526-7 Disclaimer of rights of survivorship in jointly held property.
§526-7 Disclaimer of rights of survivorship in jointly held property. (a) Upon the death of a holder of jointly held property, a surviving holder may disclaim, in whole or part, the greater of: (1) A fractional share of the property determined by dividing the number one by the number of joint holders alive immediately before […]
526-8 Disclaimer of interest by trustee.
§526-8 Disclaimer of interest by trustee. If a trustee disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property. [L 2000, c 43, pt of §1]
526-9 Disclaimer of power of appointment or other power not held in fiduciary capacity.
§526-9 Disclaimer of power of appointment or other power not held in fiduciary capacity. If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply: (1) If the holder has not exercised the power, the disclaimer takes effect as of the time the instrument creating […]
524-2 Facility advisory body.
§524-2 Facility advisory body. The board of directors or other governing body of each facility shall create an advisory body composed of residents of the State, and at least two members, or twenty-five per cent, whichever is greater, shall be lessees of the facility. At least one lessee member of the facility shall be a […]
525-1 Statutory rule against perpetuities.
§525-1 Statutory rule against perpetuities. (a) A nonvested property interest is invalid unless: (1) When the interest is created, it is certain to vest or terminate no later than twenty-one years after the death of an individual then alive; or (2) The interest either vests or terminates within ninety years after its creation. (b) A […]
525-2 When nonvested property interest or power of appointment created.
§525-2 When nonvested property interest or power of appointment created. (a) Except as provided in subsections (b) and (c) and in section 525-5(a), the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. (b) For the purposes of this chapter, if there is […]
523A-54 Request by director of finance for report of previously unreported information.
§523A-54 Request by director of finance for report of previously unreported information. On the thirtieth day of June of each year, the director shall request the Comptroller General or other proper officer of the United States to report all previously unreported information relating to unclaimed property as determined by that officer pursuant to federal law. […]
525-3 Reformation.
§525-3 Reformation. Upon the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor’s manifested plan of distribution and is within the ninety years allowed by section 525-1(a)(2), (b)(2), or (c)(2) if: (1) A nonvested property interest or a power of appointment becomes invalid under […]
523A-55 Agreement for State’s payment of share of costs.
§523A-55 Agreement for State’s payment of share of costs. The director is authorized to enter into agreements establishing the time and manner for paying the State’s proportionate share of any actual and necessary cost incurred by the United States in examining its records and reporting information to the State. Said agreements may provide for single […]
525-4 Exclusions from statutory rule against perpetuities.
§525-4 Exclusions from statutory rule against perpetuities. Section 525-1 shall not apply to: (1) A fiduciary’s power to sell, lease, or mortgage property, and the power of a fiduciary to determine principal and income; (2) A discretionary power of a trustee to distribute principal before termination of a trust; (3) A nonvested property interest held […]