(1) A nonvested property interest is invalid unless: (a) When the interest is created, it is certain to vest or terminate no later than 21 years after the death of an individual then alive; or (b) The interest either vests or terminates within 90 years after its creation. (2) A general power of appointment, not […]
(1) Except as provided in subsections (2) and (3) of this section and in ORS 105.970 (1), the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law. (2) For purposes of ORS 105.950 to 105.975, if there is a person who alone can […]
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 90 years allowed by ORS 105.950 (1)(b), (2)(b) and (3)(b) if: (1) A nonvested property interest or a power of appointment becomes invalid under ORS […]
ORS 105.950, statutory rule against perpetuities, does not apply to: (1) 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) A premarital or postmarital agreement; (b) A separation or divorce settlement; (c) A spouse’s election; […]
(1) Except as extended by subsection (2) of this section, ORS 105.950 to 105.975 apply to a nonvested property interest or a power of appointment that is created on or after January 1, 1990. For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power […]
(1) ORS 105.950 to 105.975 shall be cited as the Uniform Statutory Rule Against Perpetuities. (2) ORS 105.950 to 105.975 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of ORS 105.950 to 105.975 among states enacting it. (3) ORS 105.950 to 105.975 supersede […]
