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2000 SESSION

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HB 789 Uniform Statutory Rule Against Perpetuities.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Uniform Statutory Rule Against Perpetuities. Creates a statutory rule against perpetuities that is uniform with what many other states have adopted. Under current law, a property interest is valid only if it vests within a life in being plus 21 years, which is the codification of the common law rule against perpetuities. Under the new uniform law, any interest that must vest within the period of the rule would remain valid, but any interest that might fail under the present rule would have 90 years to actually vest. After 90 years, if the interest has not vested, a court would reform it to create an interest that conforms to the donor's original intent. Additionally, the uniform rule clarifies when the time period for the rule begins to run, which is a point of confusion and the subject of litigation under the common law rule.


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