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2000 SESSION
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.
FULL TEXT
- 01/21/00 House: Presented & ordered printed 002489772 pdf
- 02/14/00 House: Printed as engrossed 002489772-E pdf
- 03/09/00 House: Bill text as passed House and Senate (HB789ER) pdf
- 04/28/00 Governor: Acts of Assembly Chapter text (CHAP0714) pdf
AMENDMENTS
HISTORY
- 01/21/00 House: Presented & ordered printed 002489772
- 01/21/00 House: Referred to Committee for Courts of Justice
- 01/24/00 House: Assigned to C. J. sub-committee: 2
- 02/13/00 House: Read first time
- 02/13/00 House: Reported from C. J. with amendment (22-Y 1-N)
- 02/14/00 House: Read second time
- 02/14/00 House: Committee amendment agreed to
- 02/14/00 House: Engrossed by House as amended
- 02/14/00 House: Printed as engrossed 002489772-E
- 02/15/00 House: Read third time and passed House (89-Y 6-N)
- 02/15/00 House: VOTE: PASSAGE (89-Y 6-N 2-A)
- 02/15/00 House: Communicated to Senate
- 02/16/00 Senate: Constitutional reading dispensed
- 02/16/00 Senate: Referred to Committee for Courts of Justice
- 02/23/00 Senate: Reported from Courts of Justice (15-Y 0-N)
- 02/24/00 Senate: Const. reading disp., passed by for the day (39-Y 0-N)
- 02/24/00 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/25/00 Senate: Read third time
- 02/25/00 Senate: Passed Senate (39-Y 0-N)
- 02/25/00 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 03/09/00 House: Bill text as passed House and Senate (HB789ER)
- 03/13/00 House: Enrolled
- 03/13/00 House: Signed by Speaker
- 03/15/00 Senate: Signed by President
- 04/08/00 Governor: Approved by Governor-Chapter 714 (effective 7/1/00)
- 04/28/00 Governor: Acts of Assembly Chapter text (CHAP0714)