Section 554.91 – Short Title.
554.91 Short title. Sec. 1. This act shall be known and may be cited as the “personal property trust perpetuities act”. History: 2008, Act 148, Imd. Eff. May 28, 2008
Section 554.92 – Vesting of Future Interests; Timing; Exceptions; Definitions.
554.92 Vesting of future interests; timing; exceptions; definitions. Sec. 2. (1) Except as provided in subsection (2), the period during which the vesting of a future interest in property may be postponed by the exercise of a second power is determined under the uniform statutory rule against perpetuities by reference to the time of the […]
Section 554.93 – Interests in Personal Property Held in Trust; Application of Rules.
554.93 Interests in personal property held in trust; application of rules. Sec. 3. (1) Except as provided in section 2, an interest in, or power of appointment over, personal property held in trust is not invalidated by a rule against any of the following: (a) Perpetuities. (b) Suspension of absolute ownership. (c) Suspension of the […]
Section 554.94 – Applicability of Act to Certain Personal Property; Scope of Trust.
554.94 Applicability of act to certain personal property; scope of trust. Sec. 4. (1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not […]