Accumulation

Accumulation. In addition to its various meanings, this term has the following special signification. An Act of Parliament popularly known as "The Thelluson Act" (it having been enacted to counteract dispositions similar to those under which as those made by a Mr. Thelluson tying up the enjoyment of his property for an almost illimitable period of time), prohibits the selling or disposing of property by deed, will, or otherwise, so as to accumulate the income for any longer term than the life or lives of the settlor or settlors and 21 years after. The Act relaxes this principle in certain cases of minority and of provision for payment of debts and portions.