Higgs & Johnson Successful In RAPAA Application

In 2012, Higgs & Johnson advised you of the introduction of the Rule Against Perpetuities (Abolition) Act, 2011 (the "RAPAA") which governs dispositions in trusts (whether created before or after the commencement date of the RAPPA i.e., 30th December, 2011) which are governed by the laws of The Bahamas. On May 21st, 2013 Higgs & Johnson appeared on a ground-breaking and successful application by a Trustee for an Order declaring that the RAPAA shall apply to a disposition created before 30th December, 2011 thereby abolishing the application of the applicable rule against perpetuities.

Upon hearing the application and considering the evidence and submissions of counsel, the Chief Justice of The Bahamas, Sir Michael Barnett ordered that the RAPAA applies to the disposition and that the disposition would no longer be subject to any rule against perpetuities.