland. The act was further amended by the Accumulations Act 1892, which forbids accumulations for the purpose of the See also:purchase of See also: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.

End of Article: ACCUMULATION (from Lat. accumulare, to heap up)

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