Section 554.71 – Short Title.
554.71 Short title. Sec. 1. This act shall be known and may be cited as the “uniform statutory rule against perpetuities”. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988
Section 554.72 – Nonvested Property Interest; General Power of Appointment, Nongeneral Power of Appointment, or General Testamentary Power of Appointment; Validity; Language Measuring Time Period From Creation of Trust or Other Property Arrangement.
554.72 Nonvested property interest; general power of appointment, nongeneral power of appointment, or general testamentary power of appointment; validity; language measuring time period from creation of trust or other property arrangement. Sec. 2. (1) Subject to section 5, a nonvested property interest is invalid unless 1 or more of the following are applicable to the […]
Section 554.73 – Nonvested Property Interest or Power of Appointment; Time of Creation.
554.73 Nonvested property interest or power of appointment; time of creation. Sec. 3. (1) Except as provided in subsections (2), (3), and section 6(1), the time of creation of a nonvested property interest or a power of appointment shall be determined by statutory or common law. (2) For purposes of this act, if there is […]
Section 554.74 – Reforming Disposition; Petition.
554.74 Reforming disposition; petition. Sec. 4. 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 that is within the 90 years allowed by section 2(1)(b), (2)(b), or (3)(b) and 1 or more of the following are applicable: (a) […]
Section 554.75 – Applicability of MCL 554.72; “Second Power” Defined.
554.75 Applicability of MCL 554.72; “second power” defined. Sec. 5. (1) Section 2 does not apply to any of the following: (a) A nonvested property interest or a power of appointment arising out of a nondonative transfer, except a nonvested property interest or a power of appointment arising out of a premarital or postmarital agreement; […]
Section 554.76 – Nonvested Property Interest or Power of Appointment to Which Act Applicable; Violation of Rule Against Perpetuities; Reforming Disposition.
554.76 Nonvested property interest or power of appointment to which act applicable; violation of rule against perpetuities; reforming disposition. Sec. 6. (1) This act applies to a nonvested property interest or a power of appointment that is created on or after the effective date of this act. For purposes of this section, a nonvested property […]
Section 554.77 – Application and Construction of Act.
554.77 Application and construction of act. Sec. 7. This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988
Section 554.78 – Conditional Effective Date.
554.78 Conditional effective date. Sec. 8. This act shall not take effect unless House Bill No. 5626 of the 84th Legislature is enacted into law. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988 Compiler’s Notes: House Bill No. 5626, referred to in this section, was filed with the Secretary of State December 27, 1988, […]