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2013 SESSION

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SB 756 Perpetuities waiver; exclusions from statutory rule, nondonative transfers.

Introduced by: John S. Edwards | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Rule against perpetuities waiver. Corrects errors in the rule allowing a settlor of a trust with an interest in personal property to opt out of the Uniform Statutory Rule Against Perpetuities. The bill moves the opt-out provision from the Code section that applies to nondonative transfers to the section that lists other exceptions to the application of the Uniform Rule. The bill also specifies that the exception to the Uniform Rule shall not extend to an interest in real property, which does not include an interest in a corporation, limited liability company, partnership, business trust, or other entity, even if such entity owns an interest in real property. The bill further provides that the provisions of the bill are declarative of existing law.


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