Section 13 in The Transfer of Property Act, 1882

Title: Transfer for benefit of unborn person.

Description: Where, on a transfer of property, an interest therein is created for the benefit of a person not in existence at the date of the transfer, subject to a prior interest created by the same transfer, the interest created for the benefit of such person shall not take effect, unless it extends to the whole of the remaining interest of the transferor in the property. Illustration A transfers property of which he is the owner to B in trust for A and his intended wife succesively for their lives, and, after the death of the survivor for the eldest son of the intended marriage for life, and after his death for A's second son. The interest so created for the benefit of the eldest son does not take effect, because it does not extend to the whole of A's remaining interest in the property.

Title: Rule against, perpetuity.

Description: No transfer of property can operate to create an interest which is to take effect after the lifetime of one or more persons living at the date of such transfer, and the minority of some person who shall be in existence at the expiration of that period, and to whom, if he attains full age, the interest created is to belong.

Title: Transfer to class some of whom come under sect ions 13 and 14.

Description: If, on a transfer of property, an interest therein is created for the benefit of a class of persons with regard to some of whom such interest fails by reason of any of the rules contained in sections 13 and 14; such interest fails 1[in regard to those persons only and not in regard to the whole class.] 1. Subs. by Act 20 of 1929, s. 9, for "as regards the whole class".

Title: Transfer to take effect on failure of prior interest.

Description: 1[16. Transfer to take effect on failure of prior interest.-- Where, by reason of any of the rules contained in sections 13 and 14, an interest created for the benefit of a person or of a class of persons fails in regard to such person or the whole of such class, any interest created in the same transaction and intended to take effect after or upon failure of such prior interest also fails.] 1. Subs. by s. 10, ibid., for sections 16, 17 and 18.

Title: Direction for accumulation.

Description: 1[17. Direction for accumulation.-- (1) Where the terms of a transfer of property direct that the income arising from the property shall be accumulated either wholly or in part during a period longer than— (a) the life of the transferor, or (b) a period of eighteen years from the date of the transfer, such direction shall, save as hereinafter provided, be void to the extent to which the period during which the accumulation is directed exceeds the longer of the aforesaid periods, and at the end of such last-mentioned period the property and the income thereof shall be disposed of as if the period during which the accumulation has been directed to be made had elapsed. (2) This section shall not affect any direction for accumulation for the purpose of— (i) the payment of the debts of the transferor or any other person taking any interest under the transfer, or (ii) the provision of portions for children or remoter issue of the transferor or of any other person taking any interest under the transfer, or (iii) the preservation or maintenance of the property transferred; and such direction may be made accordingly.] 1. Subs. by s. 10, ibid., for sections 16, 17 and 18.

CHAPTER 2 OF TRANSFERS OF PROPERTY BY ACT OF PARTIES (A) Transfer of property, whether moveable or immoveable