§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. (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 […]
§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 […]
§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 […]
§525-5 Prospective application. (a) Except as extended by subsection (b), this chapter applies to a nonvested property interest or a power of appointment that is created on or after June 18, 1992. For the purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of […]
§525-6 Short title. This chapter may be cited as the “Uniform Statutory Rule Against Perpetuities”. [L 1992, c 262, pt of §2]
