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2000 SESSION

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SB 502 Rule against perpetuities.

Introduced by: W. Roscoe Reynolds | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Rule against perpetuities. Establishes an exception to the rule against perpetuities that provides that the rule shall not apply to any trust or any interest created in personal property held in such trust, or to any power of appointment over personal property held in such trust, or to any power of appointment over personal property granted under such trust, when the trust instrument, by its terms, provides that the rule against perpetuities shall not apply to such trust.

SUMMARY AS PASSED SENATE:

Rule against perpetuities. Establishes an exception to the rule against perpetuities for any trust that provides that the rule does not apply to such trust, any interest in personal property held in the trust or any power of appointment over personal property granted by the trust.

SUMMARY AS INTRODUCED:

Rule against perpetuities. Establishes an exception to the rule against perpetuities for any trust that specifically provides that the rule does not apply to such trust, and under which the trustee has the power to sell, lease, mortgage or otherwise dispose of the trust property beyond the period of the rule against perpetuities.